Income-tax (2nd Amendment) Rules, 2016

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 17th February, 2016 INCOME–TAX

S.O. 502(E).—In exercise of the powers conferred by section 92CB, read with section 295 of the Income-tax Act, 1961(43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income- tax Rules, 1962, namely:—

1. (1) These rules may be called the Income-tax (2nd Amendment), Rules, 2016.

• (2) They shall come into force from the date of their publication in the Official Gazette.

2. In the Income-tax Rules, 1962 (hereinafter referred to as the said rules), in rule 10THA, after the word “generation,” the word “supply,” shall be inserted.

3. In the said rules, in rule 10THB, in clause (i), the words “by a generating company” shall be omitted.

4. In the said rules, in rule 10THC, in sub-rule (2), in the Table, against serial number 1,-

• (a) in column 2, for the words, brackets, figures and letters “in item (i), (ii) or (iii) of rule THB, as the case may be”, the words, brackets, figures and letters “in clause (i), (ii) or (iii) of rule 10THB, as the case may be”, shall be substituted;
• (b) in column 3, after the words after the words “is determined”, the words “or the methodology for determination of the tariff is approved” shall be inserted.

5. In the said rules, in rule 10 THD, in sub-rule (1), for the second proviso, the following proviso shall be substituted, namely:—

“Provided further that in respect of eligible specified domestic transactions, other than the transaction referred to in clause (iv) of rule 10 THB, undertaken during the previous year relevant to the assessment year beginning on the 1st day of April, 2013 or beginning on the 1st day of April, 2014 or beginning on the 1st day of April, 2015, Form 3CEFB may be furnished by the assessee on or before the 31st day of March, 2016.”.

6. In the said rules, in Appendix II, in Form No. 3CEFB, in item 2, in the Table, against the serial number 1, in the second column,-

• (a) for the words, brackets and figures “item (i), (ii) or (iii)”, the words, brackets and figures “clause (i), (ii) or (iii)”, shall be substituted;
• (b) in clause (c), after the word “tariff”, the words “or approving the methodology for determination of the tariff” shall be inserted.

[Notification No. 05/2016 [F.No. 142/7/2014-TPL] R. LAKSHMI NARAYANAN, Under Secy. (Tax Policy and Legislation)

Note: - The principal rules were published in the Gazette of India Extraordinary, Part II, Section 3, Sub-section (i), vide notification number S.O. 969(E), dated the, 26th March, 1962 and last amended vide notification number S. O. 127(E) dated the 14.01.2016.