CA in Jaipur | CA. Yogesh Jangid |ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases | https://www.nyca.in ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases Sat, 23 Mar 2024 09:39:47 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.1 https://www.nyca.in/wp-content/uploads/2022/08/9060CA_logo_icai-1.jpg CA in Jaipur | CA. Yogesh Jangid |ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases | https://www.nyca.in 32 32 CBDT Introduces Key Changes to Income-tax Rules: Fourth Amendment Rules, 2024 https://www.nyca.in/cbdt-introduces-key-changes-to-income-tax-rules-fourth-amendment-rules-2024/ https://www.nyca.in/cbdt-introduces-key-changes-to-income-tax-rules-fourth-amendment-rules-2024/#respond Wed, 06 Mar 2024 12:11:45 +0000 https://www.nyca.in/?p=7323 In a move aimed at streamlining tax compliance and ensuring transparency, the Central Board of Direct Taxes (CBDT) has issued Notification No. 27/2024 dated March 05, 2024, notifying the Income-tax (Fourth Amendment) Rules, 2024. These amendments, made to the Income-tax Rules, 1962, bring significant updates to various forms and deduction rules under the Income-tax Act, 1961.

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In a move aimed at streamlining tax compliance and ensuring transparency, the Central Board of Direct Taxes (CBDT) has issued Notification No. 27/2024 dated March 05, 2024, notifying the Income-tax (Fourth Amendment) Rules, 2024. These amendments, made to the Income-tax Rules, 1962, bring significant updates to various forms and deduction rules under the Income-tax Act, 1961.

Key Changes and Updates

1.) Form No. 3CD:

  • The amendment introduces new clauses for adjustments concerning sections 115BAA, 115BAC, and 115BAD for specific assessment years. These adjustments aim to ensure accurate reporting of income under different tax regimes.
  • Additionally, adjustments regarding expenditures in violation of the law have been incorporated into Form No. 3CD, enhancing scrutiny of expenses claimed by taxpayers.

2.) Form No. 3CEB:

  • Form No. 3CEB, used for reporting transfer pricing compliance, now includes new requirements for specified domestic transactions under section 115BAE. This addition reflects the CBDT's focus on monitoring domestic transactions for compliance with transfer pricing regulations.

3.) Form No. 65:

  • Updates to Form No. 65 cater to certifications related to International Financial Services Centre (IFSC) units and deductions under section 80LA of the Income-tax Act, 1961. These changes aim to facilitate smoother processes for entities operating within IFSCs and availing deductions under the specified section.

Source: https://www.nyca.in/wp-content/uploads/2024/03/CBDT-Notification-No.-27-2024-05.03.2024.pdf

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