{"id":266743,"date":"2022-05-12T12:30:41","date_gmt":"2022-05-12T07:00:41","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=266743"},"modified":"2022-05-12T11:58:35","modified_gmt":"2022-05-12T06:28:35","slug":"income-tax-fifteenth-amendment-rules-2022","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/05\/12\/income-tax-fifteenth-amendment-rules-2022\/","title":{"rendered":"Income\u2013tax (Fifteenth Amendment) Rules, 2022"},"content":{"rendered":"<p style=\"text-align: justify;\"><span id=\"page3R_mcid285\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">The Central Board of Direct Taxes notified Income\u2013tax (Fifteenth Amendment) Rules, 2022 to amend the Income-tax Rules, <\/span><span dir=\"ltr\" role=\"presentation\">1962.<br \/>\n<\/span><\/span><\/p>\n<p style=\"text-align: justify;\">Key points:<span id=\"page6R_mcid4\" class=\"markedContent\"><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"text-align: justify;\"><span id=\"page6R_mcid4\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Rule 114BA relating to transactions for the purposes of Section 139A (1) (vii) shall be inserted: <\/span><\/span><span id=\"page6R_mcid5\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\">\n<p style=\"padding-left: 40px; text-align: justify;\"><span id=\"page6R_mcid5\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">\u201c<\/span><span dir=\"ltr\" role=\"presentation\">114BA.<\/span> <span dir=\"ltr\" role=\"presentation\"><strong>Transactions for the purposes of clause (vii) of sub-section (1) of section 139A<\/strong>.<\/span><span dir=\"ltr\" role=\"presentation\">\u2013\u2013<\/span> <span dir=\"ltr\" role=\"presentation\">The <\/span><span dir=\"ltr\" role=\"presentation\">following shall be the transactions for the purposes of clause (vii) of sub-section (1) of section <\/span><span dir=\"ltr\" role=\"presentation\">139A: <\/span><\/span><span id=\"page6R_mcid6\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(a)<\/span> <span dir=\"ltr\" role=\"presentation\">cash deposit or deposits aggregating to twenty lakh rupees or more in a financial year, in one or <\/span><span dir=\"ltr\" role=\"presentation\">more account of a person with a banking company or a co-operative bank to which the Banking <\/span><span dir=\"ltr\" role=\"presentation\">Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to <\/span><span dir=\"ltr\" role=\"presentation\">in section 51 of that Act) or a Post Office;<\/span><\/span><span id=\"page6R_mcid7\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(b)<\/span> <span dir=\"ltr\" role=\"presentation\">cash withdrawal or withdrawals aggregating to twenty lakh rupees or more in a financial year, <\/span><span dir=\"ltr\" role=\"presentation\">in one or more account of a person with a banking company or a co-operative bank to which the <\/span><span dir=\"ltr\" role=\"presentation\">Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution <\/span><span dir=\"ltr\" role=\"presentation\">referred to in section 51 of that Act) or a Post Office;<\/span><\/span><span id=\"page6R_mcid8\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(c)<\/span> <span dir=\"ltr\" role=\"presentation\">opening of<\/span> <span dir=\"ltr\" role=\"presentation\">a current account or cash credit account by a person with a banking company or a <\/span><span dir=\"ltr\" role=\"presentation\">co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including <\/span><span dir=\"ltr\" role=\"presentation\">any bank or banking institution referred to in section 51 of that Act) or a Post Office.\u201d;<\/span><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"text-align: justify;\"><span id=\"page6R_mcid9\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Rule 114BB shall be inserted providing <strong><span id=\"page6R_mcid10\" class=\"markedContent\">Transactions for the purposes of sub-section (6A) of section 139A and prescribed person for the purposes of clause (ab) of Explanation to section 139A<\/span><\/strong>: <\/span><br role=\"presentation\" \/><\/span><span id=\"page6R_mcid10\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">\u201c114BB. Transactions for the pur<\/span><span dir=\"ltr\" role=\"presentation\">poses of sub-section (6A) of section 139A and prescribed <\/span><span dir=\"ltr\" role=\"presentation\">person for the<\/span> <span dir=\"ltr\" role=\"presentation\">purposes of<\/span> <span dir=\"ltr\" role=\"presentation\">clause (ab) of<\/span> <span dir=\"ltr\" role=\"presentation\">Explanation<\/span> <span dir=\"ltr\" role=\"presentation\">to section 139A:\u00a0<\/span><\/span><\/li>\n<\/ul>\n<p style=\"padding-left: 40px; text-align: justify;\"><span id=\"page6R_mcid10\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">(1) Every person shall, <\/span><span dir=\"ltr\" role=\"presentation\">at the time of entering into a transaction, quote his <\/span><span dir=\"ltr\" role=\"presentation\">permanent account number or Aadhaar number, as the case may be, in documents pertaining to such <\/span><span dir=\"ltr\" role=\"presentation\">transaction, and every person specified in column (3) of the said Table, who receives such <\/span><span dir=\"ltr\" role=\"presentation\">document, shall ensure that the said number has been duly quoted and authenticated<\/span><span dir=\"ltr\" role=\"presentation\">. <\/span><\/span><\/p>\n<table style=\"height: 1173px;\" width=\"763\">\n<tbody>\n<tr>\n<td width=\"222\">\n<p style=\"text-align: center;\"><strong>Sl. No.<\/strong><\/p>\n<p>&nbsp;<\/td>\n<td width=\"222\">\n<p style=\"text-align: center;\"><strong>Person<\/strong><\/p>\n<p>&nbsp;<\/td>\n<td width=\"222\">\n<p style=\"text-align: center;\"><strong>Manner of furnishing return of income<\/strong><\/p>\n<p>&nbsp;<\/td>\n<\/tr>\n<tr>\n<td width=\"222\">\n<p style=\"text-align: center;\">(1)<\/p>\n<\/td>\n<td width=\"222\">\n<p style=\"text-align: center;\">(2)<\/p>\n<\/td>\n<td width=\"222\">\n<p style=\"text-align: center;\">(3)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"222\">1.<\/td>\n<td width=\"222\">Individual, or Hindu undivided family or<br \/>\na firm or limited liability partnership or<br \/>\nan association of persons or a body of<br \/>\nindividuals, whether incorporated or not,<br \/>\nor a local authority or an artificial<br \/>\njuridical person in whose case accounts<br \/>\nare required to be audited under section<br \/>\n44AB of the Act or a Company or a<br \/>\npolitical party required to furnish a return<br \/>\nin Form ITR-7.<\/p>\n<p>&nbsp;<\/td>\n<td width=\"222\">Electronically under digital signature.<\/p>\n<p>&nbsp;<\/td>\n<\/tr>\n<tr>\n<td width=\"222\">2.<\/td>\n<td width=\"222\">Individual, or Hindu undivided family, or<br \/>\nfirm, or limited liability partnership, or<br \/>\nan association of persons or a body of<br \/>\nindividuals, whether incorporated or not,<br \/>\nor a local authority or an artificial<br \/>\njuridical person, or a person required to<br \/>\nfile a return under sub-section (4A) or<br \/>\nsub-section (4B) or sub-section (4C) or<br \/>\nsub-section (4D) of section 139, other<br \/>\nthan a person mentioned in column (2) of<br \/>\nSl. No. (1) above.<\/p>\n<p>&nbsp;<\/td>\n<td width=\"222\">(A) Electronically under digital signature;<br \/>\n(B) Transmitting the data electronically in the return<br \/>\nunder electronic verification code.<\/p>\n<p>&nbsp;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"padding-left: 40px; text-align: justify;\">(2) The permanent account number or Aadhaar number alongwith demographic information or biometric information of an individual shall be submitted to the Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems) or the person authorised by the Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems) with the approval of the Board, for the purposes of authentication referred to in section 139A.<\/p>\n<p style=\"padding-left: 40px; text-align: justify;\">(3) Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems) shall lay down the formats and standards along with procedure for authentication of permanent account number or Aadhaar number.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Central Board of Direct Taxes notified Income\u2013tax (Fifteenth Amendment) Rules, 2022 to amend the Income-tax Rules, 1962. Key points: Rule 114BA <\/p>\n","protected":false},"author":8808,"featured_media":264809,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[],"class_list":["post-266743","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Income\u2013tax (Fifteenth Amendment) Rules, 2022 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2022\/05\/12\/income-tax-fifteenth-amendment-rules-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Income\u2013tax (Fifteenth Amendment) Rules, 2022\" \/>\n<meta property=\"og:description\" content=\"The Central Board of Direct Taxes notified Income\u2013tax (Fifteenth Amendment) Rules, 2022 to amend the Income-tax Rules, 1962. 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They shall come into force with effect from the 1stday of April, 2022. In the Income-tax Rules, 1962, the Rule 11UD shall be inserted relating to \"Thresholds for the purposes of significant economic\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":265019,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/04\/05\/cbdt-notifies-form-itr-7-for-financial-year-2022-23-vide-income-tax-5th-amendment-rules-2022\/","url_meta":{"origin":266743,"position":1},"title":"CBDT notifies Form ITR-7 for financial year 2022-23 vide Income-tax (5th Amendment) Rules, 2022","author":"Bhumika Indulia","date":"April 5, 2022","format":false,"excerpt":"The Central Board of Direct Taxes vide notification dated 1st April, 2022 has issued the Income-tax (5th Amendment) Rules, 2022 effective April 01, 2022. The amendment has substituted Form ITR-7 with the new one. \u00a0 Form ITR-7 deals with the Return under section 139(4A) of Income Tax Act required to\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"CBDT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":267806,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/06\/02\/legislations-monthly-roundup-may-2022\/","url_meta":{"origin":266743,"position":2},"title":"Legislations | Monthly RoundUp [May, 2022]","author":"Bhumika Indulia","date":"June 2, 2022","format":false,"excerpt":"Legal Round Up for the month of May is mentioned below: \u00a0 MINISTRY OF CORPORATE AFFAIRS Companies (Share Capital and Debentures) Amendment Rules 2022 The Central Government has notified Companies (Share Capital and Debentures) Amendment Rules 2022 to amend the Companies (Share Capital and Debenture) Rules, 2014. 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The amendment modifies Rule 31 A dealing with Statement of deduction of tax under section 200 (3) and insertion of Form No. 26QF to the Income tax Rules, 1962. 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The Income Tax (25th Amendment) Rules, 2021 shall come into force on April 1, 2022. 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