CBDT amends Income Tax Rules w.r.t. section 115 JB of the Income tax Act, 1961

MINISTRY OF FINANCE

(Department of Revenue)

[CENTRAL BOARD OF DIRECT TAXES]

NOTIFICATION

New Delhi, the 18th August, 2017

INCOME-TAX

G.S.R. 1028(E).—In exercise of the powers conferred by sub-section (4) of section 115JB 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 ( 22nd Amendment), Rules, 2017.

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

2. In the Income-tax Rules, 1962, —

(A) in rule 12, in sub-rule (2), in the proviso, after the words, figures and letters “section 115JB”, the words, figures and letters “section 115JC” shall be inserted;

(B) in Appendix II, for the ‘Form No. 29B’, the following Form shall be substituted, namely:-

“FORM NO.29B

ANNEXURE

[See paragraph 2]

Details relating to the computation of Book Profits for the purposes of section 115JB of the Income tax Act, 1961

Part A

General – Applicable to all the companies

Part B

Details of the amount required to be increased or decreased in accordance with sub-section (2A) of section 115JB

Part C

Details of the amount required to be increased or decreased in accordance with sub-section (2C) of section 115JB

[Notification No. 80/2017/F. No. 133/23/2015-TPL]

PRAVIN RAWAL,

Director (Tax Policy and Legislation)

Note : The principal rules were published in the Gazette of India Extraordinary, part II, Section 3, Subsection (ii), vide notification number S.O. 969(E), dated the, 26th March, 1962 and last amended vide notification number GSR No 891 (E) dated the 18.07.2017.