Income Tax Rules 29B is related to Application for certificate authorising receipt of interest and other sums without deduction of tax under sub-section (1) of section 195. In this rule one of the condition for issue of certificate was that person applying for the certificate has not been subjected to penalty under clause (iii) of sub-section (1) of section 271. CBDT has vide notification No. 31/2016 removed this condition.
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION NO. 31/2016
New Delhi, the 5th May, 2016
INCOME-TAX
S.O. 1655 (E).‐ In exercise of the powers conferred by section 295 read with section 195 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 (12th Amendment) Rules, 2016.
(2). They shall come into force on the date of their publication in the Official Gazette.
2. In the Income-tax Rules, 1962, in rule 29B, in sub-rule (2), the clause (iii) shall be omitted.
[F. No.370142/3/2016-TPL]
(PITAMBAR DAS)
DIRECTOR (TAX POLICY AND LEGISLATION)
Note: The principal rules were published in the Gazette of India vide notification number S.O.969(E), dated the 26th March, 1962 and last amended vide notification number S.O. 1587(E), dated the 29th April, 2016.
What if
F&O Turnover = 1 lakhs Loss = 20k
Other Business Turnover = 8 lakhs Income = 5 lakhs
Do we calculate 8% for total business, or separate? And do we need to audit everything in this case?
nice article ………….
I own a property in one city, which is currently self occupied and in another city, which is let out. I am taking tax benefits on both properties home loan interest.
Now I am renting out the property which is self occupied and moving on rent near to my office (in the same city).
In this case, can I still take tax benefits on both my properties and HRA for rented property also? I am going to show rent also from my rented out property (which was self occupied).