Form No. 56FF to be furnished along with Income Tax Return for claiming Section 10A(1B)(b) Deduction: CBDT [Read Notification]
Form No. 56FF – Income Tax Return – Income Tax Deduction – CBDT – Section 10A(1B)(b) of the Income Tax Act – Taxscan
Form No. 56FF – Income Tax Return – Income Tax Deduction – CBDT – Section 10A(1B)(b) of the Income Tax Act – Taxscan
The Central Board of Direct Taxes (CBDT) has notified Form No. 56FF to be furnished along with the Income Tax Return for claiming section 10A(1B)(b) deduction.
The notification shall come into force retrospectively from 29th July, 2021. Rule 130 was brought into force from the 29th July, 2021 where reference to rule 16DD in sub-rule (1) thereof and Form 56FF in sub-rule (2) thereof were inadvertently mentioned. The intention of the Board is to continue with the rule 16DD and Form 56FF. Hence, it is proposed to give retrospective effect to maintain continuity. It is certified that no person is being adversely affected by granting retrospective effect to this notification.
The Board empowered under sub-section (5) of section 10A read with section 295 of the Income-tax Act has notified the Income-tax (35th Amendment) Rules, 2021, which seeks to amend Income-tax Act, 1961.
In the Income-tax Rules, 1962, Rule 16DD shall be inserted which reads as, “the particulars, which are required to be furnished by the assessee along with the return of income under clause (b) of sub-section (1B) of section 10A shall be in Form No. 56FF.
Form No. 56FF shall be in respect of Particulars to be furnished under clause (b) of sub-section (1B) of section 10A of the Income-tax Act, 1961 which shall include Details of Special Economic Zone Reinvestment Allowance Reserve Account, and Details of new plant/machinery purchased out of amounts withdrawn from Special Economic Zone Reinvestment Allowance Reserve Account.
To Read the full text of the Notification CLICK HERE
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