Income Tax Rule Amendment: CBDT inserts new Form 15CD for IFSC Unit Quarterly Statements w.r.t. Sec. 80LA(1A) [Read Order]

The Central Board of Direct Taxes, under the powers granted by the Income-tax Act, 1961, vide notification G.S.R. 740(E) has introduced the Income-tax Amendment (Twenty-fifth Amendment) Rules, 2023. These rules will come into effect from January 1, 2024.

Key amendments In rule 37BB of the Income-tax Rules, 1962 includes:

1. Addition of a clause to cover remittances made by a Unit of an International Financial Services Centre as per section 80LA(1A).
2. Inclusion of Director General of Income-tax (Systems) alongside Principal Director General of Income-tax (Systems) for various provisions.
3. Introduction of a quarterly statement requirement for specific remittances, to be furnished by authorized dealers and Units of International Financial Services Centres.
4. Specification of procedures, formats, and standards by the Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems) for Form No. 15CA, Form No. 15CB, Form No. 15CC, and Form No. 15CD.
5. Definitions for "authorized dealer," "International Financial Services Centre," and "Unit" for clarity.

In the principal rules, in Appendix-II, after Form No. 15CC, the following Form shall be inserted, namely:-

To Read the full text of the Order CLICK HERE

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