The CBDT notifies “Income Tax (31st Amendment) Rules, 2022

On 19th September 2022, the Central Board of Direct Taxes (CBDT) issued Notification No. 110/2022, through the exercise of powers as conferred in Section 170 A to be read with Section 295 of the Income Tax Act, 1961 (43 of 1961). The CBDT has issued amendments to the Income Tax Rules 1962.

In accordance with the latest amended rules, the Rules are to be referred to as the “Income Tax (31st Amendment) Rules, 2022”, which is deemed to be effective from 1st November 2022. The Notification states that after Rule 12 AC of the Income Tax Rules, 1962, which is hereinafter to be referred to as the “Principal Rules”, Rule 12 AD is to be inserted.