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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION No. 91/2016   New Delhi, the 6th October 2016 S.O. 3160(E).- In exercise of the powers conferred by section 139A and section 285BA, 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 ( 26th Amendment) Rules, 2016. (2) These rules shall come into force from the date of their publication in the Official Gazette. 2. In the Income-tax Rules, 1962 (hereinafter referred to as the said rules), in rule 114D,- (i) in sub-rule (1), in clause (I), for the word, brackets and letter “clauses (b)”, the word, brackets and letter “clauses (a)” shall be substituted; (ii) after sub-rule (3), the following shall be inserted, namely:- “(4) The Principal Director General of Income-tax (Systems) or Director ...

MINISTRY OF FINANCE (Department Of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 90/201  New Delhi, the 05th October, 2016 S.O. 3150 (E) .- In exercise of the powers conferred by section 295 read with sub-section (2) of section 270AA 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 ( 25th Amendment) Rules, 2016. (2) They shall come into force on the 1st day of April, 2017. 2. In the Income-tax Rules, 1962 (hereinafter referred to as the said rules), after rule 128, following rule shall be inserted, namely:- “129. Form of application under section 270AA.-  An application to the Assessing Officer to grant immunity from imposition of penalty under section 270A and from initiation of proceedings under section 276C or section 276CC shall be made in Form No.68.”. 3. In the said rules, i...

According to the income tax guidelines, income tax is deductible annually for each financial year commencing from 1 st  of April and ending on the 31 st  March. The responsibility of the employer has been affixed by the Income tax Department to deduct income tax from the salary of employees monthly on proportionate basis and deposit before the due date ( Monthly) as prescribed and report same to Income tax Department (quarterly as well as annually). The aggregate tax calculated on the estimated projected income will be deducted proportionately in 12 months, thus the assessment needs to be done on at the start of the year. Therefore, all employees are requested to declare their proposed investments for financial year 2016–17 ,so that proportionate income tax could be calculated & systematic deducted from the salary can be started early It has to be noted that only the expenditure actually incurred on payment of rent in respect of residential accommodation occupied by ...