CBDT:
Central Board of Direct Taxes has issued Income Tax (10th Amendment) Rules, 2016. The Board has made submission of report in relation to the approval of in-house research and development facility in Part A of Form 3CL and quantifying the expenditure incurred on in-house research and development facility by the company during the previous year and eligible for weighted deduction in Part B of Form No.3CL, electronic. It has also introduced a new Form 3CLA to be submitted electronically to the Secretary, Department of Scientific and Industrial Research on or before the due date specified in Explanation 2 to sub-section (1) of section 139 of the Act for furnishing the return of income, for each succeeding year. Significant changes in Form 3CK have also been notified. The amended rules shall come into force on the 1st day of July, 2016.
CBDT:
Central Board of Direct Taxes has issued Income Tax (11th Amendment) Rules, 2016. A new Rule 26C has been inserted which provides that evidences shall be required from employees in Form 12BB for furnishing claims with regard to deduction of tax under section 192 of Income tax Act 1961. It has also amended the due dates of filing TDS Returns. Rules prescribed for mode of payment to Government account of tax deducted at source or tax paid under sub-section (1A) of section 192 also stand amended. Further, the Principal Director General of Income-tax (Systems) shall specify the procedures, formats and standards for the purposes of furnishing and verification of the statements and shall be responsible for the day-to-day administration in relation to furnishing of the information and verification of the statements. The amended rules shall come into force from the 1st day of June, 2016.
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