CBDT amends Depreciation rules and reporting for domestic companies/individuals etc. under new tax regime
CBDT has issued Notification No. 82/2020 publishing Income-tax (22nd Amendment) Rules, 2020. Several amendments have been made to various Rules and Forms of the Income Tax Rules, 1962 namely;
(i) Rule 5 related to Depreciation
(ii) New Rule 21AG related to Exercise of option under sub-section (5) of section 115BAC (Form No. 10-IE)
(iii) New Rule 21AH related to Exercise of option under sub-section (5) of section 115BAD (Form No. 10IF)
- High Court grants bail to accused of alleged GST evasion of Rs. 120 crores
- TDS u/s 194IC is applicable for payment under JDA to transferor holding leasehold rights
- On invoking Section 69A burden of proof lies on AO to establish source of unexplained money
- When order u/s 263 is quashed, assessment order u/s 143(3) r.w.s. 263 has no legs to stand
- When interest income offered on accrual basis, TDS on maturity can not be disallowed
(iv) Amendment to Form 3CD related to Tax Audit u/s 44AB
(v) Amendment to Form No 3CEB – Particulars regarding International Transactions u/s 92E
(vi) Amendment to Form ITR-6 for Companies other than companies claiming exemption under section 11 relating to assessment year 2020-21
Mainly the amendments have been made to restrict the maximum depreciation percentage allowable on a block of asset in respect of domestic companies/ individuals / Cooperative society who have exercised option u/s 115BAA, Section 115BAB, Section 115BAC and Section 115BAD.
