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)
(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.
CBDT has issued revised requirements of DIN referencing in Income Tax notices etc. and exceptions Section 292B of Income Tax…
When property purchased and sold within same year both sale and purchase price has to be adopted by applying same…
ICAI defers the mandatory effective date of SQM 1 and SQM 2 The Council of ICAI, at its 451st Meeting…
Addition deleted as it was made on the basis of letter of District Magistrate which not recovered during the search…
Banks not required to deduct TDS under Income Tax Act 2025 on interest income below threshold limit - CBDT clarification …
Allegations of delay in TDS deposit, role of person responsible are disputed factual matters which must be tested at trial…