CBDT prescribes Form/manner of furnishing undertaking u/s 119 of Finance Act 2012

CBDT prescribes Form/manner of furnishing undertaking u/s section 119 of Finance Act 2012

INISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)

Notification No. 120/2021

New Delhi, the 13th October, 2021

INCOME-TAX

G.S.R.737(E).—In exercise of the powers conferred by the first provisio to section 119 of Finance Act, 2012 (23 of 2012), the Central Board of Direct Taxes hereby makes the following rules, namely:-

1.Short title and commencement.

(1) These rules may be called the Relaxation of Validation (section 119of the Finance Act, 2012) Rules, 2021.

(2) They shall come into force from the date of their publication in the Official Gazette.2.

Form and manner of furnishing undertaking under first proviso to section 119.

The form and manner of furnishing undertaking under Explanation to fifth and sixth proviso to Explanation 5to clause (i) of sub-section (1) of section 9of the Income-tax Act, 1961 (43of 1961), as prescribed under sub-rule (1) and sub-rule (3) of rule 11UE and rule 11UF of the Income-tax Rules, 1962, shall mutatis mutandis apply to clauses (i), (ii) and (iii) of the first proviso to section 119of the Finance Act, 2012 (23of 2012).

3. Conditions under clause (iv) of first proviso to section 119.-The conditions for the purposes of clause (iv) of the Explanation to fifth and sixth proviso to Explanation 5 to clause (i) of sub-section (1) of section 9 of the Income-tax Act, 1961 (43 of 1961), as prescribed under sub-rule (2) of rule 11UE of the Income-tax Rules, 1962, shall mutatis mutandis apply to clause (iv) of the first proviso to section 119of the Finance Act, 2012 (23 of 2012).

[F. No. 370142/47/2021-TPL]

NEHA SAHAY, Under Secy.
(Tax Policy and Legislation)

Download Notification CBDT Notification No. 120/2021 Click Here >>

• No separate compensation for loss of love and affection under MV Act – SC
• Trust accredited by National Open School eligible for registration u/s 12AB & u/s 80G
• Delay in furnishing Form 10B – Covid Period to be excluded as per decision of Supreme Court
• Section 271AAB does not grant any immunity from penalty in terms of section 273B
• Engagement of ‘Young Professional’ in the office of the PCCT Bihar & Jharkhand