Income-tax rule amendment raises Form 52A threshold, altering reporting threshold and related compliance obligations for taxpayers. The Central Board of Direct Taxes, exercising powers under section 295 of the Income-tax Act, 1961, amends Appendix II to the Income-tax Rules, 1962 by substituting a higher monetary figure in Form No. 52A, thereby changing the statutory reporting benchmark on that form; the Income-tax (Eleventh Amendment) Rules, 2000 come into force on publication in the Official Gazette.
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Income-tax rule amendment raises Form 52A threshold, altering reporting threshold and related compliance obligations for taxpayers.
The Central Board of Direct Taxes, exercising powers under section 295 of the Income-tax Act, 1961, amends Appendix II to the Income-tax Rules, 1962 by substituting a higher monetary figure in Form No. 52A, thereby changing the statutory reporting benchmark on that form; the Income-tax (Eleventh Amendment) Rules, 2000 come into force on publication in the Official Gazette.
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