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of <h1>New Rule 16E: Form 56G Required for Section 10B Deductions, Ensures Export Compliance and Accurate Profit Reporting.</h1> The Income-tax (Eighteenth Amendment) Rules, 2000, issued by the Central Board of Direct Taxes, amends the Income-tax Rules, 1962. The amendment introduces Rule 16E, which mandates that a report from an accountant in Form No. 56G must accompany the income return for deductions under section 10B of the Income-tax Act, 1961. Form 56G requires verification of accounts and records of export-oriented undertakings, detailing their export and domestic turnovers, profits, and compliance with foreign exchange regulations. The report must be prepared by a Chartered Accountant or an authorized auditor and include specific certifications and details outlined in Annexure A.
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