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of <h1>Income-tax Rules Amended: Rule 8D Updated on Expenditure Related to Non-Taxable Income; Sub-rule (3) Removed.</h1> The Income-tax (14th Amendment) Rules, 2016, effective from June 2, 2016, amend the Income-tax Rules, 1962. Specifically, in Rule 8D, sub-rule (2) is revised to define the expenditure related to income not forming part of the total income. It includes direct expenditure and one percent of the annual average of the monthly averages of the opening and closing investment balances. The total of these amounts cannot exceed the total expenditure claimed by the assessee. Sub-rule (3) is omitted. These changes are made under the authority of Section 295 of the Income-tax Act, 1961.
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