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of <h1>New Rule 44DA: Withdraw Pending Tax Settlement Applications with Form 34BB u/s 245M of Income-tax Act.</h1> The Income-tax (12th Amendment) Rules, 2021, introduce Rule 44DA, allowing assessees to withdraw pending settlement applications under section 245M of the Income-tax Act, 1961. Assessees must use Form No. 34BB for this process, which requires electronic submission and verification by an authorized individual under section 140. The Principal Director-General of Income-tax (Systems) will specify the procedures for submission and verification. Form No. 34BB is added to Appendix-II of the principal rules, ensuring proper documentation for withdrawing settlement applications. The amendment took effect upon publication in the Official Gazette on April 30, 2021.
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