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Introducing the βIn Favour Ofβ filter in Case Laws.
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<h1>New Rule 16DD and Form 56FF: Key Details for Deductions u/s 10A(1B)(b) for SEZ Reinvestment Allowance.</h1> The Income-tax (35th Amendment) Rules, 2021, amends the Income-tax Rules, 1962, introducing Rule 16DD and Form No. 56FF. These changes specify the particulars required for claiming deductions under section 10A(1B)(b) of the Income-tax Act, 1961, related to the Special Economic Zone Reinvestment Allowance Reserve Account. Rule 16DD outlines the form of particulars to be furnished with the income return, while Form No. 56FF details the eligible profits, withdrawals, and new plant/machinery purchases. The amendment is effective from July 29, 2021, and aims to maintain continuity without adversely affecting any individuals.