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of <h1>New Rule 5A Introduces Form 3AA for Deductions Under Section 32(1)(iia) in Income-tax Amendments, 2002</h1> The Income-tax (Fourteenth Amendment) Rules, 2002, effective from April 1, 2003, introduce changes to the Income-tax Rules, 1962. A new rule, 5A, specifies the form of report by an accountant required for claiming deductions under section 32(1)(iia) of the Income-tax Act, 1961. Form No. 3AA is introduced for this purpose, detailing the process for certifying deductions related to new plant and machinery acquisitions. Additionally, existing rules and forms are renumbered, such as renaming Form No. 3AA to Form No. 3AAA. These amendments aim to streamline the process for claiming tax deductions for industrial expansions.
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