Income-tax (1st Amendment) Rules, 2021 - New Rule 3B inserted - Annual accretion referred to in the sub-clause (viia) of clause (2) of section 17 of the Act

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....he 5th March, 2021 G.S.R. 155(E).-In exercise of the powers conferred by sub-clause (viia) of clause (2) of section 17 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely: - 1. Short title and commencement. - (1) These rules may be called the Income-tax ....

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....ely:- TP= (PC/2)*R + (PC1+ TP1)*R Where, TP= Taxable perquisite under sub-clause (viia) of clause (2) of section 17 of the Act for the current previous year; TP1 = Aggregate of taxable perquisite under sub-clause (viia) of clause (2) of section 17 of the Act for the previous year or years commencing on or after 1st day April, 2020 other than the current previous....

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....mounts of balance to the credit of the specified fund or scheme on the last day of the current previous year)/2. Explanation. - For the purposes of this rule, "specified fund or scheme" shall mean a fund or scheme referred to in sub-clause (vii) of clause (2) of section 17 of the Act. Note: Where the amount or aggregate of amounts of TP1 and PC1 exceeds the amount or aggregate of....