TaxTMI 
TaxTMI 
Income-tax (Twelvth Amendment) Rules, 2023 - (i) Amends Rule 21AK regarding Exemption from income tax u/s 10(4E) to the non-residents, (ii) Amends Rule 114AAB regarding Exemption from obtaining PAN u/s 139 for non-residets having income from specified funds, and (iii) Amends Form 10CCF with regard to reporting u/s 80LA
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....lause (ii) of sub-section (7) of section 206AA 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 (Twelvth Amendment) Rules, 2023. (2) They shall come into force from the date of their publication in the Official Gazette. 2. In the Income-tax Rules, 1962 (hereinafter referred to as the principal rules), (i) in rule 21AK, for sub-rule (1), the following sub-rule shall be substituted, namely:-- "(1) The income accrued or arisen to, or received by, a non-resident as a result of (a) transfer of non-deliverable forward con....
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....(Fund Management) Regulations, 2022 made under the International Financial Services Centres Authority Act, 2019 (50 of 2019) and which is located in any International Financial Services Centre or a specified fund referred to in sub-clause (i) of clause (c) of Explanation to clause (4D) of section 10;'. 3. In the principal rules, in APPENDIX II,-- (i) for Form No. 10CCF, the following Form shall be substituted, namely:- "FORM NO. 10CCF [See rule 19AE] Report under section 80LA(3) of the Income-tax Act, 1961 1. I/We have examined the accounts and records of (name and address of the assessee with Permanent Account Number or Aadhaar Number) relating to the business of: (Tick as applicable) (a) Offshore Banking Unit(s)/ which is/a....
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....onvertible foreign exchange (in Rs.) 8. Gross eligible income (in Rs.) Less : 9. Expenses attributable to the gross eligible income (item 8) (in Rs.) 10. Income eligible for deduction under section 80LA (8-9) (in Rs.)"; (ii) in Form No. 64D, - (A) against serial number 7, for paragraph (i), the following paragraph shall be substituted, namely:-- "(i) Whether registered as Alternative Investment Fund with Securities and Exchange Board of India under the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 or the International Financial Services Centres Authority (Fund Management) Regulations, 2022:" (B) in serial number 12, for the paragraph starting with "Attach a copy of the certificate o....