Income-tax (29th Amendment) Rules, 2022

Sep 02, 2022 | by TeamLease RegTech Legal Research Team

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Finance & Taxation ComplianceThe Central Board of Direct Taxes (CBDT) on September 01, 2022 has issued the Income-tax (29thAmendment) Rules, 2022 to further amend the Income-tax Rules,1962. This has come into force on July 09, 2022.

The following has been amended namely: -

• Rule 114BB (1) which states ‘Transactions for the purposes of sub-section (6A) of section 139A and prescribed person for the purposes of clause (ab) of Explanation to section 139A’ the following proviso has been inserted namely: -

“Provided that the provisions of this sub-rule shall not apply in a case where the person, depositing the money as per Sl. No. 1 of column (2) or withdrawing money as per Sl. No. 2 of column (2) or opening a current account or cash credit account as per Sl. No. 3 of column (2) of the Table above, is the Central Government, the State Government or the Consular Office”


[Notification No. G.S.R. 677(E)]



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