CBDT Notifies Income-tax (14th Amendment) Rules, 2018

The Central Board of Direct Taxes (CBDT), Department of Revenue, Ministry of Finance, issued a Notification amending the Income-tax Rules, 1962.

The CBDT, in exercise of the powers conferred by sub-section (4) of Section 286 read with Section 295 of the Income-tax Act, 1961 (43 of 1961), has made the following rules further to amend the Income-tax Rules, 1962:

In the Income-tax Rules, 1962, in Part II, in rule 10DB, for sub-rule (4), the following sub-rule shall be substituted, namely:

“(4) The period for furnishing of the report under sub-section (4) of Section 286 by the constituent entity referred to in that sub-section shall be twelve months from the end of the reporting accounting year:

Provided that in case the parent entity of the constituent entity is resident of a country or territory, where, there has been a systemic failure of the country or territory and the said failure has been intimated to such constituent entity, the period for submission of the report shall be six months from the end of the month in which said systemic failure has been intimated.”

As per the Notification, this rule may be called the Income-tax (14th Amendment) Rules, 2018. They shall come into force from the date of their publication in the Official Gazette.