• Sat. Nov 23rd, 2024

Relaxation of Validation (section 119 of the Finance Act, 2012) Rules, 2021.

BySriram DC

Oct 16, 2021 #Incometax

G.S.R. 737(E).β€”In exercise of the powers conferred by the first provisio to section 119 of Finance Act, 2012 (23 of 2012), the Central Board of Direct Taxes hereby makes the following rules, namely:-

1. Short title and commencement. (1) These rules may be called the Relaxation of Validation (section 119 of the Finance Act, 2012) Rules, 2021.

(2) They shall come into force from the date of their publication in the Official Gazette.

2. Form and manner of furnishing undertaking under first proviso to section 119.- The form and manner of furnishing undertaking under Explanation to fifth and sixth proviso to Explanation 5 to clause (i) of sub-section (1) of section 9 of the Income-tax Act, 1961 (43 of 1961), as prescribed under sub-rule (1) and sub-rule (3) of rule 11UE and rule 11UF of the Income-tax Rules, 1962, shall mutatis mutandis apply to clauses (i), (ii) and (iii) of the first proviso to section 119 of the Finance Act, 2012 (23 of 2012).

3. Conditions under clause (iv) of first proviso to section 119.- The conditions for the purposes of clause (iv) of the Explanation to fifth and sixth proviso to Explanation 5 to clause (i) of sub-section (1) of section 9 of the Incometax Act, 1961 (43 of 1961), as prescribed under sub-rule (2) of rule 11UE of the Income-tax Rules, 1962, shall mutatis mutandis apply to clause (iv) of the first proviso to section 119 of the Finance Act, 2012 (23 of 2012).

For full detail click the link below :

https://www.dropbox.com/s/ehlvejx67sqcqk7/Relaxation%20of%20Validation%20%28section%20119%20of%20the%20Finance%20Act%2C%202012%29Rules%2C%202021..pdf?dl=0

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