{"id":1875,"date":"2021-12-14T05:52:48","date_gmt":"2021-12-14T05:52:48","guid":{"rendered":"https:\/\/rvkassociates.com\/blog\/?p=1875"},"modified":"2021-12-14T05:55:05","modified_gmt":"2021-12-14T05:55:05","slug":"income-tax-33rd-amendment-rules-2021","status":"publish","type":"post","link":"https:\/\/rvks.in\/blogs\/income-tax-33rd-amendment-rules-2021\/","title":{"rendered":"Income-tax (33rd Amendment) Rules, 2021."},"content":{"rendered":"\n

G.S.R. 851(E).\u2014<\/strong>In exercise of the powers conferred by clause (4E) of section 10 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:\u2500<\/p>\n\n\n\n

  1. 1. Short title and commencement.\u2014<\/strong>(1) These rules may be called the Income-tax (33rd Amendment)
    Rules, 2021.<\/li><\/ol>\n\n\n\n

    (2) They shall come into force from the date of their publication in the Official Gazette.<\/p>\n\n\n\n

    2.<\/strong> In the Income-tax Rules, 1962, after rule 21AJ, the following rule shall be inserted, namely:\u2014<\/p>\n\n\n\n

    1. \u201c21AK. Conditions for the purpose of clause (4E)<\/strong> of section 10.-<\/strong> (1) The income accrued or arisen to, or received by, a non-resident as a result of transfer of non-deliverable forward contracts under clause (4E) of section 10 of the Act, shall be exempted subject to fulfillment of the following conditions, namely:\u2500
      1. (i) the non-deliverable forward contract is entered into by the non-resident with an offshore banking unit of an International Financial Services Centre which holds a valid certificate of registration granted under International Financial Services Centres Authority (Banking) Regulations, 2020 by the International Financial Services Centres Authority; and<\/li>
      2. <\/li>
      3. (ii) such contract is not entered into by the non-resident through or on behalf of its permanent establishment in India .<\/li><\/ol><\/li><\/ol>\n\n\n\n

        (2) The offshore banking unit shall ensure that the condition provided in clause (ii) of sub-rule (1) is complied with.<\/p>\n\n\n\n

        1. Explanation.- For the purpose of this rule, the expression,-
          1. (i) “permanent establishment” shall have the meaning assigned to it in clause (iiia) of section 92F;<\/li>
          2. <\/li>
          3. (ii) “a non-deliverable forward contract” shall mean a contract for the difference between an exchange rate agreed before and the actual spot rate at maturity, with the spot rate being taken as the domestic rate or a market determined rate and such contract being settled with a single payment in a foreign currency; and<\/li>
          4. <\/li>
          5. (iii) \u201coffshore banking unit\u201d means a banking branch Unit located in an International Financial Services Centre, as referred to in sub-section (1A) of section 80LA of the Act.”.<\/li><\/ol><\/li><\/ol>\n\n\n\n

            UMME FARDINA ADIL, Under Secy<\/p>\n\n\n\n

            Note :<\/strong> The principal rules were published in the Gazette of India, Extraordinary, Part-II, Section-3, Subsection (ii), vide notification number S.O. 969 (E) dated the 26th March, 1962 and were last amended vide notification number G.S.R. 831(E) dated 23rd November, 2021.<\/p>\n\n\n\n

            For full detail click the link below :<\/strong><\/p>\n\n\n\n

            https:\/\/www.dropbox.com\/s\/senxdtfrv78nt0h\/Income-tax%20%2833rd%20Amendment%29.pdf?dl=0<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

            G.S.R. 851(E).\u2014In exercise of the powers conferred by clause (4E) of section 10 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:\u2500 1. Short title and commencement.\u2014(1) These rules may be called the Income-tax […]<\/p>\n","protected":false},"author":1,"featured_media":349,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15,11],"tags":[19],"class_list":["post-1875","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-income-tax","category-notifications","tag-incometax"],"_links":{"self":[{"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/posts\/1875","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/comments?post=1875"}],"version-history":[{"count":1,"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/posts\/1875\/revisions"}],"predecessor-version":[{"id":1876,"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/posts\/1875\/revisions\/1876"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/media\/349"}],"wp:attachment":[{"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/media?parent=1875"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/categories?post=1875"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/tags?post=1875"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}