{"id":3054,"date":"2022-08-03T05:39:35","date_gmt":"2022-08-03T05:39:35","guid":{"rendered":"https:\/\/rvkassociates.com\/blog\/?p=3054"},"modified":"2022-08-03T05:39:37","modified_gmt":"2022-08-03T05:39:37","slug":"income-tax-twenty-third-amendment-rules-2022","status":"publish","type":"post","link":"https:\/\/rvks.in\/blogs\/income-tax-twenty-third-amendment-rules-2022\/","title":{"rendered":"Income-tax (Twenty Third Amendment) Rules, 2022."},"content":{"rendered":"\n

G.S.R. 610(E).\u2014 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. Short title and commencement.<\/strong>\u2014(1) These rules may be called the Income-tax (Twenty Third Amendment) Rules, 2022.<\/p>\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

  1. In the Income-tax Rules, 1962 (hereinafter referred to as the principal rules), in rule 21AK, – (A) in sub-rule (1), –
    1. (a) in the opening paragraph, after the words \u201cnon-deliverable forward contracts\u201d, the words \u201cor offshore derivative instruments or over-the-counter derivatives,\u201d shall be inserted;<\/li>
    2. <\/li>
    3. (b) in clause (i), after the words \u201cnon-deliverable forward contract\u201d, the words \u201cor offshore derivative instrument or over-the-counter derivative\u201d shall be inserted;<\/li>
    4. <\/li>
    5. (c) in clause (ii), after the word \u201ccontract\u201d, the words \u201c, instrument or derivative\u201d shall be inserted; (B) for the Explanation, following shall be substituted, namely :-<\/li><\/ol><\/li><\/ol>\n\n\n\n

      Explanation<\/strong> — For the purpose of this rule, the expression,\u2014<\/p>\n\n\n\n

      (i) \u201cderivative\u201d shall have the same meaning as assigned to it in clause (ac) of section 2 of the Securities Contracts (Regulation) Act, 1956(42 of 1956);<\/p>\n\n\n\n

      (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;<\/p>\n\n\n\n

      (iii) “offshore banking unit” 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;<\/p>\n\n\n\n

      (iv) \u201coffshore derivative instrument\u201d shall have the same meaning as assigned to it in clause (o) of sub-regulation (1) of regulation (2) of the SEBI Foreign Portfolio Investor Regulations, 2019;<\/p>\n\n\n\n

      (v) \u201cover-the-counter derivatives” shall mean a derivative contract that is not traded on an exchange but instead is privately negotiated between a purchaser and a seller; and<\/p>\n\n\n\n

      (vi) “permanent establishment” shall have the meaning as assigned to it in clause (iiia) of section 92F of the Act.<\/p>\n\n\n\n

      [Notification No. 87\/2022\/ F. No. 370142\/36\/2022-TPL]
      UMME FARDINA ADIL, Under Secy. (Tax Policy and Legislation Division)<\/p>\n\n\n\n

      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. 537(E) dated the 12th July, 2022.<\/p>\n\n\n\n

      Notification :<\/strong> https:\/\/www.dropbox.com\/s\/ok1936cammcwmle\/Income-tax%20%28Twenty%20Third%20Amendment%29%20Rules%2C%202022..pdf?dl=0<\/a><\/p>\n\n\n\n

      <\/p>\n","protected":false},"excerpt":{"rendered":"

      G.S.R. 610(E).\u2014 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 1. Short title and commencement.\u2014(1) These rules may be called […]<\/p>\n","protected":false},"author":1,"featured_media":349,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-3054","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-notifications"],"_links":{"self":[{"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/posts\/3054","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=3054"}],"version-history":[{"count":1,"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/posts\/3054\/revisions"}],"predecessor-version":[{"id":3055,"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/posts\/3054\/revisions\/3055"}],"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=3054"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/categories?post=3054"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/tags?post=3054"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}