CBDT amends Rule 17CB to replace trust or institution with specified person

The Central Board of Direct Taxes(CBDT) has amended Rule 17CB to replace ‘trust or institution’ with ‘specified person’.

Rule 17CB which provides for method of valuation of accreted income for the purposes of section 115TD.

The Notification Stated, “In exercise of the powers conferred by sub-section (2) of section 115TD 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:-

These rules may be called the Income-tax (Twenty Eighth Amendment) Rules, 2022.”

In the Income-tax Rules, 1962, in rule 17CB,—

(i) for the words “trust or institution” wherever they occur, the words “specified person” shall be substituted;

(ii) in Explanation, after clause (h), the following clause shall be inserted, namely:-

‘(ha) “specified person” shall have the same meaning as assigned to it in clause (iia) of the Explanation to section 115TD;’.

This Rule shall come into force from the date of its publication in the Official Gazette.

For Official Notification Download PDF Given Below: