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Reetu | Sep 30, 2022 | Views 52670

CBDT notifies Form 69 for making application for recomputation of income due to disallowance of surcharge & cess

CBDT notifies Form 69 for making application for recomputation of income due to disallowance of surcharge & cess

The Central Board of Direct Taxes(CBDT) has notified Form 69 for making application for recomputation of income due to disallowance of surcharge & cess.

The Notification Stated, “In exercise of the powers conferred by section 295 read with sub-section (18) of section 155 of the Income-tax Act, 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 (32nd Amendment) Rules, 2022.

They shall come into force from the 1st day of October, 2022.”

In the Income-tax Rules, 1962 (hereinafter referred to as the principal rules), after rule 131, the following rule shall be inserted, namely––

“Application for recomputation of income under sub-section (18) of section 155.

132. (1) An application requesting for recomputation of total income of the previous year without allowing the claim for deduction of surcharge or cess, which has been claimed and allowed as deduction under section 40 in the said previous year, shall be made in Form No. 69 on or before the 31st day of March, 2023.

(2) Form No. 69 shall be furnished electronically to the Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems) or the person authorized by the Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems).

(3) Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems) shall lay down the procedures and standards for furnishing and verification of Form No. 69 and to forward the application received in Form No. 69 to the Assessing Officer.

(4) The Assessing Officer shall, on receipt of the application in Form No. 69, recompute the total income by amending the relevant order and issue notice under section 156 specifying the time period within which amount of tax payable, if any, is to be paid,-

(i) for the assessment year relevant to the previous year referred to in sub-rule (1); and

(ii) for the assessment years subsequent to the assessment year referred to in clause (i), if the order for such assessment year results in variation in carry forward of loss or allowance for unabsorbed depreciation or credit for tax under section 115JAA or section 115JD.

(5) The assessee shall, after making the payment of the tax determined under sub-rule (4), furnish the details of payment of tax in Form No.70 to the Assessing Officer within thirty days from date of making the payment.”.

To Read Official Notification Download PDF Given Below:

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