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Taxation Central Ministry of Finance Income Tax Act, 1961

Income-tax (Nineteenth Amendment) Rules, 2023

28-Aug-2023 | G.S.R. 630(E)

Central Board of Direct Taxes has issued the Income-tax (Nineteenth Amendment) Rules, 2023, amending the provisions under the Income-tax Rules, 1962, effective from 28th August 2023.

As per the amendment, a new rule and forms have been introduced. After rule 12F, the following rules and forms have been inserted:

1. Rule 13: Procedure for Requisitioning Services and Making Reference under Section 132: Under this rule, the Principal Chief Commissioner, Chief Commissioner, Principal Director General, or Director General may approve:
a. Any person or entity whose services may be requisitioned for the purposes of clause (ii) of sub-section (2) of section 132.
b. Any person or entity or registered valuer to whom reference may be made for the purposes of clause (ii) of sub-section (9D) of section 132.
c. This approval can be based on an application from the concerned person/entity/valuer, or on a reference made by certain officials, or even initiated by these officials.

2. Rule 13A: Valuation under sub-section (9D) of section 132: This rule specifies the method for determining the fair market value of a property for the purpose of sub-section (9D) of section 132. The person/entity/registered valuer receiving the reference for valuation under this section needs to submit the valuation report in Form No. 6CA to the authorized officer.

3. Appendix II - Form No. 6C: This is a new form introduced, which serves as an application under section 132(2)/132(9D) of the Income Tax Act, 1961. This form is used for requisitioning services or making reference for valuation purposes.

4. Appendix II- Form No. 6CA: Report under section 132(9D) of the Income Tax Act, 1961

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