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Taxation Central Ministry of Finance Income Tax Act, 1961

Income-tax (Fifth Amendment) Rules, 2023

22-May-2023 | G.S.R. 379(E)

CBDT has issued the Income-tax (Fifth Amendment) Rules, 2023 by amending the provisions of the Income-tax Rules, 1962 effective from 22nd May 2023.

The highlights of the amendment are:
1. Modification in Rule 31A(4)(ix) stating that the furnish particulars of the amount paid or credited on which tax was not deducted or deducted at a lower rate
in view of the notification issued under the second proviso to section 194N or in view of the exemption provided in the fourth proviso to section 194N or in view of the notification issued under the fifth proviso to Section 194N instead of the fourth provision of Section 194N.
2. Insertion of Clause (aa) under Rule 31A stating the winnings in terms of Section 194BA(2).
3. Insertion of Rule 133 stating the calculation of the Net winnings from online games during the previous year, for the purposes of Section 115BBJ.
4. Modification in Form No. 16 regarding the Certificate under section 203 of the Income-tax Act, 1961 effective from 1st July 2023.

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