Income Tax Rules amended.

By Vijay Kumar

Sub rule 4 has been added to Rule 44C to stipulate that an assessee who makes an application for settlement before the Settlement Commission, on the same date intimate the Assessing officer in Form No. 34BA about having made the application before the Settlement Commission.

Rule 44CA has been amended to add that where an application has not been declared invalid or the application is allowed to be further proceeded with, the information in the Annexure to Form 34B has to be sent by the Commission to the Commissioner.

New Forms 34B and 34 BA have been notified.

CBDT NOTIFICATION NO. 215/2007, Dated: August 7, 2007