In exercise of the powers conferred by section 295 read with section 195 and rule 5 of the First Schedule to 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:-
1. Short title and commencement.- (1) These rules may be called the Income-tax (21st Amendment) Rules, 2020.
(2) They shall come into force from the date of their publication in the Official Gazette.
2. In the Income-tax Rules, 1962 (hereinafter referred to as the principal rules), in rule 29B,–– (a) for the words “banking company”, wherever they occur, the words “banking company or an insurer” shall be substituted;
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