Home Rules & Regulations CBDT Notifies Income Tax (24th Amendment) Rules, 2021

CBDT Notifies Income Tax (24th Amendment) Rules, 2021

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CBDT Notifies Income Tax (24th Amendment) Rules, 2021
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The Central Board of Direct Taxes (CBDT) on Wednesday has issued the Income-tax (24th Amendment) Rules, 2021 to further amend the Income Tax Rules, 1962.

In the recent amendment, Rule 12AA, which specifies, Prescribed person for the purposes of clause (c) and clause (cd) of section 140, has been Inserted, namely:

“12AA – For the purpose of clause (c) or clause (cd), as the case may be, of section 140, any other person shall be the person, appointed by the Adjudicating Authority for discharging the duties and functions of an interim resolution professional, a resolution professional, or a liquidator, as the case may be, under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) and the rules and regulations made thereunder.”

Rule 51B, which specifies, Appearance by Authorised Representative in certain cases, has been Inserted, namely:

“51B. – For the purposes of clause (viii) of sub-section (2) of section 288, any other person, in respect of a company or a limited liability partnership, as the case may be, shall be the person appointed by the Adjudicating Authority for discharging the duties and functions of an interim resolution professional, a resolution professional, or a liquidator, as the case may be, under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) and the rules and regulations made thereunder.”

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