The Central Board of Direct Taxes (CBDT) has issued Notification No. 34/2023-Income Tax on May 30, 2023, introducing amendments to rule 11AA of the Income-tax Rules, 1962. The amendment adds a new sub-rule (7) to rule 11AA, specifically addressing applications made under clause (iv) of the first proviso to sub-section (5) of section 80G of the Income-tax Act, 1961. The amended rules, known as the Income-tax (7th Amendment) Rules, 2023, will become effective upon their publication in the Official Gazette.
Amendment Details: Notification: No. 34/2023-Income Tax Date: 30th May, 2023 Ministry: Ministry of Finance (Department of Revenue) Authority: Central Board of Direct Taxes (CBDT)
- Short Title and Commencement: (1) The amendment is titled the Income-tax (7th Amendment) Rules, 2023. (2) These rules will come into force on the date of their publication in the Official Gazette.
- Changes in Rule 11AA: Within the Income-tax Rules, 1962, the following amendment is made to rule 11AA:
Substitution of Sub-rule (7): The existing sub-rule (7) is substituted with the following sub-rule:
- In the case of an application made under clause (iv) of the first proviso to sub-section (5) of section 80G of the Income-tax Act, 1961, provisional approval will be effective from the assessment year relevant to the previous year in which the application is made.
The CBDT has introduced amendments to rule 11AA of the Income-tax Rules, 1962, through Notification No. 34/2023-Income Tax. The amendment specifically addresses applications made under clause (iv) of the first proviso to sub-section (5) of section 80G of the Income-tax Act, 1961. The amended rules, known as the Income-tax (7th Amendment) Rules, 2023, will come into effect upon their publication in the Official Gazette.
