Income tax Rules 2015 (2nd Amendment),An income tax is a tax imposed on individuals or entities (taxpayers) that varies with respective income or profits (taxable income). Income Tax Department release New Notification Regarding Income tax (2nd Amendment), Rules, 2015 . We are providing Full Details of this Notification at Below.
Income tax Rules, 2015 (2nd Amendment)
[TO BE PUBLSIHED IN THE GAZETTE OF INDIA EXTRAORDINARY, PART
II,SECTION 3, SUB-SECTION (ii)]
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
[CENTRAL BOARD OF DIRECT TAXES]
New Delhi, the 4thFebruary, 2015
INCOME – TAX
S.O.350 (E)In exercise of the powers conferred by sections 92CB and 92D read with section 295 of 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. (1) These rules may be called the Income tax (2 nd Amendment), Rules, 2015.
(2) They shall come into force from the date of their publication in the Official Gazette.
2. In the Income tax Rules, 1962, —
(A) in Part-II, in sub-part D relating to special cases,–
(1) in rule 10 D,–
(a) after sub-rule (2), the following sub-rule shall be inserted,
“(2A) Nothing contained in sub-rule (1), in so far as it relates to an eligible specified domestic transaction referred to in rule 10 THB , shall apply in a case of an eligible assessee referred to in rule 10 THA and, the said eligible assessee, shall keep and maintain the following information and documents, namely:-
(i) a description of the ownership structure of the assessee enterprise with details of shares or other ownership interest held therein by other enterprises;
(ii) a broad description of the business of the assessee and the industry in which the assessee operates, and of the business of the associated enterprises with whom the assessee has transacted;
(iii) the nature and terms (including prices) of specified domestic transactions entered into with each associated