Income-tax (1st Amendment) Rules, 2021 - New Rule 3B inserted - Annual accretion referred to in the sub-clause (viia) of clause (2) of section 17 of the Act

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..... G.S.R. 155(E).- In exercise of the powers conferred by sub-clause (viia) of clause (2) of section 17 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. Short title and commencement. - (1) These rules may be called the Income-tax (1st Amendmen .....

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..... (PC1+ TP1)*R Where, TP= Taxable perquisite under sub-clause (viia) of clause (2) of section 17 of the Act for the current previous year; TP 1 = Aggregate of taxable perquisite under sub-clause (viia) of clause (2) of section 17 of the Act for the previous year or years commencing on or after 1st day April, 2020 other than the current previous year ( See Note ); PC= Amount or aggregat .....

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..... me on the last day of the current previous year)/2. Explanation. - For the purposes of this rule, specified fund or scheme shall mean a fund or scheme referred to in sub-clause (vii) of clause (2) of section 17 of the Act. Note: Where the amount or aggregate of amounts of TP1 and PC1 exceeds the amount or aggregate of amounts of balance to the credit of the specified fund or scheme o .....

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