**Summary:**
This notification, G.S.R. 737(E), issued by the Central Board of Direct Taxes (CBDT), Ministry of Finance, on October 13, 2021, introduces the Relaxation of Validation section 119 of the Finance Act, 2012 Rules, 2021. The rules, effective from the date of publication in the Official Gazette (October 14, 2021), pertain to the powers conferred by the first proviso to section 119 of the Finance Act, 2012 (23 of 2012).
Rule 2 specifies that the form and manner of furnishing undertakings, as prescribed under sub-rule (1) and sub-rule (3) of rule 11UE and rule 11UF of the Income-tax Rules, 1962, which relate to the Explanation to the fifth and sixth provisos to Explanation 5 to clause (i) of sub-section (1) of section 9 of the Income-tax Act, 1961 (43 of 1961), shall also apply, with necessary modifications, to clauses (i), (ii), and (iii) of the first proviso to section 119 of the Finance Act, 2012 (23 of 2012).
Rule 3 states that the conditions outlined in sub-rule (2) of rule 11UE of the Income-tax Rules, 1962, which pertain to clause (iv) of the Explanation to the fifth and sixth provisos to Explanation 5 to clause (i) of sub-section (1) of section 9 of the Income-tax Act, 1961 (43 of 1961), shall also apply, with necessary modifications, to clause (iv) of the first proviso to section 119 of the Finance Act, 2012 (23 of 2012).
The notification number is 1202021/F. No. 370142/47/2021-TPL and was signed by Neha Sahay, Under Secretary, Tax Policy and Legislation.
Key Entities Referenced
Ministry of Finance: The ministry responsible for the economy of India.
Central Board of Direct Taxes: A statutory authority functioning under the Department of Revenue, Ministry of Finance, Government of India. It is responsible for the administration of direct tax laws.
New Delhi: The capital of India.
Finance Act, 2012: An Indian legislation; section 119 of which is relevant to the notification.
Relaxation of Validation section 119 of the Finance Act, 2012 Rules, 2021: The title of the rules being introduced in the notification.
Incometax Act, 1961: An Indian legislation governing income tax.
Incometax Rules, 1962: Rules pertaining to the Incometax Act, 1961.
NEHA SAHAY: Under Secretary, Tax Policy and Legislation.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एल.-अ.-14102021-230415
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CG-DL-E-14102021-230415
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असाधारण
EXTRAORDINARY
भाग II—खण् ड 3—उप-खण्ड (i)
PART II—Section 3—Sub-section (i)
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 594] नई दिल्ली, बृलस्ट्प जतिार, अक्त बू र 14, 2021/आजश्ि न 22, 1943
No. 594] NEW DELHI, THURSDAY, OCTOBER 14, 2021/ASVINA 22, 1943
जित्त मत्रं ालय
(रािस्ट्ि जिभाग)
(केन्द्रीय प्रत्यक्ष कर बोडड)
अजधसचू ना
नई दिल् ली,13 अक् तूबर, 2021
आय-कर
सा.का.जन. 737(अ).—केन्द्रीय प्रत्यक्ष कर बोडड, जित् त अजधजनयम, 2012 (2012 का 2)) क धारा 11 के पलले परंतकक
द्वारा प्रित्त िजियों का प्रयोग करते हुए, जनम्नजलजखत जनयम बनाता ल,ै अर्ाडत् :--
1. संजक्षप्त नाम और प्रारंभ—(1) इन जनयमों का संजक्षप्त नाम जिजधमान्द् यकरण का जिजर्लीकरण (जित् त अजधजनयम, 2012 क धारा
11 ) जनयम, 2021 लै ।
(2) ये रािपत्र में उनके प्रकािन क तारीख से प्रिृत्त लोंगे ।
2. धारा 11 के पलल े परंतकक के अधीन िचनबधं का प्ररूप और उसके प्रस्ट्त कत करन े क रीजत— आय-कर जनयम, 1 62 के जनयम
11पङ के उपजनयम (1) और उपजनयम (2) तर्ा जनयम 11पच के अधीन यर्ाजिजनर्िष्ड ट, जित् त अजधजनयम, 1 61 (1 61 का 4)) क
धारा क उपधारा (1) के खंड (i) के स्ट् पष् टीकरण 5 के पांचिे और छठे परंतकक के स्ट् पष् टीकरण के अधीन िचनबंध का प्ररूप और उसके
प्रस्ट् तकत करने क रीजत, यर्ािश् यक पिरितडनों सजलत, जित् त अजधजनयम, 2012 (2012 का 2)) क धारा 11 के पलले परंतकक के खंड
(i), खंड (ii) और खंड (iii) को लागू लोगी ।
5882 GI/2021 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
). धारा 11 के पलल े परंतकक के खडं (iv) के अधीन ित—ें आय-कर जनयम, 1 62 के जनयम 11पङ के उपजनयम (2) के अधीन
यर्ाजिजनर्िष्ड ट, जित् त अजधजनयम, 1 61 (1 61 का 4)) क धारा क उपधारा (1) के खंड (i) के स्ट् पष् टीकरण 5 के पांचिे और छठे
परंतकक के स्ट् पष् टीकरण के खंड (iv) के प्रयोिनों के जलए ितें, यर्ािश् यक पिरितडनों सजलत, जित् त अजधजनयम, 2012 (2012 का 2)) क
धारा 11 के पलले परंतकक के खंड (iv) को लागू लोगी ।
[अजधसूचना सं. 120/2021/फा.स.ं )70142/47/2021-टीपीएल]
नेला सलाय, अिर सजचि (कर नीजत और जिधान)
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 13th October, 2021
INCOME-TAX
G.S.R. 737(E).—In exercise of the powers conferred by the first provisio to section 119 of Finance Act, 2012
(23 of 2012), the Central Board of Direct Taxes hereby makes the following rules, namely:-
1. Short title and commencement. (1) These rules may be called the Relaxation of Validation (section 119 of the
Finance Act, 2012) Rules, 2021.
(2) They shall come into force from the date of their publication in the Official Gazette.
2. Form and manner of furnishing undertaking under first proviso to section 119.- The form and manner of
furnishing undertaking under Explanation to fifth and sixth proviso to Explanation 5 to clause (i) of sub-section (1) of
section 9 of the Income-tax Act, 1961 (43 of 1961), as prescribed under sub-rule (1) and sub-rule (3) of rule 11UE and
rule 11UF of the Income-tax Rules, 1962, shall mutatis mutandis apply to clauses (i), (ii) and (iii) of the first proviso
to section 119 of the Finance Act, 2012 (23 of 2012).
3. Conditions under clause (iv) of first proviso to section 119.- The conditions for the purposes of clause (iv) of
the Explanation to fifth and sixth proviso to Explanation 5 to clause (i) of sub-section (1) of section 9 of the Income-
tax Act, 1961 (43 of 1961), as prescribed under sub-rule (2) of rule 11UE of the Income-tax Rules, 1962, shall mutatis
mutandis apply to clause (iv) of the first proviso to section 119 of the Finance Act, 2012 (23 of 2012).
[Notification No. 120/2021/ F. No. 370142/47/2021-TPL]
NEHA SAHAY, Under Secy. (Tax Policy and Legislation)
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