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TMI BlogIncome-tax (Tenth Amendment) Rules, 2024 - Safe Harbour Rules for income referred to in clause (i) of sub-section (1) of section 9 chargeable to tax under the head “Profits and gains of business or professionX X X X Extracts X X X X X X X X Extracts X X X X ..... led the Income-tax (Tenth Amendment) Rules, 2024. (2) Save as otherwise provided in these rules, they shall deemed to have come into force on the 1st day of April, 2024. 2. In the Income-tax Rules, 1962 , (a) in rule 10TD , in sub-rule (3B), for the words and figures assessment years 2020-21, 2021-22, 2022-23 and 2023-24 , the words and figures assessment years 2020-21, 2021-22, 2022-23, 2023-24 and 2024-25 shall be substituted; (b) with effect from the date of publication of this notification in the Official Gazette,- (i) after rule 10THD , the following rules shall be inserted, namely: DCA. Safe Harbour Rules for income referred to in clause (i) of sub-section (1) of section 9 chargeable to tax under the head Profits and gains of business ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n eligible assessee in any relevant previous year under rule 10TIB, where the income declared by such assessee from an eligible business is in accordance with the circumstances as specified in sub-rule (2), unless such safe harbour is declared invalid under the provisions of sub-rule (3) of rule 10TIB. (2) The circumstances referred to in sub-rule (1) in respect of the eligible business mentioned in column (1) of the Table below shall be as specified in column (2) thereof, namely: TABLE Eligible business Circumstances (1) (2) Selling of raw diamonds referred to in clause (b) of rule 10TI. The profits and gains of the eligible business chargeable to tax under the head Profits and gains of business or profession shall be 4 per cent. or more o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 10TIB . (1) For the purposes of exercising option for safe harbour, the assessee shall furnish Form No. 3CEFC, complete in all respects, to the Assessing Officer before furnishing the return of income under section 139 for the relevant previous year. (2) The income from eligible business shall be determined in accordance with the provisions of the Act without having regard to the provisions of sub-rule (2) of rule 10TIA, where the assessee does not exercise option for safe harbour under sub-rule (1) of the said rule. (3) The Assessing Officer may declare the option for safe harbour as invalid by an order in writing, where the assessee has - (a) availed the safe harbour by furnishing incorrect facts; or (b) concealed facts related to his b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of business or activities of the assessee: (e) Status: (f) Assessment Year: 2. Eligible Business Sl. No. Particulars in respect of eligible business Remarks 1. Whether the assessee is an eligible assessee as referred to in clause (a) of rule 10TI? Yes/No 2. Whether the assessee is carrying on the eligible business of selling of raw diamonds as referred to in clause (b) of rule 10TI? Yes/No 3. If reply to question at Sl. No. (1) and (2) is yes, provide the following details: (a) Description of the eligible business. (b) Gross receipts of the eligible business (c) 4% of the gross receipts referred to in item (b) above (d) Whether the assessee is carrying on any other business other than the eligible business of selling of raw diamonds (e) If ..... X X X X Extracts X X X X X X X X Extracts X X X X
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