Examples of IT Rules in a sentence
The necessary procedures for application of GAAR and conditions under which it should not apply, have been enumerated in Rules 10U to 10UC of the IT Rules.
The IT Rules provide that GAAR should not be invoked unless the tax benefit in the relevant year does not exceed INR 30 m.
In this connection, the CBDT vide its notification dated 1 August 2013, amended Rule 21AB of the IT Rules prescribing certain information in Form No 10F to be produced along with the TRC, if the same does not form part of the TRC.
As per the provisions of section 14A read with rule 8D of the IT Rules, if any income of the investors does not form part of the total income or is exempt under the provisions of the IT Act then any expenditure incurred by the Investor, directly or indirectly, in relation to such income will not be allowed as deduction for the purpose of calculating the total taxable income of the Investor.
The rules for determining the FMV of shares and securities have been prescribed under the IT Rules.
The IT Rules provide that GAAR should not be invoked if the tax benefit in the relevant year does not exceed INR 30 million.
The IT Rules provide that GAAR should not be invoked unless the tax benefit in the relevant year does not exceed INR 3 crores.
As per Rule 37BC of the IT Rules, the provision of section 206AA of the IT Act shall not apply in respect of payments made to a person being a non-resident if the provision of section 139A of the IT Act do not apply to such person on account of rule 114AAB of the IT Rules.
In this regard, recently on October 17, 2016, CBDT notified final buyback rules by inserting new Rule 40BB to IT Rules for determining the amount received by the Indian company in respect of issue of shares.
The necessary procedures for application of GAAR and conditions under which it should not apply have been enumerated in Rules 10U to 10UC of the IT Rules.