The CBDT vide Notification No. 40/2021-Income-tax, dated April 30, 2021 has issued ‘the Income-tax (12th Amendment) Rules, 2021’ to further amend the Income-tax Rules, 1962 (“Income-tax Rules”) in a following manner:
- New Rule 44DA of the Income-tax Rules has been inserted to prescribe the manner of intimation by the assessee to the Assessing Officer, for exercising the option to withdraw the pending application for settlement of cases under Section 245M(1) of the Income-tax Act, 1961.
- New FORM No. 34BB has been inserted in the Income-tax Rules to exercise the option of withdrawing the pending application for settlement of cases.
Rule 44DA of the Income-tax Rules, reads as below:
44DA. Exercise of option under sub-section (1) of section 245M and intimation thereof.- (1) The exercise of option by an assessee to withdraw his pending application under sub-section (1) of section 245M shall be in Form No. 34BB.
(2) Form No. 34BB shall be verified by the person who is authorised to verify the return of income of the assessee under section 140.
(3) Form No. 34BB shall be furnished electronically in accordance with the procedures, formats and standards specified by the Principal Director-General of Income-tax (Systems) or Director-General of Income-tax (Systems), as the case may be, and thereafter signed printout of the said form shall be uploaded in the manner specified by the Principal Director-General of Income-tax (Systems) or Director-General of Income-tax (Systems), as the case may be, under sub-rule (4).
(4) The Principal Director-General of Income-tax (Systems) or Director-General of Income-tax (Systems), as the case may be, shall specify the procedures, formats and standards for the purposes of furnishing and verification and manner of uploading of Form No. 34BB.”
The Notification can be accessed at: http://egazette.nic.in/WriteReadData/2021/226798.pdf