On 28-09-2022, the Ministry of Finance has notified the Income-tax (32nd Amendment) Rules, 2022 which shall come into force from 1st October 2022. The amendment inserts a new Rule 132 dealing with Application for recomputation of income under section 155 (18) and introduces new form 69 for Application for re-computation of income under sub-section (18) of section 155
Key points:
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An application requesting for recomputation of total income of the previous year without allowing the claim for deduction of surcharge or cess, which has been claimed and allowed as deduction under section 40 in the said previous year, shall be made in Form No. 69 on or before the 31-03-2023.
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Form No. 69 shall be furnished electronically to the Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems) or the person authorized by the Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems).
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Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems) shall lay down the procedures and standards for furnishing and verification of Form No. 69 and to forward the application received in Form No. 69 to the Assessing Officer.