Compfie | Amended notification of the Income-tax (25th Amendment) Rules, 2021 (dated – 31.08.2021)

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Amended notification of the Income-tax (25th Amendment) Rules, 2021 (dated – 31.08.2021) – CBDT

This notification shall come into force on 1st day of April, 2022.
In the Income-tax Rules, 1962, after the rule 9C, the following rule shall be inserted, namely: ‒
“9D. Calculation of taxable interest relating to contribution in a provident fund or recognized provided fund, exceeding specified limit.- (1)For the purposes of the first and second provisos to clauses (11) and (12) of section 10 , income by way of interest accrued during the previous year which is not exempt from inclusion in the total income of a person under the said clauses (hereinafter in this rule referred to as the taxable interest), shall be computed as the interest accrued during the previous year in the taxable contribution account.
(2) For the purpose of calculation of taxable interest under sub-rule (1), separate accounts within the provident fund account shall be maintained during the previous year 2021-2022 and all subsequent previous years for taxable contribution and non-taxable contribution made by a person.