The Central Board of Direct Taxes (CBDT) on October 07, 2022, issued the Income-tax (Thirty Third Amendment) Rules, 2022 to further amend the Income-tax Rules, 1962.
The following amendments have been stated:
• In rule 114F which specifies ‘Definitions’, in sub-rule (5), for clauses (i), (j) and (k), the following has been substituted, namely: —
“(i) a financial institution with a local client base, in case of any U.S. reportable account;
(j) a local bank, in case of any U.S. reportable account;
(k) a financial institution with only low value accounts, in case of any U.S. reportable account;”;
• In rule 114F which specifies ‘Definitions’, in sub-rule (5), in the Explanation, in clause (D) for the words and brackets “the Government of any country or territory outside India on income that it derives from sources within such country or territory outside India (or would be entitled to such benefits if it derived any such income)” the words and brackets “the United States of America on income that it derives from sources within the United States of America (or would be entitled to such benefits if it derived any such income)” has been substituted.
These rules will come into force on October 07, 2022.
[Notification No. G.S.R. 769(E)]
