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CBDT notifies rules providing manner for filing application for re-computation of income for disallowing claim for cess deduction

CBDT notifies Rule 132 of the Income Tax Rules (with effect from October 01, 2022) prescribing rule and forms for taxpayers to make voluntary application with the tax authority for re-computation of total income to avoid deeming penal consequences for under-reported income on account of disallowance, on retrospective basis, of surcharge or cess as business deduction which was claimed and allowed in the past.

The Notification No. 111/2022 dated September 28, 2022, can be accessed here.

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