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Home > News > Income TaxLast Updated: Oct 21st 2023

Income Tax Portal Introduce Form 56F for Section 10AA Deduction

CBDT introduces new form 56F for the taxpayer claiming deduction u/s 10AA of income tax act. CBDT has introduced a new rele 16D vide notification no 91/2023 on 19th Oct 2023.

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As per the new rule, taxpayers who are claiming deductions u/s 10AA are required to file Form 56F on or before the due date of filing income tax returns. This is applicable from 01st April 2023

Note: Sec 10AA provides income tax deductions for industrial undertakings who has commenced production of goods or operation of ships during the financial year. The deduction is available for a period of 10 years from the date of commencement of production or operation

Through CBDT Circular # 19/2023 dated 21st Oct 2023. More @

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Disclaimer: This article provides an overview and general guidance, not exhaustive for brevity. Please refer Income Tax Act, GST Act, Companies Act and other tax compliance acts, Rules, and Notifications for details.