The Gazette of India: Extraordinary

Gazette Title

The Gazette of India: Extraordinary

Gazette Number

7735 GI/2024

Publication Date

November 29, 2024

Issuing Authority

Ministry of Finance (Department of Revenue) (Central Board of Direct Taxes)

Summary

• Notification regarding the amendment of the Income-tax Rules, 1962.
• The rules may be called the Income-tax (Tenth Amendment) Rules, 2024.
• Effective from April 1, 2024.
• Introduces Safe Harbour Rules for income from the business of selling raw diamonds.
• Defines eligible assessees and businesses related to diamond mining and sales.
• Specifies conditions under which deductions and assessments will be made.