CBDT has today  issued the new Notification so as to amend the Income-tax Rules, 1962, which came to be known as the Income-tax (22nd Amendment) Rules, 2020.

 In rule 5 (1) of the Income-tax Rules, 1962 the proviso was substituted, which reads as provided that the allowance under clause (ii) of sub-section (1) of section 32 in respect of depreciation of any block of assets entitled to more than 40% shall be restricted to 40% on the written down value of such block of assets under 3 cases as under :

 1. The domestic company which has exercised options under sub-section (4) of section 115BA, or under sub-section (5) of section 115BAA, or under sub-section (7) of section 115BAB.

 2. An individual or Hindu undivided family which has exercised option under sub-section (5) of section 115BAC.

3. The co-operative society resident in India which has exercised options under sub-section (5) of section 115BAD.

 The board further seeks to insert Rule 21AG and Rule 21AH which deals with the Exercise of option under sub-section (5) of section 115BAC and Exercise of option under sub-section (5) of section 115BAD respectively.

 The notification seeks to insert Form No.10-IE in respect of Application for exercise/ withdrawal of option under clause (i) of sub-section (5) of section 115BAC and Form No. 10-IF which pertains to Application for exercise of option under sub-section (5) of section 115BAD of the Income-tax Act, 1961

If Tax Audit report has been already filed by then the assessee need not revised it.