It will no longer be necessary for employees to look to the income tax officer for refund consequent on adjustment of such loss against taxable income.

This follows a notification issued by the Central Board of Direct Taxes Amending Rule 26 B of the Income Tax Rules, 1962 and Form No 12 C in Appendix 2 of the rules, according to an official press note. The employees can now also furnish the particulars of such a loss, it added.

Section 192 of the Income Tax Act relating to allowing loss from house property was amended by the finance bill this year as an enabling measure. Simultaneously, the current year's budget also raised the deduction for interest on borrowed capital in case of self-occupied property from 15,000 crores to 30,000 crores.

By another notification, the CBDT amended income tax rules to provide 25 per cent depreciation forknow-how, patents, copyrights, trademarks, licences, franchises or any other business or commercial rights of a similar nature.