Quick Summary
The Central Board of Direct Taxes (CBDT), under the Ministry of Finance, has issued a fresh notification [G.S.R. 553(E)] to amend the Income-tax Rules, 1962. The changes, notified on August 14, 2025, will come into effect from September 1, 2025. According to the notification, the Income-tax (Twenty
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FAQ :
The CBDT has amended Form No. 7 to replace the wording "assessment year" with "assessment year or the block period, as the case may be".
The amendment to Form No. 7 will be effective from September 1, 2025.
The amendment has been made to align Form No. 7 with the provisions of the Income-tax Act, 1961, and to provide clarity for assessments that may cover a block period as well as a single assessment year.
The amendment is introduced under the Income-tax (Twenty-First Amendment) Rules, 2025.
Tax experts anticipate that this update will streamline compliance for both taxpayers and tax authorities, especially in situations involving block assessments.
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