Quick Summary
Central Board of Direct Taxes (CBDT) notified the Income Tax (Twenty-Seventh Amendment) Rules, 2023 on October 31, 2023 (Notification No. 94/2023). These amendments came into effect from April 1, 2023.
In the Income-tax Rules, 1962, in Appendix II, in Form ITR-7, in PART-B for the assessment year commencing on April 01, 2023-
(a) in Part B- TI, the Part B1, for serial number 16 and entries relating thereto, the following serial number and entries thereto shall be substituted, namely:-
|
"16 |
Specified income chargeable u/s 115BBI, included in 13, to be taxed @ 30% (Sl. No 7 of Schedule 115BBI) | 16 | |
| 17 | Aggregate income to be taxed at normal rates (13-14-15-16) (including income other than specified income under section 115BBI) | 17"; |
(b) in Part B- TTI, against serial number 1, for item a and entries relating thereto, the following item and entried thereto, shall be substituted, namely:-
|
"a |
Tax at normal rates on [Sl. No. 17 of Part B1 of Part B-TI] OR [Sl. No. (13-14) of Part B2 of Part B-TI] OR [Sl. No. 13 of Part B3 of Part B-TI] | 1a". |
FAQ :
The CBDT has amended Form ITR-7 to modify the reporting and taxation of certain incomes, particularly those specified under section 115BBI, and to adjust the calculation of aggregate income.
The amendments to Form ITR-7 came into effect from April 1, 2023.
The notification number for these changes is 94/2023.
Income specified under section 115BBI will now be taxed at 30% and this will be reflected in the updated Part B-TI of Form ITR-7.
The updated rules are part of the Income Tax (Twenty-Seventh Amendment) Rules, 2023, notified by the CBDT.
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