Income-tax (12th Amendment) Rules, 2020

Last updated: 31 May 2020

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The Central Board of Direct Taxes has issued the Income-tax (12th Amendment) Rules, 2020. These amendments, effective from their publication date, modify rule 12 of the Income-tax Rules, 1962. Specific changes include the insertion of 'or' in a proviso within clause (a) and the omission of certain items in clauses (a) and (ca). Additionally, updated versions of various Income Tax Return (ITR) forms are being substituted.

MINISTRY OF FINANCE

(Department of Revenue)

(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION

New Delhi, the 29th May, 2020

INCOME-TAX

G.S.R. 338(E).—In exercise of the powers conferred by section 139 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:—

1. Short title and commencement.–(1) These rules may be called the Income-tax (12th Amendment) Rules, 2020. (2) They shall come into force with effect from the date of publication in the Official Gazette.

2. In the Income-tax Rules, 1962,

(a) in rule 12, in sub-rule (1)─

(I) in clause (a), in the proviso,- (i) in item (V), the word ―or‖ shall be inserted at the end; (ii) items (VII) and (VIII) shall be omitted;

(II) in clause (ca), in the proviso, item (VI) shall be omitted.

(b) in Appendix II, for Form ―Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V‖, the following Forms shall, respectively, be substituted, namely:—

[Notification No. 31/2020/F. No. 370142/32/2019-TPL]

ANKUR GOYAL, Under Secy.

Note : The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide notification number S.O. 969(E), dated the 26th March,1962 and last amended by the Income-tax (11th Amendment) Rules, 2020, vide notification number G.S.R. 329 (E) dated 28.5.2020.

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FAQ :

These are amendments made by the Central Board of Direct Taxes to the Income-tax Rules, 1962, further to the powers conferred by section 139 read with section 295 of the Income-tax Act, 1961.

The Income-tax (12th Amendment) Rules, 2020, come into force with effect from the date of their publication in the Official Gazette.

In rule 12, sub-rule (1), amendments include the insertion of the word 'or' in a proviso within clause (a), and the omission of specific items (VII) and (VIII) in clause (a), and item (VI) in clause (ca) of the proviso.

Yes, Appendix II of the Income-tax Rules, 1962, has been updated with new forms replacing Form 'Sahaj (ITR-1)', Form ITR-2, Form ITR-3, Form 'Sugam (ITR-4)', Form ITR-5, Form ITR-6, Form ITR-7, and Form ITR-V.

The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide notification number S.O. 969(E), dated the 26th March, 1962.

Notification No : 31/2020
Source : https://www.incometaxindia.gov.in/communications/notification/notification31_2020.pdf

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