Income-tax (Eleventh Amendment) Rules, 2022

Last updated: 02 May 2022

Save Share

Quick Summary

The Central Board of Direct Taxes has introduced the Income-tax (Eleventh Amendment) Rules, 2022. These rules, effective from their publication date, introduce an updated return of income. This updated return, to be filed using Form ITR-U, is available for individuals eligible under sub-section (8A) of section 139 for the assessment year beginning 1st April 2020 and subsequent years.

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 29th April, 2022

G.S.R. 325(E).— In exercise of the powers conferred by sub-section (8A) of 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 Income-tax Rules, 1962, namely:-

1. Short title and commencement.—(1) These rules may be called the Income-tax (Eleventh Amendment) Rules, 2022.

(2) They shall come into force from the date of their publication in the Official Gazette.

2. In the Income-tax Rules, 1962 (hereinafter referred to as the principal rules), after rule 12AB, the following rule shall be inserted, namely,–

12AC. Updated return of income.- (1) The return of income to be furnished by any person, eligible to file such return under the sub-section (8A) of section 139, relating to the assessment year commencing on the 1st day of April, 2020 and subsequent assessment years, shall be in the Form ITR-U and be verified in the manner indicated therein.

(2) The return of income referred to in sub-rule (1) shall be furnished by a person, mentioned in column (2) of the Table below in the manner specified in column (3) thereof:-

Please refer to the attached file for details

FAQ :

These are new rules made by the Central Board of Direct Taxes to further amend the Income-tax Rules, 1962, introducing an updated return of income.

The rules come into force from the date of their publication in the Official Gazette.

The rules introduce an updated return of income, allowing eligible persons to furnish a revised return.

The updated return of income should be furnished in Form ITR-U.

An updated return can be filed for the assessment year commencing on 1st April 2020 and subsequent assessment years.

Notification No : 48/2022 - Income Tax
Source : https://incometaxindia.gov.in/communications/notification/notification-48-2022.pdf

Attached File : 322600_11044_notification_48_2022.pdf

downloaded 36 times

1021 Views Comment Share Income Tax Report

Notification posted by

CCI News Desk

Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.

Comments