Income Tax Rules 2023: New Amendments Effective April 1st

Quick Summary

The Central Board of Direct Taxes has issued the Income-tax (Second Amendment) Rules, 2023. These rules, which come into effect on 1st April 2023, introduce amendments to the Income-tax Rules, 1962. Specifically, Form ITR-7 in Appendix-II has been substituted with a new version.

MINISTRY OF FINANCE
(Department Of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 05/2023-Income Tax
New Delhi, the 14th February, 2023

G.S.R 95(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 (Second Amendment) Rules, 2023.

(2) They shall come into force with effect from 1st day of April, 2023.

2. In the Income-tax Rules, 1962, in Appendix-II, for Form ITR-7, the following Form shall be substituted, namely:—

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.

The Income-tax (Second Amendment) Rules, 2023, come into force with effect from 1st April 2023.

The rules substitute Form ITR-7 in Appendix-II of the Income-tax Rules, 1962, with a new form.

The power to make these rules is conferred by section 139 read with section 295 of the Income-tax Act, 1961.

Guest

Notification No : Notification No. 05/2023-Income Tax
Published in Income Tax
Source : https://incometaxindia.gov.in/communications/notification/notification-5-2023.pdf

Attached File : 322600_11093_notification_5_2023.pdf

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