Income-tax (Twenty-First Amendment) Rules, 2025 – Substitution in Form No. 7 regarding Assessment Year or Block Period

Last updated: 18 August 2025

Notice Date : 14 August 2025

Quick Summary

The Central Board of Direct Taxes has issued the Income-tax (Twenty-First Amendment) Rules, 2025. These amendments, effective from 1st September 2025, modify Form No. 7. Specifically, the form will now allow for the inclusion of either the 'assessment year' or the 'block period' as applicable.

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 14th August, 2025

G.S.R. 553(E).— In exercise of the powers conferred by section 295 read with section 156 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend Incometax Rules, 1962, namely: -

1. (1) These rules may be called the Income-tax (Twenty-First Amendment) Rules, 2025.
(2) They shall come into force on the 1st day of September, 2025.

2. In the Income-tax Rules, 1962, in Appendix-II, in FORM NO. 7, in paragraph 1, for the words “assessment year…….a sum”, the words “assessment year……… or the block period………., as the case may be, a sum” shall be substituted.

[No. 132/2025/F. No. 370142/34/2025-TPL]
SURBENDU THAKUR, Under Secy., Tax Policy and Legislation

Note:- The Income-tax Rules, 1962 were published in the Gazette of India, Extraordinary, Part II, section 3, sub-section(i) vide notification S.O. 969 (E), dated the 26th March, 1962 and last amended vide notification GSR 503(E),
dated the 28th July, 2025.

The main change is the substitution in Form No. 7, allowing for the mention of either the 'assessment year' or the 'block period'.

These rules come into force on the 1st day of September, 2025.

Form No. 7 is being amended.

In Form No. 7, paragraph 1 is being amended to include the option of specifying the 'block period' alongside the 'assessment year'.