Income Tax Twenty Seventh Amendment Rules, 2023

Last updated: 03 November 2023

Save Share

Quick Summary

The Central Board of Direct Taxes has issued the Income-tax (Twenty-Seventh Amendment) Rules, 2023. These rules amend the Income-tax Rules, 1962, specifically impacting Form ITR-7 for the assessment year beginning April 1, 2023. Key changes involve the substitution of serial numbers and entries in Part B-TI and Part B-TTI, relating to specified income taxable under section 115BBI and aggregate income taxed at normal rates. The amendments are deemed to have come into force from April 1, 2023.

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 31st October, 2023

G.S.R. 813(E).—In exercise of the powers 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 (Twenty-Seventh Amendment) Rules, 2023.

(2) They shall be deemed to have come into force from 1st day of April, 2023.

2. In the Income-tax Rules, 1962, in Appendix II, in Form ITR-7, in PART-B for the assessment year commencing on the 1st day of April, 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”.

[Notification No. 94/2023/ F.No. 370142/2/2023-TPL-Part (1)]
SURBENDU THAKUR, Under Secy

FAQ :

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

The rules are deemed to have come into force from the 1st day of April, 2023.

The amendments specifically affect Form ITR-7 in Appendix II of the Income-tax Rules, 1962.

Amendments have been made to Part B-TI and Part B-TTI of Form ITR-7.

The changes in Part B-TI involve substituting serial number 16 and its entries, relating to specified income chargeable under section 115BBI and aggregate income taxed at normal rates.

The changes in Part B-TTI involve substituting item 'a' and its entries against serial number 1, which relates to tax at normal rates on income from different parts of the form.