The CBDT vide Notification No. 94/2023 dated October 31, 2023, has notified the new amendments to Form ITR-7. These amendments are referred to as the Income Tax (Twenty-Seventh Amendment) Rules, 2023 and are deemed to have come into effect from April 1, 2023.
In the Income-tax Rules, 1962, in Appendix II, in Form ITR-7, in PART-B for the assessment year commencing on April 01, 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:—
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“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”; |
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(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:—
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“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”. |
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The Notification can be accessed at: https://a2z-bucket.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Income-Tax-ITR-7-changes.pdf