CBDT amends Income Tax Rules on return of income pursuant to amendment under section 148

CBDT amends Income Tax Rules on return of income pursuant to amendment under section 148

CBDT notifies Income-tax (20th Amendment) Rules, 2021 in exercise of the powers conferred by sections 139 and 148 read with section 295 to amend Rule 12 of IT Rules, 1962 that deals with “Return of income”; Relevant portion of sub-rule (1) after amendment shall read as “The return of income required to be furnished under sub-section (1) or sub- section (3) or sub-section (4A) or sub-section (4B) or sub-section (4C) or sub-section (4D) or sub-section (4E) or sub-section (4F) of section 139 or clause (i) of sub-section (1) of section 142 or section 148 or section 153A relating to the assessment year commencing on the 1st day of April, 2021 shall… “;

Also amends Rule 12(5) which shall now read as “Where a return of income relates to the assessment year commencing on the 1st day of April, 2020 or any earlier assessment year, it shall be furnished in the appropriate form as applicable in that assessment year”

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