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Date: 31-Oct-2023 Category: Extra Ordinary State: Union Government Country: India

changes in Form ITR 7

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

What it means

  • The notification introduces the Income-tax (Twenty-Seventh Amendment) Rules, 2023, which amends the Income-tax Rules, 1962.
  • The amendment modifies Form ITR-7, specifically Part B, for the assessment year commencing on April 1, 2023.

Key Changes

  • In Part B-TI, Part B1 of Form ITR-7, serial number 16 and related entries are substituted with a revised version concerning income chargeable under Section 115BBI, taxed at 30%.
  • A new serial number 17 is introduced in Part B-TI, Part B1, defining 'Aggregate income to be taxed at normal rates' as (13-14-15-16), including income other than specified income under section 115BBI.
  • In Part B-TTI, item 'a' against serial number 1 is substituted to reflect tax at normal rates based on updated references to Part B1, Part B2, and Part B3 of Part B-TI.
  • The changes are effective from April 1, 2023, and apply to the assessment year 2023-24, relevant to the previous year 2022-23.

Impact Analysis

Taxpayers filing ITR-7

  • Taxpayers should ensure accurate reporting of aggregate income to be taxed at normal rates, considering the new formula (13-14-15-16) in Part B-TI, Part B1.

Tax Professionals and Consultants

  • Review existing tax planning strategies to accommodate the changes related to Section 115BBI and income taxation at normal rates.

Income Tax Department

  • Update relevant guidance and documentation to reflect the changes.

Key Entities Referenced

Central Board of Direct Taxes (CBDT): The issuing authority of the notification, responsible for making rules under the Income-tax Act, 1961. Income-tax Act, 1961: The primary legislation governing income tax in India. Sections 139 and 295 are referenced as the source of the CBDT's powers to make the amendments. Income-tax Rules, 1962: The detailed rules framed under the Income-tax Act, 1961, which are being amended by this notification. Form ITR-7: The income tax return form for persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) or section 139(4E) or section 139(4F). Section 115BBI: Section of the Income-tax Act, 1961 pertaining to taxation of specified income at a special rate.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-31102023-249820 CG-DxLx-xEG-I3D1H1x0x2x0 23-249820 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (i) PART II—Section 3—Sub-section (i) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 633] नई दिल्ली, मगं लिार, अक्त बू र 31, 2023/कार्तकड 9, 1945 No. 633] NEW DELHI, TUESDAY, OCTOBER 31, 2023/KARTIKA 9, 1945 जित्त मत्रं ालय (रािस्ट्ि जिभाग) (केन्द्रीय प्रत्यक्ष कर बोडड) अजधसचू ना नई दिल् ली, 31 अक् तूबर, 2023 सा.का.जन. 813(अ).—केन्द्रीय प्रत्यक्ष कर बोडड, आय- कर अजधजनयम, 1961 (1961 का 43) की धारा 295 के साथ पठित धारा 139 द्वारा प्रित्त िजियों का प्रयोग करते हुए, आय-कर जनयम 1962 का और संिोधन करन े के जलए जनम्नजलजखत जनयम बनाता ह,ै अथाडत ् :- 1. सजं क्षप्त नाम और प्रारंभ. —(1) इन जनयमों का संजक्षप्त नाम आय-कर (सत्ताईसिां संिोधन) जनयम, 2023 ह।ै (2) 1 अप्रैल, 2023 से प्रिृत्त समझे िाएंगे। 2. आय-कर जनयम, 1962, के पठरजिष्ट-2 के प्ररुप आईटीआर 7 के भाग (ख) में, 1 अप्रलै , 2023 से प्रारंभ होने िाल े जनधाडरण िर्ड के जलए— (क) भाग बी – टीआई, भाग बी1, में क्रम संखयांक 16 और उससे संबंजधत प्रजिजष्टयों के स्ट्थान पर, जनम्नजलजखत क्रम संखयांक और प्रजिजष्टयां रख ेिाएंगे, अथाडतः- “16 धारा 115 खखझ के अधीन प्रभायड जिजनर्िडष्ट आय, 13 में संजममजलत, @ 30% से कराधेय 16 की िानी ह ै(अनुसूची 115 खखझ का क्रं.सं. 7) 17 सामान्द्य िरों पर कराधेय की िाने िाली कुल आय (13-14-15-16) (धारा 115 खखझ के 17”; 6908 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] अधीन जिजनर्िडष्ट आय से जभन्न आय सजममजलत ) (ख) भाग बी-टीटीआई में क्रम संखयांक-1 के सामने उससे संबंजधत मि क और प्रजिजष्टयों के स्ट्थान पर, जनम्नजलजखत मि और प्रजिजष्टयां रखी िाएंगी, अथाडतः- “क [भाग बी-टीआई के भाग बी1 का क्र.सं.17] या [भाग बी-टीआई के भाग बी2 का क्रं.स.ं(13- 1क” 14)] या [भाग बी-टीआई के भाग बी3 का क्रं.सं.13] पर सामान्द्य िरों पर कर [अजधसूचना स.ं 94 /2023/फा.सं.370142/2/2023-टीपीएल-भाग (1)] सुरबेंि ुिाकुर, अिर सजचि स्ट्पष्टीकारक ज्ञापनः- यह संिोधन 1 अप्रलै , 2023 स े प्रभािी ह ै और पूि ड िर् ड 2022-2023 स े सुसंगत जनधाडरण िर्ड 2023-24 को लाग ू होता ह ै । यह प्रमाजणत दकया िाता ह ै दक इन जनयमों को भूतलक्षी प्रभाि िेने से दकसी भी व्यजि पर प्रजतकूल प्रभाि नहीं पडगे ा । ठटप्पणः- मूल जनयम अजधसूचना का.आ. 969(अ) तारीख 26 माच,ड 1962 द्वारा प्रकाजित दकए गए थे और अंजतम संिोधन सा.का.जन 786 (अ) तारीख 19 अिूबर, 2023 को दकया गया। 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 16 @ 30% (Sl. No 7 of Schedule 115BBI) 17 Aggregate income to be taxed at normal rates (13-14-15-16) 17”; (including income other than specified income under section 115BBI) (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. 1a”. No. (13-14) of Part B2 of Part B-TI] OR [Sl. No. 13 of Part B3 of Part B-TI] [Notification No. 94/2023/ F.No. 370142/2/2023-TPL-Part (1)] SURBENDU THAKUR, Under Secy.[भाग II—खण् ड 3(i)] भारत का रािपत्र : असाधारण 3 Explanatory Memorandum: This amendment is effective from 1st day of April, 2023 and applies to assessment year 2023-24 relevant to the previous year 2022-23. It is hereby certified that no person is being adversely affected by giving retrospective effect to these rules. Note:- The principal rules were published vide notification S.O. 969(E), dated the 26th March, 1962 and last amended vide notification G.S.R.786(E), dated the 19th October, 2023. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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