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CBDT Amends Rule 12 to Incorporate Return Filing under New Section 148

cbdt-amends-rule-12-to-incorporate-return-filing-under-new-section-148

CBDT vide Notification No. 82/2021 in G.S.R. 509(E) dated 27th July 2021 through Income-tax (20th Amendment) Rules, 2021 amended Rule 12 of the Income Tax Rules, 1962 (“Rules”) related to the filing of returns of income. The amended Rule has substituted the requirement of filing of return under the erstwhile sub-section (1) of section 148 with the requirement of filing of return of income as per the new section 148 of the Income-tax Act, 1961 (“Act”).


As per the old provisions of section 148 which was in force till 31.03.2021, the return of income was required to be filed under section 148(1). Effective from 1st April 2021, the Finance Act, 2021 has amended the provisions of section 148 and a new section 148 is introduced and as per the new provisions, a return is required to be filed under section 148 of the Act. In the new provisions, there are no subsections to section 148.



It further amends Rule 12(5) to provide that the Rules for filing of return of income for AY 2020-21 or prior assessment years, then the ITR forms as applicable for the respective assessment years shall apply. Prior to the amendment, it covered AY 2019-20 and earlier assessment years.


Read the full text of Notification No. 82/2021 dated 27th July 2021 on Amendment of Rule 12 for filing of return u/s 148


MINISTRY OF FINANCE

(Department of Revenue)


(CENTRAL BOARD OF DIRECT TAXES)


NOTIFICATION


New Delhi, the 27th July, 2021


G.S.R. 509(E).—In exercise of the powers conferred by section 139 and section 148 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 Income-tax Rules, 1962, namely:-


1. Short title and commencement.— (1) These rules may be called the Income-tax (20th Amendment) Rules, 2021.


(2) They shall come into force from the date of their publication in the Official Gazette.


2. In the Income-tax Rules, 1962, in rule 12,––


(a) in sub-rule (1), in the opening portion, for the words, brackets and figures “or sub-section (1) of section 148”, the words and figures “or section 148” shall be substituted;


(b) in sub-rule (5), for the figure “2019”, the figure “2020” shall be substituted.


 [Notification No. 82 /2021/F. No. 370142/29/2021-TPL]

 SHEFALI SINGH, Under Secy., Tax Policy and Legislation


Note: The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Subsection (ii), vide number S.O. 969(E), dated the 26th March, 1962 and last amended vide notification GSR 472(E), dated the 07th July, 2021.


Download Copy of CBDT Notification No. 82/2021 dated 27th July 2021 on Amendment of Rule 12 for filing of return u/s 148 in pdf format



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