Income-tax (31st Amendment) Rules, 2022

Sep 20, 2022 | by TeamLease RegTech Legal Research Team

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Finance & Taxation ComplianceThe Central Board of Direct Taxes (CBDT) on September 19, 2022, issued the Income-tax (31st Amendment) Rules, 2022 to further amend the Income-tax Rules, 1962. 

The following amendments have been made:

• After rule 12AC, the rule 12AD has been inserted, namely: ––

‘12AD. Return of income under section 170A.— 

o The modified return of income to be furnished by a successor entity to a business reorganisation, as referred to in section 170A, for an assessment year, shall be in the Form ITR-A and verified in the manner specified therein. 

o The return of income referred to in sub-rule (1) shall be furnished electronically under digital signature. 

o If the assessment or reassessment proceedings for an assessment year relevant to a previous year to which the order of the business reorganisation applies have been completed or are pending on the date of furnishing of the modified return in accordance with the provisions of section 170A, the Assessing Officer shall, pass an order modifying the total income of the relevant assessment year determined in such assessment or reassessment, or proceed to complete the assessment or reassessment proceedings, as the case may be, in accordance with the order of the business reorganisation and the modified return so furnished. 

o The Principal Director-General of Income-tax (Systems) or Director-General of Income-tax (Systems) shall specify the procedures, formats and standards for ensuring secure capture and transmission of data and shall also be responsible for evolving and implementing appropriate security, archival and retrieval policies in relation to furnishing the return in the manner specified in sub-rule (2).’.

• In Appendix-II, in Form ITR-6, for every assessment year commencing on the April 01, 2022 or any, earlier assessment year, in the Part A-GEN, entries of the serial number (A19)(a)(i), have been substituted. 

• In Appendix-II, after the ITR – Ack, the Form ITR-A (ITR under section 170A) has been inserted. 

These rules will come into force from November 01, 2022. 

Disclaimer – Kindly find all the FORMs in the provided Link/Document. 

[Notification No. G.S.R 709(E)]


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