CBDT Notification No. 94/2023- Form ITR-7 Changed for AY 2023-24
CBDT Notification No. 94/2023: The Central Board of Direct Taxes (CBDT) vide its Notification No.94/2023 Dated. 31st October 2023 has notified some amendment in Form ITR-7 in PART-B, for the assessment year 2023-24. These Rules may be called the Income Tax (Twenty Seventh Amendment) Rules 2023 and they shall come into force from the 1st April, 2023.
Form ITR-7 is the form for ITR filing applicable for persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D). The due date of filing ITR-7 for AY 2023-24, which was initially scheduled as 31 October 2023, has been extended to 30 November 2023 vide Circular No. 16/2023 of CBDT dated. 18th September 2023.
Let us now delve into the specific amendments brought under the Form ITR-7 through this CBDT Notification No. 94/2023.
Amendment in Part B1 of Part-TI
Following are the specific amendments brought under Part B1 of Part-TI vide this Notification by CBDT:
(i) In the Part B1 of Part B–TI, for the entries relating to serial number 16, the following entries thereto shall be substituted:
“Specified income chargeable u/s 115BBI, included in 13, to be taxed @ 30% (Sl. No 7 of Schedule 115BBI)”.
(ii) In the Part B1 of Part B–TI, after serial number 16 and entries relating thereto, the following serial number and entries thereto shall be inserted:
“17- Aggregate income to be taxed at normal rates (13-14-15-16) (including income other than specified income under section 115BBI)”
Amendment in Part B-TTI
Following are the specific amendments brought under Part B-TTI vide this Notification of CBDT:
In Part B–TTI, against serial number 1, for item (a) and entries relating thereto, the following item and entries thereto, shall be substituted:
“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]”
Explanatory Memorandum
As per the CBDT, 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 n G.S.R.786(E), dated the 19th October, 2023.
Conclusion
These updates to Form ITR-7 are designed to enhance clarity and accuracy in reporting and calculating taxes, ensuring compliance with the latest tax regulations.
The amendment brings important changes to Form ITR-7, impacting both Part B–TI and Part B–TTI sections. In Part B–TI, serial number 16 now deals with specified income subject to a 30% tax rate under section 115BBI, while serial number 17 computes the total income subject to regular tax rates. In Part B–TTI, serial number 1a calculates the tax liability at standard rates based on the adjustments made in Part B–TI.
For a clear understanding of these amendments in the Form ITR-7 brought by this notification, having an idea about the Form ITR-7 existing prior to this amendment will definitely be helpful. So, a Link of the old ITR-7 which existed prior to this amendment has been given below for the ready reference of the readers.
To Access the CBDT Notification No. 94/2023 CLICK HERE
To Access the old ITR-7 Form existing prior to this Notification CLICK HERE
To Access the CBDT Notification No. 91/2023 CLICK HERE
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