New Rule 12AC inserted on the Updated return of income

New Rule 12AC inserted on the Updated return of income

G.S.R. 325(E).—In exercise of the powers conferred by sub-section (8A) of 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 Income-tax Rules, 1962, namely:-

1. Short title and commencement.—(1) These rules may be called the Income-tax (Eleventh Amendment) Rules, 2022.
   (2) They shall come into force from the date of their publication in the Official Gazette.
   
2. In the Income-tax Rules, 1962 (hereinafter referred to as the principal rules), after rule 12AB, the following rule shall be inserted, namely,––
   
   “12AC. Updated return of income.- (1) The return of income to be furnished by any person, eligible to file such return under the sub-section (8A) of section 139, relating to the assessment year commencing on the 1st day of April, 2020 and subsequent assessment years, shall be in the Form ITR-U and be verified in the manner indicated therein.
   (2) The return of income referred to in sub-rule (1) shall be furnished by a person, mentioned in column (2) of the Table below in the manner specified in column (3) thereof:––

TABLE

Note: The principal rules were published vide notification S.O. 969(E), dated the 26th March, 1962 and last amended vide notification GSR 309(E), dated the 22nd April, 2022.

Also Read: 

• What is the updated return under section 139(8A) and its conditions?
• How to compute Tax on Updated Return under section 140B?

Read More on Income-tax, CBDT