Full Text
REGD. No. D. L.-33004/99
EXTRAORDINARY
PART II—Section 3—Sub-section (i)
PUBLISHED BY AUTHORITY
No. 42/2025
No. 243] NEW DELHI, FRIDAY, MAY 2, 2025/ VAISAKHA 12, 1947
CG-DL-E-03052025-262842
2920 GI/2025 (1)
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 1st May, 2025
No. 42/2025
G.S.R 286(E).—In exercise of the powers conferred 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. (1) These rules may be called the Income-tax (Fourteenth Amendment) Rules, 2025.
(2) They shall come into force with effect from the 1st day of April, 2025.
2. In the Income-tax Rules, 1962, in Appendix-II, for FORM ITR-5, the following FORM shall
be substituted, namely: — “ FORM
+-----------+--------------------------------------------------------------------------------------------------+--------------------+
| ITR-5 | INDIAN INCOME TAX RETURN | Assessment Year |
| | [For persons other than- (i) individual, (ii) HUF, (iii) | |
| | company and (iv) person filing Form ITR-7] | |
| | (Please see rule 12 of the Income-tax Rules,1962) | 2 0 2 5 - 2 6 |
| | (Please refer instructions) | |
+===========+==================================================================================================+====================+
| Part | | |
| A GEN | GENERAL | |
+-----------+--------------------------------------------------------------------------------------------------+--------------------+
| PERSONAL | (A1) Name | (A2) PAN |
| INFORMATION | | |
| | (A3) Is there any change in the name? If yes, please furnish the | (A4) Limited Liability Partnership |
| | old name | Identification Number (LLPIN) issued by |
| | | MCA, if applicable |
| | (A7) Flat/Door/Block No | (A8) Name of |
| | | Premises/Building/Village | (A5) Date of formation (DDMMYYYY) |
| | | | (A6) Date of commencement of business |
| | | | (DD(/MM/YYYY) |
| | (A9) Road/Street/Post Office | (A10) | Status (firm-1sub-status- Partnership |
| | | Area/Locality | Firm, LLP, local authority-2, AOP/BOI- 3 |
| | | | sub-status- other cooperative bank, other |
| | | | cooperative society, society registered |
| | | | under society registration Act, 1860 or any |
| | | | other Law corresponding to that state, |
| | | | Primary agricultural credit |
| | | | society/cooperative bank, Rural |
| | | | development bank, Business trust, |
| | | | investment fund, Trust other than trust |
| | | | eligible to file Return in ITR 7, any other |
| | | | AOP/BOI,, artificial juridical person-4, |
| | | | sub-status- Estate of the deceased, Estate of |
| | | | the insolvent, Other AJP), |
+-----------+--------------------------------------------------------------------------------------------------+--------------------+
| | (A11) Town/City/District | (A12) State | (A13) Pin code/Zip code |
| | | | |
| | (A14) | | |
| | Country | | |
| | (A15) Office Phone Number with STD code/ Mobile No. 1 | (A16) Mobile No. 2 | |
+-----------+----------------------------------------------------------------------------------------------+-----------------------------+
| FILING | (A17) Email Address -1 | (A18) Email Address -2 | |
| STATUS | A19(ai) Due date for filing return of income [Dropdown to be provided]: | | |
| | 1. 31st July | | |
| | 2. 31st October | | |
| | 3. 30th November | | |
| | A19(aii) (1) Filed u/s (Tick) [Please see instruction] 139(1)-On or before due date, 139(4)-After due date, | | |
| | 139(5)-Revised Return, 92CD-Modified return, 119(2)(b)- | | |
| | After condonation of delay. | | |
| | (2) Or Filed in response to notice u/s 139(9), 142(1), 148, 153C | | |
| | (3) Whether you are a business trust? Yes No | | |
| | 4) Whether you are an investment fund referred to | | |
| | in section 115UB? | Yes No | |
| | (b) If revised/Defective/ in response to notice for | | |
| | Modified, then enter Receipt No. and Date of | | |
| | filing original return (DD/MM/YYYY) | / / | |
| | (c) If filed in response to a notice u/s 139(9)/142(1)/148/153C or order | | |
| | u/s 119(2)(b), enter Unique Number/ Document Identification | (unique | / / |
| | Number (DIN) and date of such notice/order, or if filed u/s 92CD | number) | |
| | enter date of advance pricing agreement | | |
| | (d) 1. Method of opting-out of new tax regime (if applicable) for current AY | | |
| | by filing 10IEA (having income from business or profession) (answer set A) | | |
| | by exercising the option in the return of income only (form 10IEA is not applicable) (answer | | |
| | set B) | | |
| | 2A. (Set A) | | |
| | Have you exercised the option u/s 115BAC(6) of Opting out of new tax regime in Form 10-IEA in AY 2024-| | |
| | 25? | | |
| | (a) Yes (If ‘Yes’, please furnish date of filing and Acknowledgement number of Form 10-IEA for | | |
| | AY 2024-25) | | |
| | 2a. Do you wish to continue to opt out of New Tax Regime for current assessment year Yes | | |
| | No | | |
| | (If ‘No’, please furnish date of filing and Acknowledgement number of Form 10-IEA for AY | | |
| | 2025-26 | | |
| | (b) No (Please select ‘No’, even if Form 10IEA was filed after due date for AY 2024-25) | | |
| | 2b. Do you wish to opt out of New Tax Regime for current assessment year Yes No | | |
| | (If ‘Yes’, please furnish date of filing and Acknowledgement number of Form 10-IEA for AY | | |
| | 2025-26) | | |
| | (c) Not Applicable for AY 2024-25 as there was no business income. | | |
| | 2c. Do you wish to opt out of New Tax Regime for current assessment year Yes No | | |
| | (If ‘Yes’, please furnish date of filing and Acknowledgement number of Form 10-IEA for AY | | |
| | 2025-26) | | |
| | Note- Option under section 115BAC(6) should be exercised in Form 10IEA on or before the due date for | | |
| | filing return u/s 139(1). | | |
| | 2B. (Set B) | | |
| | Do you wish to exercise the option u/s 115BAC(6) of Opting out of new tax regime? (default is “No”) | | |
| | Yes No | | |
| | (dii) Have you opted for tax regime u/s 115BAD? Yes No If yes, please furnish the AY in which | | |
| | said option is exercised for the first time along with date of filing of Form 10-IF & acknowledgment | | |
| | number. | | |
| | (diii) If “No”, Option for current assessment year | Date of filing of | Acknowledgement number: |
| | Not opting opting it now. | form 10-IF | |
| | If “opting it now”, please furnish | DD/MM/YYYY | |
+-----------+----------------------------------------------------------------------------------------------+-----------------------------+
| | (div) If you are a new manufacturing cooperative society, whether you were required to furnish the return of | | |
| | income mandatorily u/s 139(1) for the AY 2024-25? o Yes o No | | |
| | div(a) If the answer to (div) is “Yes”, whether you have exercised the option u/s 115BAE of Opting of new tax | | |
| | regime in A.Y 2024-25? Yes No | | |
| | div(b) If the answer to (div) is “No”, do you wish to exercise the option u/s 115BAE of Opting of New Tax regime in AY | | |
| | 2025-26 Yes No | | |
| | div(c) If div(a) or div(b) is selected as ‘Yes’, please furnish date of filing | Date of filing of form | Acknowledgement |
| | of Form 10-IFA & acknowledgment number | 10-IFA | number |
| | | DD/MM/YYYY | |
| | (e) Residential Status (Tick) Resident Non-Resident | | |
| | (f) Whether assessee has a unit in an International Financial Services Centre and derives income solely in | | |
| | convertible foreign exchange? (Tick) Yes No | | |
| | (g) Whether you are recognized as start up by DPIIT Yes No | | |
| | (h) If yes, please provide start up recognition number | | |
| | allotted by the DPIIT | | |
| | (i) Whether certificate from inter-ministerial board for | | |
| | certification is received? Yes No | | |
| | (j) If yes, please provide the certification number | | |
| | (k) Whether you are recognized as MSME Yes No | | |
| | (l) If yes, please provide registration number allotted as | | |
| | per MSMED Act, 2006 | | |
| | (m) In the case of non-resident, is there a permanent establishment (PE) in India (Tick) Yes | | |
| | No | | |
| | (n) In the case of non-resident, is there a significant economic presence (SEP) in India as defined in | | |
| | Explanation (2A) to section 9(1) (Tick) Yes No | | |
| | If yes, please provide details of | | |
| | (a) aggregate of payments arising from the transaction or transactions during the previous year as | | |
| | referred in Explanation 2A(a) to Section 9(1)(i) | | |
| | (b) number of users in India as referred in Explanation 2A(b) to Section 9(1)(i) | | |
| | (o) Whether you are an FII / FPI? Yes/No If | | |
| | yes, please provide SEBI Regn. No. | | |
| | (p) Whether this return is being filed by a representative assessee? (Tick) Yes | | |
| | No | | |
| | If yes, please furnish following information - | | |
| | (1) Name of the representative assessee | | |
| | (2) Capacity of the Representative (drop down to be provided) | | |
| | (3) Address of the representative assessee | | |
| | (4) Permanent Account Number (PAN)/Aadhaar No. of the representative | | |
| | assessee | | |
| | (q) Whether you are Partner in a firm? (Tick) Yes No | | |
| | If yes, please furnish following information | | |
| | Name of Firm | PAN | |
| | | | |
| | (r) Whether you have held unlisted equity shares at any time during the previous year? (Tick) Yes | | |
| | No | | |
| | If yes, please furnish following information in respect of equity shares | | |
+-----------------------------------+------------------------------------------------------------------------------------+-------------------+-----------------+
| Name | Type | PA | Opening | Shares acquired during the year | Shares | Closing balance |
| of | of | N | balance | | transferred | |
| comp | comp | | | | during the year | |
| any | any | | | | | |
| | | | | No. | Cost of | No. | Date of | Face | Issue | Purcha | No. | Sale | No. | Cost of |
| | | | | of | acquisi | of | subscri | value| price | se | of | conside | of | acquisit |
| | | | | shar | tion | shar | ption / | per | per | price | shares | ration | share| ion |
| | | | | es | | es | purcha | share| share | per | | | | |
| | | | | | | | se | | (in | share | | | | |
| | | | | | | | | | case | (in | | | | |
| | | | | | | | | | of | case | | | | |
| | | | | | | | | | fresh| of | | | | |
| | | | | | | | | | issue| purcha | | | | |
| | | | | | | | | | ) | se from| | | | |
| | | | | | | | | | | existin| | | | |
| | | | | | | | | | | g | | | | |
| | | | | | | | | | | shareh | | | | |
| | | | | | | | | | | older) | | | | |
+------+------+-----+-----------+------+---------+------+---------+------+-------+--------+------+-----------+------+-----------+
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REGD. No. D. L.-33004/99
EXTRAORDINARY
PART II—Section 3—Sub-section (i)
PUBLISHED BY AUTHORITY
No. 42/2025
No. 243] NEW DELHI, FRIDAY, MAY 2, 2025/ VAISAKHA 12, 1947
CG-DL-E-03052025-262842
2920 GI/2025 (1)
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 1st May, 2025
No. 42/2025
G.S.R 286(E).—In exercise of the powers conferred 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. (1) These rules may be called the Income-tax (Fourteenth Amendment) Rules, 2025.
(2) They shall come into force with effect from the 1st day of April, 2025.
2. In the Income-tax Rules, 1962, in Appendix-II, for FORM ITR-5, the following FORM shall
be substituted, namely: — “ FORM
+-----------+--------------------------------------------------------------------------------------------------+--------------------+
| ITR-5 | INDIAN INCOME TAX RETURN | Assessment Year |
| | [For persons other than- (i) individual, (ii) HUF, (iii) | |
| | company and (iv) person filing Form ITR-7] | |
| | (Please see rule 12 of the Income-tax Rules,1962) | 2 0 2 5 - 2 6 |
| | (Please refer instructions) | |
+===========+==================================================================================================+====================+
| Part | | |
| A GEN | GENERAL | |
+-----------+--------------------------------------------------------------------------------------------------+--------------------+
| PERSONAL | (A1) Name | (A2) PAN |
| INFORMATION | | |
| | (A3) Is there any change in the name? If yes, please furnish the | (A4) Limited Liability Partnership |
| | old name | Identification Number (LLPIN) issued by |
| | | MCA, if applicable |
| | (A7) Flat/Door/Block No | (A8) Name of |
| | | Premises/Building/Village | (A5) Date of formation (DDMMYYYY) |
| | | | (A6) Date of commencement of business |
| | | | (DD(/MM/YYYY) |
| | (A9) Road/Street/Post Office | (A10) | Status (firm-1sub-status- Partnership |
| | | Area/Locality | Firm, LLP, local authority-2, AOP/BOI- 3 |
| | | | sub-status- other cooperative bank, other |
| | | | cooperative society, society registered |
| | | | under society registration Act, 1860 or any |
| | | | other Law corresponding to that state, |
| | | | Primary agricultural credit |
| | | | society/cooperative bank, Rural |
| | | | development bank, Business trust, |
| | | | investment fund, Trust other than trust |
| | | | eligible to file Return in ITR 7, any other |
| | | | AOP/BOI,, artificial juridical person-4, |
| | | | sub-status- Estate of the deceased, Estate of |
| | | | the insolvent, Other AJP), |
+-----------+--------------------------------------------------------------------------------------------------+--------------------+
| | (A11) Town/City/District | (A12) State | (A13) Pin code/Zip code |
| | | | |
| | (A14) | | |
| | Country | | |
| | (A15) Office Phone Number with STD code/ Mobile No. 1 | (A16) Mobile No. 2 | |
+-----------+----------------------------------------------------------------------------------------------+-----------------------------+
| FILING | (A17) Email Address -1 | (A18) Email Address -2 | |
| STATUS | A19(ai) Due date for filing return of income [Dropdown to be provided]: | | |
| | 1. 31st July | | |
| | 2. 31st October | | |
| | 3. 30th November | | |
| | A19(aii) (1) Filed u/s (Tick) [Please see instruction] 139(1)-On or before due date, 139(4)-After due date, | | |
| | 139(5)-Revised Return, 92CD-Modified return, 119(2)(b)- | | |
| | After condonation of delay. | | |
| | (2) Or Filed in response to notice u/s 139(9), 142(1), 148, 153C | | |
| | (3) Whether you are a business trust? Yes No | | |
| | 4) Whether you are an investment fund referred to | | |
| | in section 115UB? | Yes No | |
| | (b) If revised/Defective/ in response to notice for | | |
| | Modified, then enter Receipt No. and Date of | | |
| | filing original return (DD/MM/YYYY) | / / | |
| | (c) If filed in response to a notice u/s 139(9)/142(1)/148/153C or order | | |
| | u/s 119(2)(b), enter Unique Number/ Document Identification | (unique | / / |
| | Number (DIN) and date of such notice/order, or if filed u/s 92CD | number) | |
| | enter date of advance pricing agreement | | |
| | (d) 1. Method of opting-out of new tax regime (if applicable) for current AY | | |
| | by filing 10IEA (having income from business or profession) (answer set A) | | |
| | by exercising the option in the return of income only (form 10IEA is not applicable) (answer | | |
| | set B) | | |
| | 2A. (Set A) | | |
| | Have you exercised the option u/s 115BAC(6) of Opting out of new tax regime in Form 10-IEA in AY 2024-| | |
| | 25? | | |
| | (a) Yes (If ‘Yes’, please furnish date of filing and Acknowledgement number of Form 10-IEA for | | |
| | AY 2024-25) | | |
| | 2a. Do you wish to continue to opt out of New Tax Regime for current assessment year Yes | | |
| | No | | |
| | (If ‘No’, please furnish date of filing and Acknowledgement number of Form 10-IEA for AY | | |
| | 2025-26 | | |
| | (b) No (Please select ‘No’, even if Form 10IEA was filed after due date for AY 2024-25) | | |
| | 2b. Do you wish to opt out of New Tax Regime for current assessment year Yes No | | |
| | (If ‘Yes’, please furnish date of filing and Acknowledgement number of Form 10-IEA for AY | | |
| | 2025-26) | | |
| | (c) Not Applicable for AY 2024-25 as there was no business income. | | |
| | 2c. Do you wish to opt out of New Tax Regime for current assessment year Yes No | | |
| | (If ‘Yes’, please furnish date of filing and Acknowledgement number of Form 10-IEA for AY | | |
| | 2025-26) | | |
| | Note- Option under section 115BAC(6) should be exercised in Form 10IEA on or before the due date for | | |
| | filing return u/s 139(1). | | |
| | 2B. (Set B) | | |
| | Do you wish to exercise the option u/s 115BAC(6) of Opting out of new tax regime? (default is “No”) | | |
| | Yes No | | |
| | (dii) Have you opted for tax regime u/s 115BAD? Yes No If yes, please furnish the AY in which | | |
| | said option is exercised for the first time along with date of filing of Form 10-IF & acknowledgment | | |
| | number. | | |
| | (diii) If “No”, Option for current assessment year | Date of filing of | Acknowledgement number: |
| | Not opting opting it now. | form 10-IF | |
| | If “opting it now”, please furnish | DD/MM/YYYY | |
+-----------+----------------------------------------------------------------------------------------------+-----------------------------+
| | (div) If you are a new manufacturing cooperative society, whether you were required to furnish the return of | | |
| | income mandatorily u/s 139(1) for the AY 2024-25? o Yes o No | | |
| | div(a) If the answer to (div) is “Yes”, whether you have exercised the option u/s 115BAE of Opting of new tax | | |
| | regime in A.Y 2024-25? Yes No | | |
| | div(b) If the answer to (div) is “No”, do you wish to exercise the option u/s 115BAE of Opting of New Tax regime in AY | | |
| | 2025-26 Yes No | | |
| | div(c) If div(a) or div(b) is selected as ‘Yes’, please furnish date of filing | Date of filing of form | Acknowledgement |
| | of Form 10-IFA & acknowledgment number | 10-IFA | number |
| | | DD/MM/YYYY | |
| | (e) Residential Status (Tick) Resident Non-Resident | | |
| | (f) Whether assessee has a unit in an International Financial Services Centre and derives income solely in | | |
| | convertible foreign exchange? (Tick) Yes No | | |
| | (g) Whether you are recognized as start up by DPIIT Yes No | | |
| | (h) If yes, please provide start up recognition number | | |
| | allotted by the DPIIT | | |
| | (i) Whether certificate from inter-ministerial board for | | |
| | certification is received? Yes No | | |
| | (j) If yes, please provide the certification number | | |
| | (k) Whether you are recognized as MSME Yes No | | |
| | (l) If yes, please provide registration number allotted as | | |
| | per MSMED Act, 2006 | | |
| | (m) In the case of non-resident, is there a permanent establishment (PE) in India (Tick) Yes | | |
| | No | | |
| | (n) In the case of non-resident, is there a significant economic presence (SEP) in India as defined in | | |
| | Explanation (2A) to section 9(1) (Tick) Yes No | | |
| | If yes, please provide details of | | |
| | (a) aggregate of payments arising from the transaction or transactions during the previous year as | | |
| | referred in Explanation 2A(a) to Section 9(1)(i) | | |
| | (b) number of users in India as referred in Explanation 2A(b) to Section 9(1)(i) | | |
| | (o) Whether you are an FII / FPI? Yes/No If | | |
| | yes, please provide SEBI Regn. No. | | |
| | (p) Whether this return is being filed by a representative assessee? (Tick) Yes | | |
| | No | | |
| | If yes, please furnish following information - | | |
| | (1) Name of the representative assessee | | |
| | (2) Capacity of the Representative (drop down to be provided) | | |
| | (3) Address of the representative assessee | | |
| | (4) Permanent Account Number (PAN)/Aadhaar No. of the representative | | |
| | assessee | | |
| | (q) Whether you are Partner in a firm? (Tick) Yes No | | |
| | If yes, please furnish following information | | |
| | Name of Firm | PAN | |
| | | | |
| | (r) Whether you have held unlisted equity shares at any time during the previous year? (Tick) Yes | | |
| | No | | |
| | If yes, please furnish following information in respect of equity shares | | |
+-----------------------------------+------------------------------------------------------------------------------------+-------------------+-----------------+
| Name | Type | PA | Opening | Shares acquired during the year | Shares | Closing balance |
| of | of | N | balance | | transferred | |
| comp | comp | | | | during the year | |
| any | any | | | | | |
| | | | | No. | Cost of | No. | Date of | Face | Issue | Purcha | No. | Sale | No. | Cost of |
| | | | | of | acquisi | of | subscri | value| price | se | of | conside | of | acquisit |
| | | | | shar | tion | shar | ption / | per | per | price | shares | ration | share| ion |
| | | | | es | | es | purcha | share| share | per | | | | |
| | | | | | | | se | | (in | share | | | | |
| | | | | | | | | | case | (in | | | | |
| | | | | | | | | | of | case | | | | |
| | | | | | | | | | fresh| of | | | | |
| | | | | | | | | | issue| purcha | | | | |
| | | | | | | | | | ) | se from| | | | |
| | | | | | | | | | | existin| | | | |
| | | | | | | | | | | g | | | | |
| | | | | | | | | | | shareh | | | | |
| | | | | | | | | | | older) | | | | |
+------+------+-----+-----------+------+---------+------+---------+------+-------+--------+------+-----------+------+-----------+
| Part A-BS BALANCE SHEET AS ON 31ST DAY OF MARCH, 2025 OR DATE OF DISSOLUTION 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------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------18 A young man has been charged with the results of a drunken car crash that killed one person and injured another.
On June 15, 2024, the 20-year-old driver was operating a 2007 Toyota Camry on North Maple Street in the area of East Elm Street in Monticello. The Newton County Sheriff’s Office said that the driver failed to maintain his lane, crossed the center line, and struck a 2016 Chevrolet Silverado head-on.
A passenger in the Silverado, 52-year-old Christopher Lee, died as a result of the crash. The driver of the Silverado, 44-year-old Ashley Collins, suffered serious injuries and was airlifted to an Indianapolis hospital.
The Camry driver, Michael K. Collins, also suffered injuries and was transported to a hospital.
After an investigation, the Newton County Prosecutor’s Office has filed the following charges against Michael K. Collins:
* Operating a Vehicle While Intoxicated Causing Death, a Level 4 Felony
* Operating a Vehicle While Intoxicated Causing Serious Bodily Injury, a Level 5 Felony
Collins was arrested and is being held at the Newton County Jail.
The Newton County Sheriff’s Office was assisted by the Indiana State Police, the Jasper County Sheriff’s Office, and the Monticello Police Department.