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Core Purpose

Notification of the Income-tax (Fifth Amendment) Rules, 2024, amending the Income-tax Rules, 1962 to substitute Form ITR-V and Form ITR-Acknowledgement for Assessment Year 2024-25.

Detailed Summary

The Central Board of Direct Taxes, Department of Revenue, Ministry of Finance, issued G.S.R. 233(E) dated 27th March 2024 under section 139 read with section 295 of the Income-tax Act, 1961 (43 of 1961), notifying the Income-tax (Fifth Amendment) Rules, 2024 (Notification No. 37/2024, F.No. 370142/7/2024-TPL), effective 1st April 2024, which amend Appendix-II of the Income-tax Rules, 1962 by substituting a new Form ITR-V (Indian Income Tax Return Verification Form, for use where returns in ITR-1/SAHAJ, ITR-2, ITR-3, ITR-4/SUGAM, ITR-5 or ITR-7 are filed but not verified electronically, to be sent to the Centralised Processing Centre, Income Tax Department, Bengaluru 560500 by speed post if not e-verified) and a new Form ITR-Acknowledgement (for returns in ITR-1 through ITR-7 that are filed and verified) applicable to Assessment Year 2024-25; the Income-tax Rules, 1962 were originally published vide S.O. 969(E) dated 26th March 1962 and were last amended vide notification G.S.R. 155(E) dated 5th March 2024.

Full Text

2269 GI/202 4 (1) रजिस्ट्री सं. डी.एल.- 33004/99 REGD. No . D. L. -33004/99 EXTRAORDINARY PART II —Section 3 —Sub-section ( i) PUBLISHED BY AUTHORITY No. 219] NEW DELHI, WEDNES DAY , MARCH 27, 2024 /CHAITRA 7, 194 6 CG-DL-E-27032024-253394 2024-25 2024 -25 .................................. द्वारा सत्याजपत की गई...................................................पैन रखने MINISTRY OF FINANCE (Department of Revenue ) (CENTRAL BOARD OF DIRECT TAXES ) NOTIFICATION New Delhi, the 27th March, 2024 G.S.R. 233(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 (Fifth Amendment) Rul es, 2024. (2) They shall come into force on the 1st day of April, 2024. 2. In the Income -tax Rules, 1962, in Appendix -II, (a) for FORM ITR-V, the following F ORM shall be substituted, namely: — "FORM ITR-V INDIAN INCOME TAX RETURN VERIFICATION FORM [Where the data of the Return of Income in Form ITR -1 (SAHAJ), ITR-2, ITR -3, ITR -4(SUGAM), ITR -5, ITR -7 filed but NOT verified electronically] (Please see r ule 12 of the Income -tax Rules, 1962) Assessment Year 2024-25 Name PAN Form Number Filed u/s e-Filing Acknowledgement Number VERIFICATION I, son/ daughter of , solemnly declare that to the best of my knowledge and belief, the information given in the return which has been submitted by me vide acknowledgement number is correct and complete and is in accordance with the provisions of the Income -tax Act, 1961. I further declare that I am making this return in my capacity as and I am also competent to make this return and verify it. I am holding permanent account number . Signature Date of submission Source IP address System Generated Barcode/QR Code Instructions: 1. Please e - verify the electronically transmitted return data using Aadhaar OTP or Login to e -Filing account through Net-Banking login or EVC generated using Pre -Validated Bank Account/ Demat Account or EVC generated through Bank ATM. Alternately, you may se nd the duly signed (preferably in b lue ink) Form ITRV to “Centralis ed Processing Centre, Income Tax Department, Bengaluru 560500”, by SPEED POST ONLY. 2. Form ITR -V shall not be received in any other office of the Income -tax Department or in any other mann er. The confirmation of receipt of this Form ITR -V at ITD -CPC will be sent to the e -mail Id registered in the e -filing account. 3. On successful verification, the return filing acknowledgement can be downloaded from e -Filing portal as a proof of completio n of process of filing the return of Income. 4. Please sign only in the box provided for signature. Signature anywhere else other than the box provided can render the ITR V invalid. 5. Where ITR data is electronically transmitted and ITR -V is submitted within 30 days of transmission of data - in such cases the date of transmitting the data electronically shall be considered as the date of furnishing the return of income. 6. Where ITR data is electronically transmitted but ITR -V is submitted beyond the time -limit of 30 days of transmission of data - in such cases the date of ITR -V submission shall be treated as the date of furnishing the return of income and all consequences of late fili ng of re turn under the Act shall follow. ”. (b) for FORM ITR- Ack, the following F ORM shall , be substituted, namely: — “INDIAN INCOME TAX RETURN ACKNOWLEDGEMENT [Where the data of the Return of Income in Form ITR -1 (SAHAJ), ITR -2, ITR -3, ITR-4(SUGAM), ITR-5, ITR -6, ITR -7 filed and verified] (Please see rule 12 of the Income -tax Rules, 1962) Assessment Year 2024-25 PAN Name Address Status Form Number Filed u/s e-Filing Acknowledgement Number Taxable Income and Tax details Current Year business loss, if any 1 Total Income Book Profit under MAT, where applicable 2 Adjusted Total Income under AMT, where applicable 3 Net tax payable 4 Interest and Fee Payable 5 Total tax, interest and Fee payable 6 Taxes Paid 7 (+)Tax Payable /( -)Refundable (6 -7) 8 Accreted Income & Tax Detail Accreted Income as per section 115TD 9 Additional Tax payable u/s 115TD 10 Interest payable u/s 115TE 11 Additional Tax and interest payable 12 Tax and interest paid 13 (+)Tax Payable /( -)Refundable (12 -13) 14 Income Tax Return electronically transmitted on DD-MM-YYYY 00:00:00 from IP address __________________ and verified by__________________________ having PAN_________________ on ______________________using *paper ITR -Verification Form /Electronic Verification Code _____________________ generated through __________________ _____________________________mode System Generated Barcode/QR Code *Strike of f whichever is not applicable DO NOT SEND THIS ACKNOWLEDGEMENT TO CPC, BENGALURU ”. [Notification No. 37/2024 F.No. 370142/ 7/2024 -TPL] SURBENDU THAKUR , Under Sec y. Tax Policy and Legislation Note : The Income -tax Rules, 1962 were published in the Gazette of India, Extraordinary, Part II, Section 3, sub-section (i) vide notification number S.O. 969 (E), dated the 26th March, 1962 and last amended vide notification GSR 155(E), dated the 05th March 2024 . Uploaded by Dte. of Printing at Government of India Press, Ring R oad, Mayapuri, New Delhi -110064 and Publish ed by the Controller of Publications, Delhi -110054.

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