3rd day of April, 2018 ;Notification No.16/2018/ F.No.370142/1/2018-TPL
G.S.R. 332 (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) These rules may be called the Income-tax (Second Amendment) Rules, 2018.
(2) They shall be deemed to have come into force with effect from the 1st day of April, 2018.
- In the Income-tax rules, 1962 (hereinafter referred to as the principal rules), in rule 12,−
(a) in sub-rule (1),-
(I) for the figures “2017”, the figures “2018” shall be substituted;
(II) in clause (a),―
(i) for the words “an individual”, the words “an individual who is a resident other than not ordinarily resident and” shall be substituted;
(ii) in sub-clause (ii), after the words “brought forward loss”, the words “or loss to be carried forward” shall be inserted;
(iii) in the proviso, for item (I), the following shall be substituted, namely:-
(I) has assets (including financial interest in any entity) located outside
(IA) has signing authority in any account located outside India;
(IB) has income from any source outside India;
(IC) has income to be apportioned in accordance with provisions of section 5A;”;
(III) in clause (c), for the words “derived from a proprietory”, the words “under the head” shall be substituted;
(IV) in clause (d), for the words “deriving income from a proprietory”, the words “having income under the head” shall be substituted;
(b) in sub-rule (5), for the figures “2016”, the figures “2017” shall be substituted.
- In the principal rules, in Appendix II, for Forms “Forms Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V”, the following Forms shall be respectively substituted, namely:-
Note.- The principal rules were published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii) vide notification number S.O.969(E), dated the 26th March, 1962 and last amended