Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
CBDT issued Notification No. 46/2025 amending Income-tax Rules, 1962, specifically substituting Form ITR-7 for Assessment Year 2025-26, effective retroactively from April 1, 2025. The amendment, authorized under sections 139 and 295 of Income-tax Act, 1961, introduces updated reporting requirements for tax filing. The notification was officially promulgated on May 9, 2025, by the Under Secretary of Tax Policy and Legislation, with an explanatory memorandum confirming no adverse impact on taxpayers from the retrospective application.
CBDT issued Notification No. 46/2025 amending Income-tax Rules, 1962, specifically substituting Form ITR-7 for Assessment Year 2025-26, effective retroactively from April 1, 2025. The amendment, authorized under sections 139 and 295 of Income-tax Act, 1961, introduces updated reporting requirements for tax filing. The notification was officially promulgated on May 9, 2025, by the Under Secretary of Tax Policy and Legislation, with an explanatory memorandum confirming no adverse impact on taxpayers from the retrospective application.
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