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of <h1>Amendment to Income-tax Rules: Unrealized Rent Defined, Effective April 1, 2002, Applicable from Assessment Year 2002-2003.</h1> The Income-tax (Eighth Amendment) Rules, 2001, issued under section 295 of the Income-tax Act, 1961, amend the Income-tax Rules, 1962, effective from April 1, 2002, applicable to the assessment year 2002-2003 onwards. The amendment revises Rule 4 concerning unrealized rent, defining it as rent payable but not paid by a tenant, deemed lost and irrecoverable under specific conditions. These conditions include the tenancy being bona fide, the tenant vacating or being compelled to vacate, the tenant not occupying other properties of the assessee, and the assessee taking reasonable legal action to recover the unpaid rent or proving such action would be futile.
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