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of <h1>CBDT Amends ITR-7 Form: Updates Tax Computation for AY 2023-24, Changes in Part B-TI and B-TTI.</h1> The Central Board of Direct Taxes has issued the Income-tax (Twenty-Seventh Amendment) Rules, 2023, effective from April 1, 2023. This amendment modifies Form ITR-7 in the Income-tax Rules, 1962. Changes include updates to Part B-TI, specifically serial number 16, which now addresses specified income chargeable under section 115BBI to be taxed at 30%. Additionally, adjustments in Part B-TTI involve serial number 1, altering the calculation of tax at normal rates. These amendments aim to refine the tax computation process for the assessment year starting April 1, 2023.
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