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of <h1>Income-tax Rules Amended: Rule 12(1) Redefines 'Resident' Status, Updates Forms ITR-5 and ITR-6 for 2012.</h1> The Income-tax (Seventh Amendment) Rules, 2012, effective from its publication date, amend the Income-tax Rules, 1962. Specifically, rule 12(1) is revised to redefine the term 'resident' by excluding those 'not ordinarily resident in India' as per section 6(6) of the Income-tax Act, 1961. Additionally, similar changes are made in sub-rule (3). The amendment also updates Forms ITR-5 and ITR-6 in Appendix-II. These changes are instituted by the Central Board of Direct Taxes under the authority granted by section 295 of the Income-tax Act.
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