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of <h1>India Revises Income-tax Rules: New Form ITR-7 Replaces Old Version Under Section 295 of Income-tax Act, 1961</h1> The Government of India, through the Central Board of Direct Taxes, issued the Income-tax (Eighth Amendment) Rules, 2012, under the authority of section 295 of the Income-tax Act, 1961. This amendment revises the Income-tax Rules, 1962, specifically replacing Form ITR-7 in Appendix-II with a new version. These changes take effect upon publication in the Official Gazette. The principal rules were initially published in March 1962 and were most recently amended by the Income-tax (Seventh Amendment) Rules, 2012.
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