Income-tax (20th Amendment) Rules, 2021

The Central Board of Direct Taxes on 27th July, 2021 has issued the Income-tax (20th Amendment) Rules, 2021. The amendment has revised the procedure for filing and assessment of return of income and fringe benefits. The amendment provides that where a return of income relates to the assessment year commencing on the 1st day of April, 2020 or any earlier assessment year, it shall be furnished in the appropriate form as applicable in that assessment year.

Previously this provision was applicable only for returns for assessment years till 2019. This amendment shall come into effect immediately.