Introduction: The Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, has issued a significant corrigendum through Notification No. 22/2024 on 21st February 2024, amending the Income-tax (Amendment) Rules, 2024. This article delves into the latest updates, corrections, and implications for taxpayers.
Detailed Analysis:
1. Title Amendment (Page 148): The corrigendum substitutes “Income-tax (Amendment) Rules, 2024” with “Income-tax (Second Amendment) Rules, 2024.”
2. Form ITR-2 Changes (Page 171): Introduction of “Amount (Rs.)” column in Schedule 80DD and Detailed schedule revision for claiming deductions related to dependent persons with disabilities.
3. Form ITR-3 Modifications (Page 229): Similar to ITR-2, Form ITR-3 sees the addition of “Amount (Rs.)” column in Schedule 80DD. The revised schedule provides details for deductions concerning dependents with disabilities.
4. Form ITR-3 Schedule 80U Addition (Page 230): A new column, “Amount (Rs.),” is introduced in Schedule 80U for detailing deductions related to persons with disabilities.
5. Changes in Form ITR-5 Schedule CG (Page 271, 274): Alterations in Schedule CG, including modifications in item (d) and row (ii) for specific provisions under figures, letters, and symbols.
Conclusion: The amendments outlined in the corrigendum (Notification No. 22/2024) by the Ministry of Finance bring crucial changes to the Income-tax (Amendment) Rules, 2024. Taxpayers and professionals must stay informed about these modifications, especially in Forms ITR-2, ITR-3, and ITR-5, to ensure accurate compliance with the updated regulations. This comprehensive overview aims to assist in understanding the implications of the corrigendum for a seamless tax filing process.
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MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
CORRIGENDUM
Notification No. 22/202 –Income-Tax | Dated: 21st February, 2024
G.S.R. 120(E).— In the notification of the Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct Taxes), published in the Gazette of India, Extraordinary, Part II, Section 3, subsection (i), vide number G.S.R. 83(E), dated 31st January, 2024:––
(i) at page number 148, in item 1, for the bracket, figures and words “(1) These rules may be called the Income-tax (Amendment) Rules, 2024.”, the bracket, figures and words “(1) These rules may be called the Income-tax (Second Amendment) Rules, 2024.” shall be substituted;
(ii) at page number 171, in Form ITR-2, in Schedule 80DD, a new column, “Amount (Rs.)” shall be inserted and accordingly, for the Schedule 80DD, the following schedule shall be substituted, namely: ––
| “Schedule 80DD | Details of deduction in respect of maintenance including medical treatment of a dependent who is a person with disability | ||||||
| Nature of disability | Type of dependent | PAN of the dependent | Aadhaar of the dependent | Date of filing of Form 10IA | Ack. No. of Form 10IA filed | UDID Number (If available) | Amount (Rs.) |
| 1. Dependent person
with disability 2. Dependent person with severe disability |
1. Spouse
2. Son 3.Daughter 4. Father 5. Mother 6. Brother 7. Sister 8. Member of the HUF (in case of HUF)”; |
||||||
(iii) at page number 229, in Form ITR-3, in Schedule 80DD, a new column, “Amount (Rs.)” shall be inserted and accordingly, for the Schedule 80DD, the following schedule shall be substituted, namely: ––
| “Schedule 80DD | Details of deduction in respect of maintenance including medical treatment of a dependent who is a person with disability | ||||||
| Nature of disability | Type of dependent | PAN of the dependent | Aadhaar of the dependent | Date of filing of Form 10IA | Ack. No. of Form 10IA filed | UDID Number (If available) | Amount (Rs.) |
| 1. Dependent person with disability
2. Dependent person with severe disability |
1. Spouse
2. Son 3. Daughter 4. Father 5. Mother 6. Brother 7. Sister 8. Member of the HUF (in case of HUF)”; |
||||||
(iv) at page number 230, in Form ITR-3, in Schedule 80U, a new column, “Amount (Rs.)” shall be inserted and accordingly, for the Schedule 80U, the following schedule shall be substituted, namely:––
| “Schedule 80U | Details of deduction in case of a person with disability | |||
| Nature of disability | Date of filing of Form 10IA | Ack. No. of Form 10IA filed | UDID Number (If available) |
Amount (Rs.) |
| 1. Self with disability
2. Self with severe disability”; |
||||
(v) at page number 271, in Form ITR-5, in schedule CG, in row B, in sub-row (1), in item (d), for the figures, letters and symbols “54EC/54G/54GA”, the figures, letters and symbols “54D/54EC/54G/54GA” shall be substituted;
(vi) at page number 274, in Form ITR-5, in Schedule CG, in row B, in sub-row (10), in the table below item (a), in row (ii), for the figures, letters and symbols “54D/54G/54GA/54GB”, the figures, letters and symbols “54D/54G/54GA” shall be substituted.
[Notification No. 22/2024 F. No. 370142/47/2023-TPL]
PANKAJ JINDAL, Jt. Secy.
