The Ministry of Finance's Notification No. 37/2024 updates income tax rules, impacting ITR forms and acknowledgments for filing ITR of FY2023-24, applicable from 01st of April 2024
G.S.R. 233(E). —In exercising the powers conferred by section 139 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules to amend the Income-tax Rules, 1962, namely
1. (a) These rules may be referred to as the Income Tax (Fifth Amendment) Rules, 2024
(b) It shall come into force on the 1st day of April, 2024.
2. In the Income-tax Rules, 1962, in Appendix-II
(a) For Form ITR-V, the following Form shall be substituted, namely
(b) For Form ITR- Ack, the following Form shall, be substituted, namely
Conclusion
Previously, only one form, ITR-V, was generated after you submitted and verified your tax return. Now, after the amendment, ITR-V is replaced with a new form called ITR-Ack. This ITR-Ack is generated upon verifying your FY 2023-24 income tax return.
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