Speak now

In the Income-tax rules, 1962 (hereinafter referred to as the principal rules), in rule 12,− (a) in sub-rule (1),- (I) in the opening portion, for the figures “2019”, the figures “2020” shall be substituted; (II) in clause (a), in the proviso,- (i) in item (V), the word “or” occurring at the end shall be omitted; (ii) after item (VI), the following items shall be inserted, namely:- “(VII) owns a house property in joint-ownership with two or more persons; or (VIII) is required to furnish a return of income under seventh proviso to sub-section (1) of section 139.”; (III) in clause (ca), - (ii) in the proviso, after item (V), the following item shall be inserted, namely:- “(VI) owns a house property in joint-ownership with two or more persons.”.