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TMI BlogIncome tax Amendment (18th Amendment), Rules, 2021 - Amends Rule 8AA and inserts new Rule 8AB - Attribution of income taxable under sub-section (4) of section 45 to the capital assets remaining with the specified entity, under section 48.-X X X X Extracts X X X X X X X X Extracts X X X X ..... lled the Income tax Amendment (18th Amendment), Rules, 2021. 2. In the Income-tax Rules, 1962, (hereinafter referred to as the principal rules) in rule 8AA, after sub-rule (4), the following sub-rule shall be inserted, namely:- "(5). In case of the amount which is chargeable to income-tax as income of specified entity under sub-section (4) of section 45 under the head "Capital gains",- (i) the amount or a part of it shall be deemed to be from transfer of short term capital asset, if it is attributed to,- (a) capital asset which is short term capital asset at the time of taxation of amount under sub-section (4) of section 45; or (b) capital asset forming part of block of asset; or (c) capital asset being self-generated asset and s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed under sub-section (4) of section 45 the same proportion as the increase in, or recognition of, value of that asset because of revaluation or valuation bears to the aggregate of increase in, or recognition of, value of all assets because of the revaluation or valuation. (3) Where the aggregate of the value of money and the fair market value of the capital asset received by the specified person from the specified entity, in excess of the balance in his capital account, charged to tax under sub-section (4) of section 45 does not relate to revaluation of any capital asset or valuation of self-generated asset or self-generated goodwill, of the specified entity, the amount charged to tax under sub-section (4) of section 45 shall not be attri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ta structure, standards and manner of generation of electronic verification code, referred to in sub-rule (6), for verification of the person furnishing the said Form; and (iii) be responsible for formulating and implementing appropriate security, archival and retrieval policies in relation to the Form No 5C so furnished. Explanation 1: For the purposes of this rule, the amount chargeable to tax under sub-section (4) of section 45 shall relate to revaluation of any capital asset or valuation of self-generated asset or self-generated goodwill, of the specified entity, if the revaluation is based on a valuation report obtained from a registered valuer as defined in clause (g) of rule 11U. Explanation 2: For the removal of doubt it is cl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rmation given in the form is correct and complete and is in accordance with the provisions of the Income-tax Act, 1961. I further declare that I am furnishing the form in my capacity as ___________ (drop down to be provided in e-filing utility) and I am also competent to furnish this form and verify it. I am holding permanent account number ____________.
Place:
Date :
Signature……………….".
[F. No. 370142/22/2021-TPL]
ANKIT JAIN, Under Secy.
Note: The principal rules were published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii) vide number S.O. 969 (E), dated the 26th March, 1962 and last amended vide notification number G.S.R. 395 (E), dated 8th June, 2021. X X X X Extracts X X X X X X X X Extracts X X X X
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