Quick Summary
The Central Board of Direct Taxes has released theIncome Tax Amendment (18th Amendment), Rules, 2021 to further amend theIncome Tax Rules, 1962. Under the said amendment, changes have been notifiedin Rule 8AA with regard to the amount chargeable to Income Tax under the head Capital Gains and a new Rule8AB has been inserted after Rule 8AA. Read the official notification below: MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 2nd July
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FAQ :
The CBDT has notified changes in Rule 8AA and inserted Rule 8AB to amend the Income Tax Rules, 1962, concerning the amount chargeable to Income Tax under the head 'Capital Gains'.
Rule 8AA has been amended with a new sub-rule (5), and a new Rule 8AB has been inserted after Rule 8AA.
Under the new sub-rule (5) of Rule 8AA, amounts chargeable to income tax as income of a specified entity can be deemed from the transfer of a short-term capital asset or a long-term capital asset, depending on the nature of the capital asset at the time of taxation.
Rule 8AB provides a method for specified entities to attribute amounts chargeable to income tax under sub-section (4) of section 45 to the capital assets remaining with them.
A specified entity must furnish the details of the amount attributed to capital assets remaining with it in Form No. 5C.
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