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Income tax Amendment (18th Amendment), Rules, 2021

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Income tax Amendment (18th Amendment), Rules, 2021
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The Central Board of Direct Taxes (CBDT) on Friday has notified the Income tax Amendment (18th Amendment), Rules, 2021.

In rule 8AA, after sub-rule (4), the following sub-rule shall be inserted. In case of the amount which is chargeable to income-tax as income of specified entity under subsection (4) of section 45 under the head ―Capital gains- the amount or a part of it shall be deemed to be from transfer of short term capital asset, if it is attributed to,- capital asset which is short term capital asset at the time of taxation of amount under subsection (4) of section 45.

Form No. 5C shall be furnished electronically either under digital signature or through electronic verification code and shall be verified by the person who is authorized to verify the return of income of the specified entity under section 140. Form No. 5C shall be furnished on or before the due date referred to in the Explanation 2 below subsection (1) of section 139 for the assessment year in which the amount is chargeable to tax under subsection (4) of section 45.

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