TMI BlogIncome- tax (16th Amendment) Rules, 2021. - New Rule 11UAE. Computation of Fair Market Value of Capital Assets for the purposes of section 50B of the Income-tax ActX X X X Extracts X X X X X X X X Extracts X X X X ..... 24th May, 2021 G.S.R. 338 (E).- In exercise of the powers conferred by section 50B read with section 295 of the Income-tax Act, 1961 (43 of 1961) , the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules,1962 , namely:─ 1. Short title and commencement. -(1) These rules may be called the Income- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appearing in the books of accounts of the undertaking or the division transferred by way of slump sale as reduced by the following amount which relate to such undertaking or the division, - (i) any amount of income-tax paid, if any, less the amount of income-tax refund claimed, if any; and (ii) any amount shown as asset including the unamortised amount of deferred expenditure which does ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he amount set apart for payment of dividends on preference shares and equity shares where such dividends have not been declared before the date of transfer at a general body meeting of the company; (iii) reserves and surplus, by whatever name called, even if the resulting figure is negative, other than those set apart towards depreciation; (iv) any amount representing provision for taxat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t value of non-monetary consideration received or accruing as a result of the transfer represented by property referred to in sub-rule (1) of rule 11UA determined in the manner provided in sub-rule (1) of rule 11UA for the property covered in that sub-rule; G = the price which the non-monetary consideration received or accruing as a result of the transfer represented by property, other than i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pression registered valuer and securities shall have the same meanings as respectively assigned to them in rule 11U. . [F. No.370142/16 /2021-TPL] KAMLESH CHANDRA VARSHNEY, Jt. Secy. (Tax Policy and Legislation) 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 M ..... X X X X Extracts X X X X X X X X Extracts X X X X
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