TMI BlogIncome tax Amendment (19th Amendment), Rules, 2021 - New Rule 8AC. Computation of short term capital gains and written down value under section 50 where depreciation on goodwill has been obtainedX X X X Extracts X X X X X X X X Extracts X X X X ..... 1 New Delhi, the 7th July, 2021 INCOME-TAX G.S.R. 472(E). - In exercise of the powers conferred by proviso to section 50 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: - These rules may be called the Income tax Am ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... April, 2020, the written down value of this block of asset for the previous year relevant to the assessment year commencing on the 1st day of April, 2021 shall be determined in accordance with the provisions of item (ii) of sub-clause (c) of clause (6) of section 43. (3) Where the reduction under sub-item (B) of item (ii) of sub-clause (c) of clause (6) of section 43, for the previous year rel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 55, where the goodwill of the business or profession was the only asset in the block of asset intangible for which depreciation was obtained by the assessee in the assessment year beginning on the 1st day of April, 2020, and the block of asset ceases to exist on account of there being no further asset acquired during the previous year relevant to the assessment year commencing on the 1st ..... X X X X Extracts X X X X X X X X Extracts X X X X
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