MANU/CBDT/0086/2021

Ministry : Ministry of Finance

Department/Board : CBDT

Notification No. : 77/2021

Date of Notification : 07.07.2021

Date of Publication : 07.07.2021

Notification/ Circulars Referred : Notification number S.O. 969 (E), dated the 26th March, 1962 MANU/CNBN/0383/1962;Notification number G.S.R. 470 (E) dated the 2nd July, 2021 MANU/CBDT/0085/2021

Citing Reference:
Notification number S.O. 969 (E), dated the 26th March, 1962 MANU/CNBN/0383/1962  Modified

Notification number G.S.R. 470 (E) dated the 2nd July, 2021 MANU/CBDT/0085/2021  Referred

Income Tax Amendment (19th Amendment), Rules, 2021

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 Amendment (19th Amendment), Rules, 2021.

2. In the Income-tax Rules, 1962, after rule 8AB, the following rules shall be inserted, namely:-

"8AC. Computation of short term capital gains and written down value under section 50 where depreciation on goodwill has been obtained.

(1) For the purposes of proviso to section 50, the written down value of the block of the asset and short term capital gains, if any, for the previous year relevant to the assessment year commencing on the 1st day of April, 2021 shall be determined in accordance with this rule.