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of <h1>Procedure for Indirect Asset Transfer Undertakings: Rule 11UF, Submission Deadlines, and Compliance Requirements in India</h1> Rule 11UF outlines the procedure for submitting an undertaking related to indirect asset transfers in India before May 28, 2012. Declarants must submit Form No. 1 to the Principal Commissioner or Commissioner within 45 days of the Income-tax (31st Amendment) Rules, 2021. The Commissioner must respond within 15 days, either accepting or rejecting the undertaking. If accepted, conditions must be met, and Form No. 3 filed within 60 days. Extensions are possible. Non-compliance renders submissions invalid. Relief decisions are made within 30 days, and disputes are resolved under Indian law. Forms 1, 2, 3, and 4 are specified for these processes.
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