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of <h1>CBDT Clarifies Tax Rules for Capital Assets in Dissolution or Reconstitution u/s 9B and Section 45(4.</h1> The circular issued by the Central Board of Direct Taxes provides guidelines for the application of Section 9B and subsection (4) of Section 45 of the Income-tax Act, 1961, introduced by the Finance Act, 2021. These provisions address the tax implications when a specified person receives capital assets or stock from a specified entity during its dissolution or reconstitution. The deemed transfer is taxed as income of the specified entity under 'Profits and gains of business or profession' or 'Capital gains.' The circular clarifies the attribution of taxed amounts to remaining capital assets and provides examples to illustrate the application of these provisions. It also addresses the calculation of profits and gains and the treatment of self-generated goodwill and assets.
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