Income tax Amendment (18th Amendment), Rules, 2021 - Amends Rule 8AA and inserts new Rule 8AB - Attribution of income taxable under sub-section (4) of section 45 to the capital assets remaining with the specified entity, under section 48.- - 76/2021 - Income Tax

Income Tax Amendment 2021: Modifies Rule 8AA, Introduces Rule 8AB for Income Attribution u/s 45(4) and Filing Procedures.

The Income Tax Amendment (18th Amendment), Rules, 2021, modifies Rule 8AA and introduces Rule 8AB in the Income-tax Rules, 1962. These amendments address the attribution of income taxable under section 45(4) to capital assets remaining with a specified entity, as per section 48. Rule 8AA specifies conditions under which income is deemed from the transfer of short-term or long-term capital assets. Rule 8AB outlines the procedure for attributing income to capital assets and mandates filing Form No. 5C electronically. The amendments also detail the responsibilities of the Principal Director General of Income-tax (Systems) regarding the filing and verification process.