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of <h1>New Rule 8D in Income Tax Rules Defines Expenditure Calculation for Non-Includable Income.</h1> The Income-tax (Fifth Amendment) Rules, 2008, effective from their publication date, introduce Rule 8D to the Income Tax Rules, 1962. This rule outlines the method for determining the amount of expenditure related to income not included in total income. If the Assessing Officer is unsatisfied with the assessee's expenditure claims, they will calculate the expenditure based on direct expenses, interest-related expenses using a specified formula, and an additional amount equal to 0.5% of the average value of certain investments. 'Total assets' exclude revaluation increases but include decreases, as per the balance sheet.
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