Amendment in rule 11UAC of the Income tax Rules

Amendment in rule 11UAC of the Income tax Rules

G.S.R. 403(E).—In exercise of the powers conferred by clause (XI) of the proviso to clause (x) of subsection (2) of section 56 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 and commencement.‒‒
   (1) These rules may be called the Income-tax (Eighth Amendment) Rules, 2023.
   (2) They shall come into force from the 1st day of April, 2023 and shall be applicable for the assessment year 2023-2024 and subsequent assessment years.
   
2. In the Income-tax Rules, 1962, in rule 11UAC, for clause (4), the following clause shall be substituted, namely: —
   
   “(4) any movable property, being equity shares, of a public sector company or a company, received by a person from a public sector company or the Central Government or any State Government under strategic disinvestment.
   Explanation – For the purposes of this clause, ‘strategic disinvestment’ shall have the same meaning as assigned to it in clause (iii) of Explanation to clause (d) of sub-section (1) of section 72A.”.

Note : The principal rules were published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii) vide number S.O. 969(E), dated the 26th March, 1962 and last amended by the Income-tax (Seventh Amendment) Rules, 2023, vide notification number G.S.R. 399 (E), dated 30th May, 2023

Explanatory Memorandum : It is certified that no person is being adversely affected by giving retrospective effect to this notification.

Notification

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