Delhi HC: Mere Consumption of Alcohol Daily Doesn’t Make Person Alcoholic  ||  Bom. HC: Epilepsy Not a Ground to Seek Divorce  ||  Pat. HC: Imperative on Trial Court to Ascertain Age of Victim Upon Challenge by Accused  ||  SC: Student Can’t Participate in 2022 NEET Counselling Based on 2019 Results  ||  Kar. HC: Continuing in Service After Expiry of Probation Period Doesn't Imply Automatic Confirmation  ||  JKL HC: Offences Under PoC Act can be Invoked Against Person Discharging Public Duty  ||  SC: Automatic Vacation of Stay After Six Months Requires Re-Consideration  ||  SC: Disclosure Made to Settlement Commission Needn't be Something that Wasn’t Discovered by AO  ||  Tel. HC Stay GO Which Regularized Notarized Documents of Non-Agricultural Urban Land Sales  ||  Cal. HC: There Must be a Balance Between Religious Freedom U/A 30 and Overwhelming Public Interest    

CBDT invites suggestions on draft notification pertaining to new Rule 11UAB of IT Rules, 1962- (Press Information Bureau) (03 May 2018)

MANU/PIBU/0790/2018

Direct Taxation

Finance Act, 2018 has inserted clause (via) to section 28 of the Income-tax Act, 1961 ('the Act') so as to provide that any profit and gains from conversion of inventory into capital asset or its treatment as capital asset shall be charged to tax as business income. It has also been provided that for this purpose the fair market value of inventory on the date of conversion or treatment determined in prescribed manner shall be deemed to be the full value of consideration. Accordingly, rules are to be framed for providing the manner in which fair market value of the inventory shall be determined.

In view of the above, it is proposed to insert a new rule 11UAB in the Income-tax Rules, 1962 for prescribing the manner of determination of fair market value of the inventory which has been converted into, or treated as, capital asset.

In order to have wider consultation in this matter, the draft of notification proposed to be issued for amending the Income-tax Rules, 1962 has been uploaded on www.incometaxindia.gov.in. Stakeholders are requested to submit their comments/ suggestions on the draft notification by 14.05.2018 at the e-mail address dirtpl2@nic.in.

Tags : DRAFT NOTIFICATION   NEW RULE   SUGGESTION  

Share :        

Disclaimer | Copyright 2023 - All Rights Reserved