{"id":250941,"date":"2021-07-08T10:30:25","date_gmt":"2021-07-08T05:00:25","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=250941"},"modified":"2021-07-09T18:21:31","modified_gmt":"2021-07-09T12:51:31","slug":"income-tax-amendment-19th-amendment-rules-2021","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/07\/08\/income-tax-amendment-19th-amendment-rules-2021\/","title":{"rendered":"New Rule for computation of short term capital gains and written down value, introduced"},"content":{"rendered":"

On July 07, 2021, the Central Board of Direct<\/span> Taxes makes the Income tax Amendment (19th Amendment), Rules, 2021 further to <\/span>amend the Income<\/span>–<\/span>tax Rules,1962.
\n<\/span><\/span><\/p>\n

 <\/p>\n

In the Income<\/span>–<\/span>tax Rules, 1962, the following rules shall be inserted, namely:<\/span>\u2014<\/span><\/span><\/p>\n

\u201c8AC. Computation of short term capital gains <\/strong><\/span>and written down value under section 50 where <\/span><\/strong>depreciation on goodwill has been obtained<\/strong>.<\/span><\/span><\/p>\n

(1)<\/span>For the purposes of proviso to section 50, the written down value of the block of the asset and short term capital <\/span>gains, if any, for the previous year r<\/span>elevant to the assessment year commencing on the 1<\/span>st<\/span>day of April, 2021 <\/span>shall be determined in accordance with this rule.<\/span><\/span><\/p>\n

(2) <\/span>Where the goodwill of the business or profession was the only asset or one of the assets in the block of asset <\/span>\u201cintangible\u201d for <\/span>which depreciation was obtained by the assessee in the assessment year beginning on the 1<\/span>st<\/span>day <\/span>of April, 2020, the written down value of this block of asset for the previous year relevant to the assessment year <\/span>commencing on the 1<\/span>st<\/span>day of April, 2021 <\/span>sh<\/span>all <\/span>be determined in accordance with the provisions of item (ii) of <\/span>sub<\/span>–<\/span>clause (c) of clause (6) of section 43.<\/span><\/span><\/p>\n

(3) <\/span>Where the reduction under sub<\/span>–<\/span>item (B) of item (ii) of sub<\/span>–<\/span>clause (c) of clause (6) of section 43, for the previous <\/span>year relevant to the <\/span>assessment year commencing on the 1<\/span>st<\/span>day of April, 2021, <\/span>exceeds the aggregate of the <\/span>following amounts, namely:<\/span>–<\/span><\/span><\/p>\n

(i) <\/span>the written down value of the block of assets at the beginning of the previous year relevant to the <\/span>assessment year commencing on the <\/span>1<\/span>st<\/span>day of April, 2021 without giving effect to reduction under <\/span>sub<\/span>–<\/span>item (B) of item (ii) of sub<\/span>–<\/span>clause (c) of clause (6) of section 43; and<\/span><\/span><\/p>\n

(ii) <\/span>the actual cost of any asset falling within the block of assets \u201cintangible\u201d, other than goodwill, acquired <\/span>during the previous year relevant to the assessment year commencing on the 1<\/span>st<\/span>day of April, 2021, <\/span><\/span>such excess shall be deemed to be the capital gains arising from the transfer of short<\/span>–<\/span>term capital assets.<\/span><\/span><\/p>\n

(4) <\/span>Without prejudice to the provisions of su<\/span>b<\/span>–<\/span>rule (3) and section 55, where the goodwill of the business or <\/span>profession was the only asset in the block of asset \u201cintangible\u201d for which depreciation was obtained by the <\/span>assessee in the assessment year beginning on the 1<\/span>st<\/span>day of April, 2020, and the bl<\/span>ock of asset ceases to exist on <\/span>account of there being no further asset acquired during the previous year relevant to the assessment year <\/span>commencing on the 1<\/span>st<\/span>day of April, 2021 in that block, there will not be any capital gains or loss on account of <\/span>the <\/span>block of asset having ceased to exist.<\/span><\/span><\/p>\n

(5) <\/span>The capital gains or loss on transfer of goodwill, during the previous years relevant to the <\/span>assessment year <\/span>2021<\/span>–<\/span>22 or subsequent assessment years, shall be determined in accordance with the provisions of sec<\/span>tion 48, <\/span>section 49 and clause (a) of sub<\/span>–<\/span>section (2) of section 55.<\/span><\/span><\/p>\n

\n","protected":false},"excerpt":{"rendered":"

On July 07, 2021, the Central Board of Direct Taxes makes the Income tax Amendment (19th Amendment), Rules, 2021 further to amend <\/p>\n","protected":false},"author":8808,"featured_media":217262,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[],"class_list":["post-250941","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations"],"yoast_head":"\nNew Rule for computation of short term capital gains and written down value, introduced | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2021\/07\/08\/income-tax-amendment-19th-amendment-rules-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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2021","format":false,"excerpt":"On December 27, 2021, the Central Board of Direct taxes issued Income-tax (34th Amendment) Rules, 2021 to amend the Income-tax Rules,1962, Key features: In the Income-tax Rules, 1962, the following rule shall be inserted: \u201c2DD. 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Key features: In the Income-tax Rules, 1962, the following rule shall be inserted: \u201c8AD Computation of capital gains for the purposes of sub-section (1B) of section 45-(1)\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"CBDT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":248685,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/05\/25\/cbdt-notifies-computation-of-fair-market-value-of-capital-assets-under-income-tax-16th-amendment-rules-2021\/","url_meta":{"origin":250941,"position":2},"title":"CBDT notifies computation of Fair Market Value of Capital Assets under Income Tax (16th Amendment) Rules, 2021","author":"Prachi Bhardwaj","date":"May 25, 2021","format":false,"excerpt":"The Central Board of Direct Taxes vide Notification No. 68\/2021 dated 24.05.2021 has notified Income tax (16th Amendment) Rules, 2021 to further to amend the Income tax Rules, 1962. 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These changes will apply to returns filed for Assessment Year 2026\u201427 and impact taxpayers across categories, including individuals, HUFs, firms, companies, and charitable entities.","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"Income-tax Amendment Rules 2026 ITR Forms","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/04\/BLOG-2026-04-02T133736.537.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/04\/BLOG-2026-04-02T133736.537.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/04\/BLOG-2026-04-02T133736.537.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/04\/BLOG-2026-04-02T133736.537.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":260159,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/01\/15\/provision-for-computation-of-income-of-specified-fund-attributable-to-investment-division-of-an-offshore-banking-unit-introduced-vide-income-tax-1st-amendment-rules-2022\/","url_meta":{"origin":250941,"position":4},"title":"Provision for computation of income of specified fund, attributable to investment division of an offshore banking unit introduced vide Income tax (1st Amendment), Rules, 2022","author":"Bhumika Indulia","date":"January 15, 2022","format":false,"excerpt":"On January 14, 2022, the Central Board of Direct taxes notifies the Income tax (1st Amendment) , Rules further to amend the Income-tax Rules,1962. They will come into force from April 01, 2022. \u00a0 Key Features: Provision relating to Computation of exempt income of specified fund, attributable to the investment\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"CBDT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":252585,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/08\/12\/determination-of-income-of-specified-funds-associated-with-units-held-by-nri-notified-vide-income-tax-amendment-22nd-amendment-rules-2021\/","url_meta":{"origin":250941,"position":5},"title":"Determination of income of specified funds associated with units held by NRI, notified vide Income tax Amendment (22nd Amendment), Rules, 2021","author":"Prachi Bhardwaj","date":"August 12, 2021","format":false,"excerpt":"The Central Board of Direct taxes has notified the Income tax Amendment (22nd Amendment), Rules, 2021 through circular dated the 9th August, 2021. The amendment provides the procedure for computation of income of a specified fund attributable to units held by non-resident as well as the procedure for computation of\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/06\/income-tax.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/06\/income-tax.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/06\/income-tax.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/06\/income-tax.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/06\/income-tax.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/250941","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=250941"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/250941\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/217262"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=250941"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=250941"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=250941"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}