On August 18, 2021, the Central Board of Direct Taxes (CBDT) has issued the Income-tax (24th Amendment) Rules, 2021 to further amend the Income-tax Rules, 1962.<\/p>\n
Key highlights: <\/strong><\/p>\n <\/p>\n \u201c12AA – For the purpose of clause (c) or clause (cd), as the case may be, of section 140, any other person shall be the person, appointed by the Adjudicating Authority for discharging the duties and functions of an interim resolution professional, a resolution professional, or a liquidator, as the case may be, under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) and the rules and regulations made thereunder.<\/span><\/p>\n Explanation\u2013 For the purposes of this rule, \u201cAdjudicating Authority\u201d shall have the same meaning as assigned to it in clause (1) of section 5 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016).\u201d<\/span><\/p>\n \u201c51B. – For the purposes of clause (viii) of sub-section (2) of section 288, any other person, in respect of a company or a limited liability partnership, as the case may be, shall be the person appointed by the Adjudicating Authority for discharging the duties and functions of an interim resolution professional, a resolution professional, or a liquidator, as the case may be, under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) and the rules and regulations made thereunder.<\/span><\/p>\n Explanation\u2013\u2013For the purposes of this rule \u201cAdjudicating Authority\u201d shall have the same meaning as assigned to it in clause (1) of section 5 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016).\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":" On August 18, 2021, the Central Board of Direct Taxes (CBDT) has issued the Income-tax (24th Amendment) Rules, 2021 to further amend <\/p>\n","protected":false},"author":8808,"featured_media":253009,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[33289,29414,16442,46793],"class_list":["post-253005","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations","tag-adjudicating-authority","tag-cbdt","tag-income-tax-rules","tag-prescribed-person"],"yoast_head":"\n\n
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