{"id":255152,"date":"2021-10-04T18:30:59","date_gmt":"2021-10-04T13:00:59","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=255152"},"modified":"2021-10-04T18:30:59","modified_gmt":"2021-10-04T13:00:59","slug":"cbdt-notifies-income-tax-31st-amendment-rules-2021","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/10\/04\/cbdt-notifies-income-tax-31st-amendment-rules-2021\/","title":{"rendered":"CBDT notifies Income Tax (31st Amendment) Rules, 2021"},"content":{"rendered":"<p style=\"text-align: justify;\">The Central Board of Direct Taxes notified the Income Tax (31st Amendment) Rules, 2021 which seeks to further amend Income Tax Rules, 1962. Key changes brought by the amendment are as follows:<\/p>\n<p>&nbsp;<\/p>\n<ul style=\"text-align: justify;\">\n<li>The 31<sup>st<\/sup> Amendment Rules, 2021 has introduced new Rules 11UE and 11UF, after Rule UD for provisions relating to \u2018Indirect transfer prior to 28.05.2012 of assets situated in India\u2019 along with Form 1 or 2 or 3.<\/li>\n<li><strong>Rule 11UE<\/strong> <strong>&#8211; Specified conditions under Explanation to fifth and sixth proviso to Explanation 5 to clause (i) of sub-section (1) of section 9<\/strong> which states that the declarant shall furnish an undertaking in Form No. 1 and shall append the undertakings from all the interested parties in Part M of the Annexure to the undertaking in Form No. 1 and furnish all the attachments required to be furnished under any clause or Part thereof.<\/li>\n<li><strong>Rule 11UF<\/strong> &#8211;<strong>Manner of furnishing undertaking <\/strong>which states that the undertaking in Form No. 1 under sub-rule (1) of rule 11UE shall be submitted by the declarant to the jurisdictional Principal Commissioner or Commissioner within 45 days from the date of commencement of the Income-tax (31st Amendment) Rules, 2021.<\/li>\n<\/ul>\n<p style=\"text-align: justify; padding-left: 40px;\">After the undertaking in Form No. 1 under sub-rule (1) of rule 11UE is furnished by the declarant, the jurisdictional Principal Commissioner or Commissioner shall, within a period of 15 days from the date of receipt of the said undertaking, grant a certificate in Form No. 2 accepting such undertaking; or pass an order rejecting such undertaking, where the undertaking in Form No. 1 is incorrect or incomplete or any part thereof or any of the attachments or evidences or the indemnity bonds provided therein or any of the authorisations, as referred to in sub-rule (3) of rule 11UE is incorrect or incomplete or not furnished, after giving an opportunity of being heard to the declarant.<\/p>\n<ul style=\"text-align: justify;\">\n<li>The Amendment provides revised Form No. 1 for filing undertaking declaring that specified orders have been passed or made in respect of income accruing or arising through or from the transfer of an asset or a capital asset situated in India in consequence of the transfer of a share or interest in a company or entity registered or incorporated outside India made before the May 28, 2012.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">\n<hr \/>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">*Tanvi Singh, Editorial Assistant has reported this brief.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Central Board of Direct Taxes notified the Income Tax (31st Amendment) Rules, 2021 which seeks to further amend Income Tax Rules, <\/p>\n","protected":false},"author":121,"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":[15151,8651,2592,37772],"class_list":["post-255152","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations","tag-central-board-of-direct-taxes","tag-declaration","tag-Income_Tax","tag-undertaking"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CBDT notifies Income Tax (31st Amendment) Rules, 2021 | 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\" 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2021","format":false,"excerpt":"The Ministry of Finance has notified Relaxation of Validation (section 119 of the Finance Act, 2012) Rules, 2021 vide notification dated October 13, 2021. Section 119 of the Finance Act deals with the Validation of demands, etc., under Income-tax Act, 1961 in certain cases. \u00a0 The Relaxation of validation (section\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","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\/2021\/08\/MicrosoftTeams-image-182.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-182.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-182.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-182.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-182.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":178584,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/12\/27\/income-tax-25th-amendment-rules-2017-notified\/","url_meta":{"origin":255152,"position":1},"title":"Income Tax (25th Amendment) Rules, 2017 notified","author":"Saba","date":"December 27, 2017","format":false,"excerpt":"G.S.R.\u00a0\u00a0 1527(E).\u2014In exercise of the powers conferred by Section 282 read with Section 295 of the Income-tax \u00a0Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:\u2014 1.(1) \u00a0These rules may be called the Income \u2013tax\u2026","rel":"","context":"In &quot;Foreign Legislation&quot;","block_context":{"text":"Foreign Legislation","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/foreign\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":259394,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/12\/31\/income-tax-35th-amendment-rules-2021\/","url_meta":{"origin":255152,"position":2},"title":"Income-tax (35th Amendment) Rules, 2021","author":"Bhumika Indulia","date":"December 31, 2021","format":false,"excerpt":"On December 29, 2021, the Central Board of Direct Taxes notified\u00a0Income-tax (35th Amendment) Rules, 2021 to amend the Income-tax Rules,1962. Key amendment: In the Income-tax Rules, 1962, the following rule shall be inserted, namely:\u2013 16DD. Form of particulars to be furnished along with return of income for claiming deduction under\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","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":254139,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/09\/14\/income-tax-29th-amendment-rules-2021\/","url_meta":{"origin":255152,"position":3},"title":"Income-tax (29th Amendment) Rules, 2021","author":"Bhumika Indulia","date":"September 14, 2021","format":false,"excerpt":"On September 13, 2021, the Central Board of Direct Taxes notifies Income-tax (29th Amendment) Rules, 2021 to amend Income-tax Rules, 1962. The Amendment inserts a provision prescribing income- tax authority under second proviso to clause (i) of sub-section (1) of section 142. \u00a0 The Rule provides: 12F. Prescribed income- tax\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","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":249688,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/06\/11\/central-goods-and-services-tax-fifth-amendment-rules-2021-notified\/","url_meta":{"origin":255152,"position":4},"title":"Central Goods and Services Tax (Fifth Amendment) Rules, 2021 notified","author":"Prachi Bhardwaj","date":"June 11, 2021","format":false,"excerpt":"The Central Board of Indirect Taxes and Customs has notified CGST (Fifth Amendment) Rules, 2021 vide notification dated June 1, 2021. The Rules amend the Central Goods and Service Tax Rules, 2017 in the following manner: In Rule 26(1), in the fourth proviso, with effect from the May 31, 2021,\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","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\/2019\/02\/cbic-logo-new.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/cbic-logo-new.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/cbic-logo-new.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/cbic-logo-new.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/cbic-logo-new.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":247835,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/05\/04\/income-tax-13thamendment-rules-2021\/","url_meta":{"origin":255152,"position":5},"title":"Income-tax (13th Amendment) Rules, 2021","author":"Bhumika Indulia","date":"May 4, 2021","format":false,"excerpt":"The Central Board of Direct Taxes makes Income-tax (13thAmendment) Rules, 2021 to amend the Income-tax Rules, 1962. They shall come into force with effect from the 1stday of April, 2022. In the Income-tax Rules, 1962, the Rule 11UD shall be inserted relating to \"Thresholds for the purposes of significant economic\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","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\/2017\/09\/Parliament_Colour.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/255152","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\/121"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=255152"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/255152\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/253009"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=255152"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=255152"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=255152"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}