Skip to content

Advocatetanmoy Law Library

Legal Database

United States Code

  • Title 1. General Provisions
  • Title 2. The Congress
  • Title 3. The President
  • Title 4. Flag and Seal, Seat of Government, and the States
  • Title 5. Government Organization and Employees
  • Title 6. Domestic Security
  • Title 7. Agriculture
  • Title 8. Aliens and Nationality
  • Title 9. Arbitration
  • Title 10. Armed Forces
  • Title 11. Bankruptcy
  • Title 12. Banks and Banking
  • Title 13. Census
  • Title 14. Coast Guard
  • Title 15. Commerce and Trade
  • Title 16. Conservation
  • Title 17. Copyrights
  • Title 18. Crimes and Criminal Procedure
  • Title 19. Customs Duties
  • Title 20. Education
  • Title 21. Food and Drugs
  • Title 22. Foreign Relations and Intercourse
  • Title 23. Highways
  • Title 24. Hospitals and Asylums
  • Title 25. Indians
  • Title 26. Internal Revenue Code
  • Title 27. Intoxicating Liquors
  • Title 28. Judiciary and Judicial Procedure
  • Title 29. Labor
  • Title 30. Mineral Lands and Mining
  • Title 31. Money and Finance
  • Title 32. National Guard
  • Title 33. Navigation and Navigable Waters
  • Title 35. Patents
  • Title 36. Patriotic and National Observances, Ceremonies, and Organizations
  • Title 37. Pay and Allowances of the Uniformed Services
  • Title 38. Veterans' Benefits
  • Title 39. Postal Service
  • Title 40. Public Buildings, Property, and Works
  • Title 41. Public Contracts
  • Title 42. The Public Health and Welfare
  • Title 43. Public Lands
  • Title 44. Public Printing and Documents
  • Title 45. Railroads
  • Title 46. Shipping
  • Title 47. Telecommunications
  • Title 48. Territories and Insular Possessions
  • Title 49. Transportation
  • Title 50. War and National Defense
  • Title 51. National and Commercial Space Programs
  • Title 52. Voting and Elections
  • Title 54. National Park Service and Related Programs

Read More

  • Home
    • About
  • UPDATES
  • Courts
  • Constitutions
  • Law Exam
  • Pleading
  • Indian Law
  • Notifications
  • Glossary
  • Account
  • Home
  • 2021
  • October
  • 2
  • Taxation Laws (Amendment) Act, 2021, inter-alia, amended Income-tax Act, 1961 Notified
  • Government of India

Taxation Laws (Amendment) Act, 2021, inter-alia, amended Income-tax Act, 1961 Notified

The Taxation Laws (Amendment) Act, 2021 (2021 Act), inter-alia, amended the Income-tax Act, 1961 (Income-tax Act) so as to provide that no tax demand shall be raised in future on the basis of the amendment to section 9 of the Income-tax Act made vide Finance Act, 2012 for any offshore indirect transfer of Indian assets if the transaction was undertaken before 28th May, 2012
2 min read
Print Friendly, PDF & Email

CBDT notifies Rules for implementing the amendments made by the Taxation Laws(Amendment) Act, 2021

DATE: 02 OCT 2021

The Taxation Laws (Amendment) Act, 2021 (2021 Act), inter-alia, amended the Income-tax Act, 1961 (Income-tax Act) so as to provide that no tax demand shall be raised in future on the basis of the amendment to section 9 of the Income-tax Act made vide Finance Act, 2012 for any offshore indirect transfer of Indian assets if the transaction was undertaken before 28th May, 2012 (i.e., the date on which the Finance Bill, 2012 received the assent of the President).

The 2021 Act also provides that the demand raised for offshore indirect transfer of Indian assets made before 28th May, 2012 (including the validation of demand provided under Section 119 of the Finance Act 2012) shall be nullified on fulfillment of specified conditions such as withdrawal or furnishing of undertaking for withdrawal of pending litigation and furnishing of an undertaking to the effect that no claim for cost, damages, interest, etc. shall be filed and such other conditions are fulfilled as may be prescribed.  The amount paid/collected in these cases shall be refunded, without any interest, on fulfillment of the said conditions.

The draft rules, to amend the Income-tax Rules, 1962, prescribing the specified conditions as referred above and providing the form and manner for furnishing of undertaking for withdrawal of pending litigation, claiming no cost, damages, interest, etc. were circulated in public domain on 28th August, 2021, inviting suggestions/comments from all stakeholders by the 4th of September, 2021.

After examining the stakeholder comments and incorporating several suggestions contained therein, the rules for implementing the 2021 Act have been published in the Official Gazette vide Notification No. GSR 713(E) dated 1st October, 2021 wherein the following rules have been inserted to the Income-tax Rules, 1962:

  1. Rule 11UE which provides for the specified conditions in order to be eligible to claim relief under 2021 Act; and
  2. Rule 11UF which provides the form and manner of furnishing the undertaking for withdrawal of pending litigation, claiming no cost, damages, etc.

The notification containing the above rules can be accessed at www.incometaxindia.gov.in.


Related

Tags: Income Tax INDIA

Continue Reading

Previous: Explosion first nuclear bomb by China will alter the political balance of Asia: K.R. Narayanan-24/12/1964
Next: Gati Shakti, National Master Plan for Connectivity-Text of PM’s address-13/10/2021

Indian Supreme Court Digest

  • Unexplained inordinate delay must be taken into consideration as a very crucial factor and ground for quashing a criminal complaint (SC-18/05/2023)
  • For passing order u/s 319 CrPC, ‘satisfaction’ as mentioned in para no106 of Hardeep Singh case is sufficient (SC-2/06/2023)
  • ISKCON leaders, engage themselves into frivolous litigations and use court proceedings as a platform to settle their personal scores-(SC-18/05/2023)
  • High Court would not interfere by a Revision against a decree or order u/s 6 of SRA if there is no exceptional case (SC-2/4/2004)
  • Borrower may file a counterclaim either before DRT in a proceeding filed by Bank under RDB Act or a Civil Suit under CPC-SC (10/11/2022)

Write A Guest Post

Current Posts

Unexplained inordinate delay must be taken into consideration as a very crucial factor and ground for quashing a criminal complaint (SC-18/05/2023)
15 min read
  • Criminal Procedure Code 1973

Unexplained inordinate delay must be taken into consideration as a very crucial factor and ground for quashing a criminal complaint (SC-18/05/2023)

For passing order u/s 319 CrPC, ‘satisfaction’ as mentioned in para no106 of Hardeep Singh case is sufficient (SC-2/06/2023)
8 min read
  • Criminal Procedure Code 1973

For passing order u/s 319 CrPC, ‘satisfaction’ as mentioned in para no106 of Hardeep Singh case is sufficient (SC-2/06/2023)

Ghanshyam Vs Yogendra Rathi (02/06/2023)
8 min read
  • Supreme Court Judgments

Ghanshyam Vs Yogendra Rathi (02/06/2023)

Indian Lok Sabha Debates on The Railways Budget 2014-15 (10/06/2014)
198 min read
  • Indian Parliament

Indian Lok Sabha Debates on The Railways Budget 2014-15 (10/06/2014)

  • DATABASE
  • INDEX
  • JUDGMENTS
  • CONTACT US
  • DISCLAIMERS
  • RSS
  • PRIVACY
  • ACCOUNT
Copyright by Advocatetanmoy.