The Central Board of Direct Taxes (CBDT) announced the Rules on Retrospective Taxation which shall not relevant to apply on ‘Indirect Transfer’ prior to 28th May 2012.
The Board has informed the Income Tax (31st Amendment) Rules, 2021 that urged to change the income tax rules 1962 through latest ITR 11UE and 11UF towards the provision concerning to ‘Indirect transfer prior to 28/05/2012 of assets located in India’ as well as Form 1 or 2 or 3.
Rule 11UE concerns to particular circumstances beneath the account to the fifth and sixth proviso to Explanation 5 to clause (i) of sub-section (1) of section 9 stipulated that “For the purposes of clauses (i), (ii) and (iii) of the Explanation to the fifth and sixth proviso to Explanation 5 to clause (i) of sub-section (1) of section 9, 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.”
Rule 11UF relates to the Manner of furnishing undertaking under rule 11UE stated 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 forty-five days from the date of commencement of the Income-tax (31st Amendment) Rules, 2021.”
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Post to undertaking in Form No. 1 under sub-rule (1) of rule 11UE is filed through the declarant the jurisdictional Principal Commissioner or Commissioner in 15 days from the receipt date specified undertaking provides the certificate in Form No. 2 admitting the undertaking; or furnish the order refusing the undertaking, in which the undertaking in Form No. 1 is wrong or not completed or any part thereof or any of the attachments or evidence or the indemnity bonds granted therein or any of the authorizations, as related to in sub-rule (3) of rule 11UE is inaccurate or unfinished or not filed, post to providing a chance of being heard to the declarant.