Manner of furnishing undertaking under rule 11UE- Rule 11UF of the Income Tax Rules, 1962- relating to Retrospective Taxation which shall not be relevant to apply on ‘Indirect Transfer’ of assets

Income tax vide Notification No.118/2021 dated 1st October, 2021 has
Notified about the Rule 11UF of the Income Tax Rules, 1962 relating to Manner of furnishing undertaking under Rule 11UE.
i. 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.
ii. 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 fifteen days
from the date of receipt of the said undertaking-
a) grant a certificate in Form No. 2 accepting such undertaking; or
b) 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.
Format of the Form 1 and other relevant details can be referred through the following link:

https://incometaxindia.gov.in/communications/notification/notification_no_118_2021.pdf

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