The Central Board of Direct taxes through notification dated the 7th July, 2021 has issued the Income tax Amendment (19th Amendment), Rules, 2021. The amendment inserts new rule 8AC which provides the manner in which:
- Amount of short term capital gains shall be determined.
- Where the goodwill of the business or profession was the only asset or one of the assets in the block of asset “intangible” for which depreciation was obtained by the assessee in the assessment year beginning on the 1st day
of April, 2020, the written down value of this block of asset for the previous year relevant to the assessment year
commencing on the 1st day of April, 2021 shall be determined.
