The Central Board of Direct Taxes vide notification dated 1st October, 2021 has issued the Income-tax (31st Amendment) Rules, 2021. The amendment revises the provisions governing Indirect transfer prior to 28th May, 2012 of assets situate in India.
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 situate 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 28th day of May, 2012.
