Home / Income Tax / CBDT invites suggestions on draft notification pertaining to new Rule 11UAB of IT Rules, 1962

CBDT invites suggestions on draft notification pertaining to new Rule 11UAB of IT Rules, 1962

CBDT invites suggestions on draft notification pertaining to new Rule 11UAB of IT Rules, 1962
CBDT invites suggestions on draft notification pertaining to new Rule 11UAB
of IT Rules, 1962

Finance Act, 2018 has inserted clause (via) to section 28 of the Income-tax
Act, 1961 (‘the Act’) so as to provide that any profit and gains from conversion of
inventory into capital asset or its treatment as capital asset shall be charged to tax as
business income. It has also been provided that for this purpose the fair market
value of inventory on the date of conversion or treatment determined in prescribed
manner shall be deemed to be the full value of consideration. Accordingly, rules are
to be framed for providing the manner in which fair market value of the inventory
shall be determined.

In view of the above, it is proposed to insert a new rule 11UAB in the Incometax
Rules, 1962 for prescribing the manner of determination of fair market value of
the inventory which has been converted into, or treated as, capital asset.

In order to have wider consultation in this matter, the draft of notification
proposed to be issued for amending the Income-tax Rules, 1962 has been uploaded
on www.incometaxindia.gov.in. Stakeholders are requested to submit their
comments/ suggestions on the draft notification by 14.05.2018 at the e-mail address
dirtpl2@nic.in.

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