Income tax Amendment (18th Amendment), Rules, 2021

The Central Board of Direct taxes through notification dated the 2nd July, 2021 has issued the Income tax Amendment (18th Amendment), Rules, 2021. The amendment provides that in case of the amount which is chargeable to income-tax as income of specified entity under the head Capital gains, the specified entity shall furnish the details of amount attributed to capital asset remaining with the specified entity in new Form No. 5C. Form No. 5C shall be furnished electronically either under digital signature or through electronic verification code and shall be verified by the person who is authorized to verify the return of income of the specified entity under section 140.