Central Board of Direct Taxes vide Notification G.S.R. 865(E) dated 12th July, 2017, has amended the Income-tax Rules, 1962, as under:
(A) sub-clause(b) of clause (c) of sub-rule (1) in rule 11UA was substituted.
(B) after rule 11UA, the rule 11UAA was inserted:- Determination of Fair Market Value for share other than quoted share.
This has been done by CBDT in exercise of the powers conferred by section 50CA and sub-section (2) of section 56 read with section 295 of the Income-tax Act, 1961 (43 of 1961).
These rules may be called the Income-tax (20th Amendment), Rules, 2017.
They shall come into force from the 1st day of April, 2018 and shall apply in relation to assessment year 2018-19 and subsequent years.