The Ministry of Finance (MoF) on December 19, 2023, issued the Income-tax (Twenty-Ninth Amendment) Rules, 2023 to further amend the Income-tax Rules, 1962.
The following amendments have been stated:
• In rule 10TA which specifies definitions
o for clause (f), the following clause shall be substituted, namely: -
"(f) "intra-group loan" means a loan advanced to an associated enterprise being a non-resident, where the loan-
(i) is not advanced by an enterprise, being a financial company including a bank or a financial institution or an enterprise engaged in lending or borrowing in the normal course of business, and
(ii) does not include a credit line or any other loan facility which has no fixed term for repayment;
o In clause (j), for sub-clause (vi), the following sub-clause shall be substituted, namely: -
"(vi) loss on transfer of assets or investments other than assets, on which depreciation is included in the operating expense:";
o In clause (k), for sub-clause (iii), the following sub-clause shall be substituted, namely: -
"(iii) income on transfer of assets or investments other than assets, on which depreciation is included in the operating expense;";
These rules will come into force from April 01, 2024.
[Notification No. G.S.R 900 (E)]
