The Ministry of Finance on 10th September 2021 has published the Income-tax (28th Amendment) Rules, 2021 to further amend the Income-tax Rules, 1962 which shall come into force from 1st day of April 2021 and shall be applicable for the assessment year 2022-23 and subsequent assessment years.
Through this amendment, a new clause 4 has been inserted under rule 11UAC which prescribes the class of person for the purpose of clause (XI) of the proviso to clause (x) of sub-section (2) of section 56.
Section 56(2)(x) notifies the tax on sum/property received without consideration.
As per new rules 111UAC(4) The provisions of section 56(2)(x) shall not apply to any movable property, being equity shares, of the public sector company, received by a person from the Central Government or any State Government under strategic disinvestment.
 Rules, 2021 - Exemption from applicability of Section 56(2)(x) of Income Tax Act, 1961 to certain transaction){kind=link}
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