CBDT amends Rule 8AA of the Income-tax Rules, 1962
(Date: 10/12/2018)
The CBDT has amended the Rule 8AA of the Income-tax Rules, 1962 to provide that in case of conversion of an Indian branch of a foreign bank into its Indian Subsidiary, the period for which the asset was held by the Indian branch shall also be considered while calculating the period of holding of such an asset in the hands of the Indian Subsidiary.