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CS Professional · Goods and Services Tax (GST) and Corporate Tax Planning · Tax Planning and Managerial Decisions

Which of the following is a requirement for a company that has not utilised the capital gain on the new asset before filing its return, to continue the shifting-of-undertaking exemption?

The company must deposit the unutilised gain in a specified bank or institution under the notified scheme before filing the return and not later than the due date, and submit proof of the deposit along with the return to retain the exemption.

  1. ADeposit the unutilised amount in a specified bank or institution before the return due date and attach proof of deposit with the returnCorrect
  2. BPay tax on the unutilised amount and claim a refund after three years
  3. COnly intimate the Assessing Officer in writing within thirty days
  4. DInvest the amount in the original asset again

Explanation

The unutilised amount must be deposited in a specified bank or institution before filing, not later than the due date, and proof must be submitted with the return. The other steps are not provided.

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