India's Central Board of Direct Taxes has announced the publication of Notification No. 118/2021, which contains the Income Tax (31st Amendment) Rules 2021. The amendment rules provide for the introduction of a new Rule 11UE in the Income Tax Rules 1962 for the application of the amendments introduced by the Taxation Laws (Amendment) Act 2021. The Act made important amendments to the Income Tax Act 1961 and the Finance Act 2012 in regard to the taxation of indirect transfers of Indian asset…