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Income-tax (6th Amendment) Rules, 1999 - S.O. 241 (E) - Income TaxExtract MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 10868 New Delhi, the 9 th April, 1999 INCOME-TAX S.O. 241 (E). -In exercise of the powers conferred by sub-section (1) of section 295 of the Income-tax Act, 1961 (43 of 1961) , the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962 , namely ;-- 1. (1) These rules may be called the Income-tax (6th Amendment) Rules, 1999. (2) They shall be deemed to have come into force with effect from the 1st day of April, 1998. 2. In the Income-tax Rules, 1962 , in rule 67, in sub-rule (2), after clause (iv) , after third proviso the following proviso shall be inserted, namely :- Provided also that the trustees may invest, an amount not exceeding ten per cent out of the amount of twenty per cent of investible moneys-referred to in clause (iv), in the bonds or securities of any company, other than public sector company, which have an investment grading from two more credit rating agencies registered under sub-section (1 A) of section 12 of the Securities and Exchange Board of India Act, 1992(15 of 1992). [F. No. 149/94/98-TPL] SUNITI SRIVASTVA, Under Secy. Explanatory Memorandum The Central Government in the Department of Economic Affairs has specified by notification no, 11(3)-PD-9 dated 12th August, 1998, the pattern of investment to be made by approved provident funds, approved superannuation funds and gratuity funds, The said notification has come into force on the 1st day of April, 1998. Rule 67 of the Income-tax Rules, 1962 contain provisions relating to investment of fund monies of the pattern specified from time to time by the Department of Economic Affairs. It is, therefore, proposed to amend rule 67 of the Income-tax Rules, 1962 so as to provide in the said rule the pattern of investment notified by notification no. 11(3)-PD/98 of Department of Economic Affairs, with effect from 1 -4-1998 being the date from which the said notification no. 11(3)-PD/98 dated 12th June, 1998 came into force. It is certified that the retrospective operation of this notification shall not prejudicially affects interests of assessees.
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