TMI BlogINCOME-TAX (EIGHTH AMENDMENT) RULES, 2007X X X X Extracts X X X X X X X X Extracts X X X X ..... t 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 (8th Amendment) Rules, 2007. (2) They shall come into force with effect from the assessment year 2008-09. 2. In the Income-tax Rules, 1962, for rule 6DD, the following rule shall be substituted, namely: 'Cases and circumstances in which payment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or any subsidiary bank as defined in section 2 of the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959); ( iii ) any co-operative bank or land mortgage bank; ( iv ) any primary agricultural credit society or any primary credit society as defined under section 56 of the Banking Regulation Act, 1949 (10 of 1949); ( v ) the Life Insurance Corporation of India established under sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... v ) of clause ( a ) and includes any bank [not being a banking company as defined in clause ( c ) of section 5 of the Banking Regulation Act, 1949 (10 of 1949)], whether incorporated or not, which is established outside India; ( d ) where the payment is made by way of adjustment against the amount of any liability incurred by the payee for any goods supplied or services rendered by the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... age or town; ( h ) where any payment is made to an employee of the assessee or the heir of any such employee, on or in connection with the retirement, retrenchment, resignation, discharge or death of such employee, on account of gratuity, retrenchment compensation or similar terminal benefit and the aggregate of such sums payable to the employee or his heir does not exceed fifty thousand rupees; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... chase of foreign currency or travellers cheques in the normal course of his business. Explanation.- For the purposes of this clause, the expressions "authorised dealer" or "money changer" means a person authorised as an authorised dealer or a money changer to deal in foreign currency or foreign exchange under any law for the time being in force.'. [f. No. 142/4/2007-TPL] - Notification T ..... X X X X Extracts X X X X X X X X Extracts X X X X
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