Income-tax (Twelth Amendment) Rules, 1998 - S. O. 781 (E) - Income Tax

MINISTRY OF FINANCE (Department of Revenue) Central Board of Direct Taxes NOTIFICATION NO. 10685 INCOME-TAX New Delhi, the 4th September 1998 S. O. 781 (E). - In exercise of the powers conferred by Section 295 of the Income-tax Act, 1961 (43 of 1961), the following rules further to amend the Income-tax Rules, 1962 namely:- 1. (1) These rules may be called the Income-tax (Twelth Amendment) Rules, 1998. (2) They shall come into force with effect from the 1 st day of April, 1999. 2. In the Income-tax Rules, 1962, in Appendix I, (i) above the Heading I, BUILDINGS , the following heading shall be inserted, namely:- A. TANGIBLE ASSETS (ii) after item (2 A) under the heading III. MACHINERY AND PLANT , the following item shall be inserted, namely:- (2B) Computers 60% (iii) after item (3) under the heading IV. SHIPS , the following heading and item shall be inserted, namely:- B. INTANGIBIE ASSETS. know-how, patents, copyrights, trademarks, licences, franchises or any other business or commercial rights of similar nature 25% [ F. No. 142/49/98-TPL] S. BALASUBRAMANIYAN, Under Secy.