TMI BlogIncome-tax (Fifth Amendment) Rules, 2008-Method for determining amount of expenditure in relation to income not includible in total incomeX X X X Extracts X X X X X X X X Extracts X X X X ..... DT: March 24, 2008 S.O. 547(E). - In exercise of the powers conferred by Section 295 of the Income-tax read with sub-section (2) of Section 14A 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 (Fifth Amendment) Rules, 2008. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2). (2) The expenditure in relation to income which does not form part of the total income shall be the aggregate of following amounts, namely:- (i) the amount of expenditure directly relating to income which does not form part of total income; (ii) in a case where the assessee has incurred expenditure by way of interest during the previous year which is not directly attributable to any p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the balance sheet of the assessee, on the first day and the last day of the previous year. 3. For the purposes of this rule, the 'total assets' shall mean, total assets as appearing in the balance sheet excluding the increase on account of revaluation of assets but including the decrease on account of revaluation of assets. F.No. 134/09/2007-TPL (Sambit Tripathy) Under Secy. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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