The Gazette of India
EXTRAORDINARY PART II—Section 2 PUBLISHED BY AUTHORITY
No. 42] NEW DELHI, MONDAY, SEPTEMBER 2,1963/BHADRA 11, 1885
LOK SABHA
The following Bill was introduced in Lok Sabha on the 2nd
September, 1963: —
BILL NO. 39 OF 1963
A Bill further to amend the Income-tax Act, 1961.
BE it enacted by Parliament in the Fourteenth Year of the
Republic of India as follows:— I
1. (1) This Act may be called the Income-tax (Amendment) Act, 1963.
Short title and com- mencement.
(2) It shall be deemed to have come into force on the 1st day 5
of April, 1963.
2. In section 33 of the Income-tax Act, 1961, in sub-section (1) —
43 of 1961.
(a) in clause (i)> the word "and" where it occurs last shall
Amendment of section 33.
be omitted;
(b) for clause (ii), the following clauses shall be substi- 10
tuted, namely: —
" (ii) in the case of machinery or plant installed before the 1st day of April, 1961, twenty-five per cent, of the actual cost of the machinery or plant to the assessee; and
(iii) in the case of machinery or plant installed after 15
the 31st day of March, 1961—
20
(a) where the machinery or plant is installed after the 31st day of March, 1963 and before the 1st day of April, 1966, for the purposes of business of mining coal, thirty-five per cent, of the actual cost of the machinery or plant to the assessee, and
658 THE GAZETTE OF INDIA EXTRAORDINARY £PAHT II—SEC. 2]STATEMENT 01' OBJECTS AND REASONS
It is desirable to provide a further incentive to concerns carrying on the business of mining ol coal fjr installing new machinery or plant in their mines so as to achieve a larger production of coal which is at present needed in increasing quantities for meeting the require- ments of steel and other expanding industries in our country. With this purpose in view, the Bill seeks to amend the Income-tax Act, 1961 for increasing the development rebate admissible in respect of new machinery or plan1: used in a business of mining of coal and installed during the period after 31st March, 1963 and before 1st April, 1966 from the existing rate of 20 per cent, to 35 per cent, of the coat thereof.
NEW DELHI; MORARJI R. DESAI.
The 23rd August, 1963.
PRESIDENT'S RECOMMENDATION UNDER ARTICLES 117 AND 274 OF THE CONSTITUTION OF INDIA
[Copy of letter No. 1 (127) 63-TPL, dated the 26th August, 1963 from Shri Morarji Det'ai, Minister of Finance to the Secretary, Lok Sabha.]
* * * * *
The President having been inCoimcd of the subject matter of the proposed Income-tax (Amendment) Bill, 1963, has recommended under articles 117(1) and 274(1) of the Constitution, the introduc- tion of the said Bill in the Lok Sabha.
M. N. KAUL,