REGISTERED No. D. 221
The Gazette of India
EXTRAORDINARY
PART II - Section 3- Sub- section ( ii )
PUBLISHED BY AUTHORITY
No. 36] NEW DELHI , THURSDAY , FEBRUARY 6 , 1964 / MAGHA 17 , 1885
Separate paging is given to this Part in order that it may be filled as a separate compilation
CENTRAL BOARD OF DIRECT TAXES
NOTIFICATION
INCOME - TAX
New Delhi , the 4th February 1964
S.O. 511. In exercise of the powers conferred by 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 , 1982 , namely-
1. These Rules may be called the Income- tax ( Second Amendment ) Rules , 1964 .
2. In rule 3 of the Income - tax Rules , 1962 ( hereinafter referred to as the principal rules ) , in sub - clause ( ii ) of clause ( c ) , in the statement in the form of a table ,-
(1) for the figures " 60 " and " 125 " against item 1 , the figures " 150 " and " 250 " shall , respectively , be substituted ;
(2) for the figures " 25 " and " 50 " against item 2 , the figures " 60 " and " 100 " shall , respectively , be substituted .
3. In rule 69 of the principal rules , in sub - rule ( 2 ) , for clause ( ii ) , the follow- ing clause shall be substituted, namely :--
" ( ii ) The employee shall have completed twenty - three years of service or is due to retire within the next ten years : "
4. In the principal rules , after rule 117 , the following rule shall be inserted , namely:-
" 117A . Reduction or waiver of interest payable under section 139. The Income- tax Officer may reduce or waive the interest payable under section 139 in the cases and in the circumstances mentioned below, namely:--
(i ) where the return of income is furnished by a person who has been treated under section 163 as an agent of a non - resident and is assessed in respect of the latter's income ;
( ii) where the return of income is furnished by an assessee whose only source of income during the relevant previous year is a share in the income of an unregistered firm which has been assessed on its total income in respect of that previous year under clause ( b ) of section 183 ;
( iii ) where the return of income of a deceased individual is furnished by his legal representative and the legal representative satisfies the
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[PART II
Income - tax Officer that he had sufficient cause for not furnishing such return within time;
(iv) where the return of income has been furnished in pursuance of a notice issued under section 148;
(v) any case in which the assessee produces evidence to the satisfaction of the Income - tax Officer that he was prevented by sufficient caure from furnishing the return within time:
Provided that the previous approval of the Inspecting Assistant Com- missioner has been obtained where the amount of interest reduced or waived , as the case may be , under clause ( iv ) or clause (v) exceeds one thousand rupees ."
5. In Part I of Appendix I to the principal rules , in the statement of rates at which depreciation ison is admissible , under the heading " III . Machinery and Plant " and sub - heading ( ii ) -
(1) in group C , after item ( 7 ) and the entry relating thereto , the following item shall be inserted , namely :-
" ( 7A) Cork manufacturing works 9";
( 2) in group D, after item ( 2 ) and the entry relating thereto , the follow- ing item shall be inserted, namely :-
10" .
"( 3 ) Dairies
6. In Appendix II to the principal rules ,-
(1) in Form No. 7 ,---
(1) after paragraph 7 , the following paragraph shall be inserted , namely:--
"8. The penalty payable by you has been imposed by the Inspecting Assistant Commissioner of Income - tax ,. ..under section 271 ( 1 ) ( iii ) read with section 274 ( 2 ) of the Income - tax Act , 1961 . If you intend to appeal against the penalty , you may present an appeal under Part B of Chapter XX of the said Actto the Income- tax Appellate Tribunal . within sixty days of the receipt of the order imposing the penalty , in the form prescribed under section 253 ( 6 ) of the said Act duly stamped and verified as laid down in that form . " ;
( ii ) for the existing foot - note , the following foot - note shall be substituted, namely,--
"Note.-( 1 ) If you wishwish to pay the amount by cheque , the cheque should be drawn in favour of the Treasury Officer/ Sub - Treasury Offi- cer/ Agent , State Bank of India / Reserve Bank of India ;
( 2 ) Delete inappropriate paragraphs and words . " ;
( 2) in Form No. 8-
(a) in the tabular statement having 9 columns , in columns 1 and 2, for the entries " Section 45- Capital Gains--
170 Immovable property
Machinery and plant 180
190", Others
the following shall be substituted , namely :-
"Section 45- Capital Gains-
( i ) relating to a short - term capital asset :
170
Immovable property
180
Machinery and Plant
Others
190;
( ii ) relatingto a capital asset other than a short - term capital asset:
171
Immovable property
181
Machinery and Plant
Others
191" ;
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Sec . 3 ( ii) ]
89
(b ) in the tabular statement containing 5 columns-
( i ) in column 1 , in the portion relating to " ( A ) TOTAL GROSS TАХ " , ." , the following words for the words " Tax on Capital Gains . shall be substituted , namely:-
" Tax on Capital Gains-
( 1 ) relating to a short- term capital asset .....
( ii ) relating to an asset other than a short - term capital asset .... " ;
( ii) in column 1 , in the portion relating to " Sums included in total income in respect of which income - tax , super - tax and/ or sur- charge is not payable or in respect of which rebate of tax is admissible"-
(a) for item ( f ) , the following item shall be substituted , namely :-
" ( f ) Donations to charitable institutions or funds or to the National Defence Fund" ;
(b) after item ( j ) , the following item shall be inserted , namely :-
"( k) Sums deposited in a Ten - year account or a Fifteen - year account under the Post Office Savings Bank ( Cumulative Time Depo- sits ) Rules , 1959 " ;
(iii) in column 1 , the portion relating to "D.I.T. and other reliefs " , after the entry "Rebate on super - tax at the rate of np . per Rupee of the total amount " , the following entry shall be inserted, namely:-
"Deduction from tax under section 141A ( 1 ) " ,
(iv) in column 1 , after the entry " Interest payable by assessee- Sec. 139 Rs ......... " , the following entry shall be inserted , namely :-
"Interest payable by assessee- Sec. 141A / 220 Rs ........ " ;
(3 ) in Form No. 10-
(1 ) in paragraph 2 , for the words "one month " , the words " four months" shall be substituted;
( ii ) in paragraph 3 , for the figures , letters and words " 30th day of April each year " , the words " expiry of four months commencing from the end of each relevant previous year or before the thirtieth day of April immediately following such previous year , whichever is later" shall be substituted;
(4) in the Enclosure to Form No. 28,-
(a) for the entry " Total income determined in respect of the latest com- pleted regular assessment being that for the year 1919 as reduced by the amount of capital gains included therein , if any. " , the following entry shall be substituted , namely :-
"total income determined in respect of the latest completed regular / pro- visional assessment being that for the year 1919 as reduced by the amount of capital gains included therein, if any" ;
(b) after the existing foot - note , the following foot - note shall be added, namely :-
" + Deletc inappropriate words " .
[No. 8 /F . No. 3 ( 34) -63 / TPL . ]
HARIHAR LAL , Secy . ,
PRINTED IN INDIA BY THE GENERAL MANAGER , GOVERNMENT OF INDIA PRESS , NEW DELHI AND PUBLISHED BY THE MANAGER OF PUBLICATIONS , DELHI , 1964