The Gazette of India
EXTRAORDINARY
PART II—Section 3—Sub-section (ii)
PUBLISHED BY AUTHORITY
No. 304] NEW DELHI, TUESDAY, MAY 30, 1967/JYAISTHA 9, 1889
Separate paging is given to this Part in order that it may be filed as a separate compilation.
CENTRAL BOARD OF DIRECT TAXES
NOTIFICATION INCOME-TAX New Delhi, the 29th May 1967
S.O. 1949.—Tn exercise of the powers conferred by section 205 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 These rules may be called the Income-tax (Third Amendment) Rules, 1067.
2. In the Income-tax Rules, 1962,— (a) in rule 18 the brackets and words "(at least twenty-five per cent, of which are single rooms)" wherever they occur, shall be omitted, and shall be deemed to have been omitted with effect from the 1st day of April. 1967;
(b) for rule 26, the following rule shall be substituted, and shall be deemed
TO have been substituted with effect from the 6th day of June, 1966, namely: —
"26. Prescribed rate of exchange for salaries.—For the purpose of deduction of tax at source on salary payable in foreign currency, the prescrib- ed rate of exchange for the calculation of the value in rupees of any income chargeable under the head "Salaries" which is payable to the assessee outside India by or on behalf of the Government shall be as iollows, namely:—
(a) in respect of such income payable before the 6th day of June, 1966--
r i 22 THE GAZETT* OF INDIA EXTRAORDINARY [PAIT I1-SKO. 3((l)} (b) In respect of such Income payable on or altar the 6th day ot June. 1M6—(i) £ 1 sterling=Rs. 21-00 (li) U.S. $ l.=Rs. 7*50";
(c) for rule 116, the following rule shall be substituted, and shall be deemed 4B have been substituted with effect from the 8th day of June, 1980, namely:—
"115. Rate of exchange for conversion into rupee* of income expressed In loreign currency,—The rates of exchange for the calculation of the value In rupees of any income shall be an follows: —
(a) in respect of income accruing or arising or deemed tn t^crnc w arise to the assessce or leceived or deemed to he received by him or on his behalf before the 6th day of June, 1066—
(1) 1 sh. 6 d = R e. 1/- (ii) U.S. $ l=Rs 4*762;
(b) in reroect of income accruing or nrisine or dferripd to nf-rnc 'T arise to the assessee or received or deemed to be received by him Or on his behalf on or after the 6lh of June, 1866—
(i) £ I sterling=Rs. 21-00
(li) U.S. $ l=Rs. 7-50.".
TNo. 87/V. No.'3(51)/85-TPL.) V. RAMASWAM1 IYER, Secy.