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REGISTERED No.D.221

The Gazette of India

EXTRAORDINARY

PART II—Section 1

PUBLISHED BY AUTHORITY

No. 37] NEW DELHI, TUESDAY, OCTOBER 19, 1965/AS VINA 27, 1887

Separate paging to given to this Part in order that it may be filed

as a separate compilation. *

MINISTRY OF LAW

(Legislative Department)

New Delhi, the 19th. October, 1965/Asvina 27, 1887 (Saka)

THE TAXATION LAWS (AMENDMENT AND MISCELLANEOUS PROVISIONS) ORDINANCE, 1965

No. 5 OF 1965

Promulgated by the President in the Sixteenth Year of the Republic of India.

An Ordinance further to amend the Income-tax Act, 1961, the Estate Duty Act, 1953. the Wealth-tax Act, 1957, the Gift-tax Act, 1958 and to provide for exemption from tax in certain cases of undisclosed income invested in National Defence Gold Bonds, 1980.

WHEREAS Parliament is not in session and the President is satisfied that circumstances exist which render it necessary for him to take immediate action;

(537)

Now, THEREFORE, in exercise of .the powers conferred by clause (1) of article 123 of the Constitution, the President is pleased to promul- gate the following Ordinance: —

1. (i) This Ordinance may be called the Taxatipn Laws (Amend- ment and Miscellaneous Provisions) Ordinance, 1966.

Short title and com- mencement.

(2) It shall come into force at once.

43 ut 1961 Amendment ofs.ction 2,

2. In section 2 of the Income-ta3< Act, 1961 (hereinafter referred to as the Income-tax Act), in sub-clause (iv) of clause (14), after the figures "1980", the following shall be inserted, namely: —

"or National Defence Gold Bonds, 1980".

3. In section 10 of the Income-tax Act, after sub-clause (i) of Amendment of section 10

clause (15), the following sub-clause shall be inserted, namely : —

" (ia) annual payment on National Defence Gold Bonds, 1980 ;".

4. In section 193 of the Income-tax Act, in the proviso, after clause (i), the following clause shall be inserted, namely: —

Amendment of section 193 •

"(i")" any interest payable to an individual on 4J per cent National Defence Loan, 1968 or 4J per cent. National Defence Loan, 1972 ; or".

5. In the Estate Duty Act, 1953,—

Amendment of Act 34 cf 1953.

(i) in sub-section (1) of section 33, after clause (o), the following clause shall be inserted, namely: —

"(p) National Defence Gold Bonds, 1980, to the extent of the principal value of such Bonds for an aggregate weight of fifty kilogrammes of gold :

Provided that if such Bonds had passed on the death of any person, the exemption conferred by this clause shall not be available in respect of the same Bonds pa^sin^ on any subsequent death.";

(ii) in sub-section (1) of section 34, in clausr (O), for the brackets, letters and word "(n) and (0)", the brackets, letters and word "(n), (o) and (p)" shall be substituted.

6. Tn section 5 of the Wealth-tax Act, 1957, in sub-section (J),, for clause (xvia), ihu following clause shall be substituted, namely: —

Amendment of Act 27 of I9S7-

" (xvia) 6i per cent. Gold Bonds, 1977, 7 per cent. Gold Bonds, 1980 and National Defence Gold Bonds, 1980;".

7. Tn section 5 of the Gift-tax Act, 1958, in sub-section. (2), aftei

clause (Hi), the following clause shall be inserted, namely: —

Amend- ment of Act 18 of 1958.

" (iiia) of property In the form of National Defence Gold Bonds, 1930, not exceeding the value of such Bonds for an aggregate weight of five kilogrammes of gold in any previous year:

Provided that the exemption conferred by this clause shall be available only to a person who has initially subscribed to the said Bonds;".

11 ot1922 43 of isi6i- 1? of 1940. 21 of 1947,

Exempt on from tax in certain cases of undisclos- ed income invested in National De- fence Gold Bonds, 1980.

14 of 1963. 7 of 1964.

8. (I) Wheie a person who has acquired any gold out of hit. income which has not been disclosed by him for the purposes of the Indian Income-tax Apt, 1922, or the Income-tax Act, 1961, or the Excfc-ih PioiHs Tax Act, 1940, or the Business Profits Tax Act, 1947, 01 the Super Profits Tax Act, 1963, or the Companies (Profits) Surtax Act, 1964, tenders such gold as subscription for the National Defence Gold Bonds, 1980, prior to the detection of such income by the Tncoms- tax Officer or the seizure of such gold under any law for the time beihg 'in force, such income shall, notwithstanding anything contained

Tn the said Arts, not be included in his income, profits or gain. chargeable to tax under the said Acts in an assessment or re-assess- mt-Tit for any assessment year made under the said Acts on or al tt-i the 20th day of October, 19W.

S7 of Igs7-

(2) In computing the net wealth of a person undei the Wealth- tax Act, 1957, the value of the assets represented by the income, which under sub-section (1) is not includible in his income, profits or gains, shall, notwithstanding anything contained in the said Act, not be taken into account in an assessment or re-asse&sment for any assessment year made under the said Act on or after the 20th day of October, 1965.

(3) (a) The name of the person subscribing to th© National Defence Gold Bonds, 1980, and any particulars relating to the Bonds subscribed to by him, shall be treated as confidential, and, notwith- standing anything contained in any law for the time being in force, no court shall be entitled to require any public servant to disclose the name of such person or any such particulars or to give any evidence m respect thereof.

(b) No public servant shall disclose the name of the person subs- cribing to the National Defence Gold Bonds, 1980 or any particulars relating to- the Bonds subscribed to by him, except to an officer employed in the execution of any of the Acts mentioned in sub-section

"7 o( 1957

54 of 1963 (1) or Lhe Wealth-tax Act, 1957 or to any officer appointed by the Comptroller and Auditor-General of India or the Central Board of Direct Taxes (constituted under the Central Boards of Revenue Act, J 963) to audit income-tax receipts or refunds.

(4) In this section,—

(a) "gold" means gold, including its alloy, whether virgin,

melted, re-melted, wrought or unwrought, in any shape or form,

and includes any gold coin (whether legal tender or not), any

ornament and any other article ut gold;

(b) 'public servant" includes an officer or other employee

of the Reserve Bank of India.

S. RADHAKRISHNAN,

President.

R. C. S. SARKAR,

Secy, to the Govt, of Itttftft.

PRINTED m INDIA BY THE GENERAL MANAOKR, OOVJKNMENT OF INDIA FRIES*.

MIHTO ROAD. NEW DELHI AND PUBLISHED BY THE MANAGER OF PUBLICATTONA

" E U& 1965.