REGISTERED No. D. 221
The Gazette of India
EXTRAORDINARY
PART II—Section 1
PUBLISHED BY AUTHORITY
No. 46]
NEW DELHI, MONDAY, DECEMBER 6, 1965/AGRAHAYANA 15, 1887
Separate paging is given to this Part in order that it may be filed
as a separate compilation.
MINISTRY OF LAW
(Legislative Department)
New Delhi, the 6th December, 1965/Agrahayana 15, 1887 (Saka)
The following Act of Parliament received the assent of the Presi-
dent on the 14th December, 1905 and is hereby published for gene-
ral information: —
THE TAXATION LAWS (AMENDMENT AND MIS-
CELLANEOUS PROVISIONS) ACT, 1965
No. 41 or 1965
[4th December, 1965]
An Act 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.
Be it enacted by Parliament in the Sixteenth Year of the Republic
of India as follows:—
1. This Act may be called the Taxation Laws (Amendment and
Miscellaneous Provisions) Act, 1 9 .
Short title.
(585)
586
THE GAZETTE OF INDIA EXTRAORDINARY
[PAUT II
Amendment
of »ection 2.
Amendment
of section io.
Amcndmeni
of lection
[93.
AiBCHttxnent
of Act 34 °f
193B.
Amendment
•f Act 27 of
i>57-
Amend-
m n t
of Act 18
of 1»58
2. In section 2 of the Income-tax Act, 1961 (hereinafter referred
t» as the Income-tax Act), in sub-clause (iv) of clause (14), after the
figures "1960", 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 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 --
" (ia) any interest payable to an individual on 4i per cent
National Defence Loan, 1968, or 4^ per cent. National Defence
Loan, 1972 ; •r".
5 In the Estate Duty Act, 1953 —
(i) in sub-iection (i) of section 33, after clause (o), the
follow" "\g clause shall be in*erted, namely : —
•'(p) National Defence Gold Bonds, 1980, to the extent
of the principal value of such Bonds for an aggregate weight
of fifty kilogramme* 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 passing on
any subsequent death.";
(ii) in sub-section (1) of section 34, in clause (a), for th*
brackets, letters and word " (n) and (o)", the brackets, letters
and word "(n), (o) and (p)" shall be substituted,
6. In section 5 of the Wealth-tax Act, 1957, in sub-section (1), for
clause (xvia), the following clauise shall be substituted, namely : —
" (xvia) 6i per cent. Gold Bonds, 1977, 7 per cent Gold Bond*
1980 and National Defence Gold Bonds, 1980;".
7.-in section 5 of the Gift-tax Act, 1958, in bub-section (1), after
clause (Hi), the following clause shall be inserted, namely: —
" (iiia)
of property in the form of National Defence Gold
Bonds, 1980, not exceeding the value of such Bonds for
an
aggregate weight of five kilogrammes of gold In any previous
year:
Provided that th« exemption conferred by thjs. clause ahull
bo available only to a person who has initially subscribed to the
said Bonds;".
4} of 1961
SEC, 1]
THE GAZETTE OF INDIA EXTRAORDINARY
587
11 of 1923.
43 of 19*1.
15 of 1949.
21 «f i»47.
14 «f 1M3.
7 of 1964.
1 7
Of
I Q S 7
11 of 1957
14 of 1963
8. (1) Where a person who has acquired
any gold out of his
income which has not been disclosed by him for the purposes ot the
Indian Income-tax Act, 1922, or the Income-tax Act, 1961, or the
Excess Profits Tax Act, 1940, or the Business Profits Tax Act, 1947, or
the Sup«r 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 Income-
tax Ofllcer or the seizure of such gold under any law for the time
being in force, such income shall, notwithstanding anything contained
in the said Acts, not be included in his income, profits
or gains
chargeable to tax under the said Acts in an assessment or re-assess-
ment for any assessment year made under the said Acts on or after
the 20th toy of October, 1985.
(2) In computing the net wealth of a person undei the Wealth-
tax Act, 1957, the value ot 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-assessment for any
amassment year made under the ^aid Act on or after the 2<Jth day of
October, IOCS.
(3) (a) The name ef the person subscribing to the 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.
(fa) No public servant shall disclose the name of the person subs-
cribinj 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
(1) or the 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,
1W3) to audit income-tax receipts or refunds.
(4) In thi» section,—
(a) "gold" means gold, including its alloy, whether virgin,
melted, re-melted, wrought or unwrought, in any shape or form,
and lBclud«siany gold-coin (whether legal tender or not)
any
ornament and any other article of igoM;
Exemption
from tax in
certtin case-
of undjaclos
td income
invoated in
NMIOMI Dc
fence
Gold
Bonds, 1980
588
THE GAZETTE OF INDIA EXTRAORDINARY
LPART II—SIC. 1]
Rapwluxi
StTtofl.
(b) "public servant" includes an officer or other employee
of the Reserve Bank of India, the State Bank of India or any
subsidiary bank of the State Bank of India.
9. (1) The Taxation Laws (Amendment and Miscellaneous Pro- 5 of
visions) Ordinance, 1965 is hereby repealed.
(2) Notwithstanding such repeal, anything done or any action
taken under the said Ordinance shall be deemed to have been done
or taken under this Act as If this Act had commenced on the l§th
day of October, 1WJ6.
R. C. S. SARKAJR,
Secy, to the Gout, of India.
fjkfNtxb IN naa* BY TAB onvokuk MAXAOP, aMlWntXNT at urtBA nom,
MINTO ROAD, WXW DKLB1 Am) Wt^WOD Wt t » MAWAa OV VOBUCATIOim,
D«UU. 1WI.