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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:—

Short title.

1. This Act may be called the Taxation Laws (Amendment and

Miscellaneous Provisions) Act, 1 9.

(585)

4} of 1961

Amendment

of "ection 2.

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".

Amendment

of section io.

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 --

Amcndmeni

of lection

[93.

" (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 —

AiBCHttxnent of Act 34 °f 193B.

(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 : —

Amendment •f Act 27 of i>57-

" (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: —

Amend- m nt of Act 18 of 1"58

" (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;".

8. (1) Where a person who has acquired any gold out of his

11 of 1923. 43 of 19*1. 15 of 1949. 21 "f i"47. 14 "f 1M3. 7 of 1964.

Exemption from tax in certtin case- of undjaclos td income invoated in NMIOMI Dc fence Gold Bonds, 1980 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.

17 Of I Q S7

(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

(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.

11 of 1957

(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.

14 of 1963

(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;

(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 Rapwluxi StTtofl. 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.

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