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.—In exercise of the powers conferred by section 293 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, 1967.
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: — "20. 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 asscssee outside India by or on behalf of the Government shall be as follows, namely: —
1122 THE GAZETTE OF INDIA EXTRAORDINARY [PART H-SKO. S(U)1 (b) In respect of tucb income payable on or after the 0th day d June, IMS (I) £ 1 iterllng=R". 210fl (II) U.S. $ l.=Rs. 7-50";(c) for lule 118, the following rule shall be substituted, and uhall be deemed
"113. Rate of exchange for conversion into rupees of incom* exprtattd in foreign currency.—The rates of exchange for the calculation of the value in rupees of any income shall be as follows: —
(a) in respect of income accruing or arising or deemed to accrue oi arise to the assessce or received or deemed to ne received by Mm or on his behalf before the 6th day of June, 1868—
(i) 1 sh. 6 d = R e. 1/- (H) U.S. $ l=Rs- 4-762;
(b) in resDect of income accruing or arising or deemed to accrue or arist to the assessee or received or deemed to be received by him ox on his behalf on or after the 6lh of June, 1866—
(1) £ 1 sterling^=Rs. 21 00
(ii) U.S. $ l~Rs. 7-50.".
[No. 87/r. No. 3(51)/65-TFL.l V. RAMASWAMI IYER, Secy