रजिस्ट्री सं ० डी० 221
REGISTERED No. D. 221
भारतकाराजपत्र The Gazette of India
असाधारण
EXTRAORDINARY
भाग II-खण्ड -उत्खण्ड ( ii)
PART II- Section 3- Sub - section ( ii )
प्राधिकार से प्रकाशित
PUBLISHED BY AUTHORITY
सं० 353] नई दिल्ली , शुक्रवार , सितम्ग्रर 27 , 1968/ সাহিল 5 , 1890
No. 353 ) NEW DELHI , FRIDAY , SEPTEMEER 27 , 1958 / ASVINA 5 , 1890
इस भाग में भिन्न पृष्ठ संख्या दी जाती है जिससे कि यह अलग संकलन के रूप में रखा आ सकें ।
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 25th September 1968
S.O. 3494. In exercise of the powers conferred by section 295 of the Income - fax Act , 1961 ( 43 of 1961' ) , the Central Board of Direct Taxes hereby makes the following rules further to amend the Ircome- tax Rules , 1962 , namely :-
1. These rules may be called the Income- tax ( Sixth Amendment ) Rules , 1968-
2. After rule 30 of the Income - tax Rules , 1962 ( hereinafter referred to as the principal rules ) , the following rule shall be , and shall be deemed always to have been, inserted , namely :--
" 30A . Credit or tax deducted at source to a person other than the share- holder in certain circumstances . ( 1 ) Subject to the provisions of sub - rule ( 2 ) , where the dividend or any share is assessable as the income of a person other than the shareholder , any deduction made in accordance with sec lon 194 and paid to the Central Government , shall be deemed to be a payment of tax on behalf of. ard the credit In respect theeof shall be given to , such other person in the circums- tances specified below , namely :-
( 1 ) Where a company has a right to appoint any person or persons , or where any nominee or nominees of the company has or have been appointed , as a director or directors of any other body corporate,
( 1083' THE GAZETTE OF INDIA EXTRAORDINARY
(PART II- 1084
and shares owned by such company in such other body corporate, to an amount not exceed.ng the nominal value of the shares which are required to be held by a director thereof , are registered in the name of any such person or nominee ;
( II ) where a company owns any shares in Its subsidiary and such shares are registered in the name or names of any nominee or nominees of the company , if and in so far as 1 is necessary so to do , to ensure that the number of members of the subsidiary is not reduced, where it is a public company, below seven , and where it is a private company , below two;
( Li ) where a corporation established by or under a Central , State or Provincial Act owns any shares in a company and such shares aro registered in the name or names of any nominee or nominees of the corporation in the circumstances specified in clause ( 1 ) or clause ( ii);
( Iv ) where ary person deposits , with any bank . Including a co -operative bank or a land mortgage bank , any shares owned by him , for the collection of dividents thereon and such shares are registered in the name of the bank ;
(v ) where any person deposits with any other person any shares owned by him , by way of security for the repayment of any loan or the performance of any obligation and such shares are held by , or on behalf of , any of the following , namely :-
(a) the Governmert or the Reserve Bank of India or any body corporate owned by the Government . or the Reserve Bank of India , or in which not less than forty per cent of the shares are held ( whether singly or taken together ) by the Government or the Reserve Bank of India or a corporation owned by that bank :
(b) a local authority;
(c ) the State Bank of India constituted under the State Bank of India Act, 1955 ( 23 of 1955 ) or any of its subsidiary banks ;
(d) any banking company, including a co- operative bank or a land nortgage bank;
(e) the Industrial Finance Corporation of India , the Industrial Credit. and Investment Corporation of India Ltd. , the Madras Industrial and Investment Corporation of India Ltd. , and the Refinance Corporation for Industry Ltd.;
(I ) a State Financial Corporation established under the State Financial Corporations Act , 1951 (63 of 1951) ;
(g ) an Industrial Development Corporation established in India by a State Government ;
(h) the Life Insurance Corporation of India established under the Life Insurance Corporation of India Act , 1956 (31. of 1956 ) ;
(1) the Industrial Development Bank of India , established under the Industrial Development Bank of India Act, 1964 ( 18 of 1964 ) ;
(vi ) where shares are held by a trustee appolrted under a trust declared by a duly executed instrument in writing whether testamentary or otherwise ( including any wakf deed which is valid under the Mussalman Wakf Validating Act , 1913 ( 6 of 1913 ) ) ) and the dividend thereon is received by the trustee on behalf of, or for the beneft cf, any person who is a beneficiary of the trust;
(vil) where the shares owned by a firm are held in the name of any el its partners :
(vill ) where the shares owned by a Hindu undivided family are held in the name of the Karta or any other adult member of the family;
THE GAZETTE OF INDIA EXTRAORDINARY
SEC . 3 ( i ) )
(Lx ) where the shares have been sold or otherwise transferred by the registered shareholder and action for registering the transfer in the name of the purchaser or other person has been taken in accord- ance with the provisions of section 108 of the Companies Act , 1956 ( 1 of 1956 ) ;
( x ) where the shares owned by a member of a recognised Stock Exchange in India deposited with the Stock Exchange in accordance with the regulations of the Exchange are registered in the name of the trustees of the Exchange or the bankers of the Exchange .
( 2 ) The credit referred to in sub - rule ( 1 ) shall not be given unless the person entitled to such credit furnishes to the Income - tax Officerя declaration in Form No. 15B made by him and the shareholder con- cerned , together with a cer.ficate of deduction of tax at source is Form No. 19. "
3 In Appendix II to the principal rules , after Form No. 15A , the following form shall be , and stall be deemed always to have been inserted , namely :
"FORM NO . 15B
[See rule 30A ( 2 ) )
Form of Declaration to be made by the Registered Shareholder and by the person claiming credit where the dividend on the share is assessable as the income of such other person
I / We hereby declare that dividend ( s ) , as per details shown in columns 4 to 7 of the Table hereinbelow , on the share ( s ) , specified in column 3 thereof , registered in my/ our name ( s )
the name of ...
(name of the bank / company , etc. )
was collected by me/ 13 on behalf of the bank/ company , etc.
who is/ which is beneficially entitled to receive (name and address ) the income by way of dividend . Particulars of the tax deducted at source from the dividend ( s ) mentioned hereinabove , as shown in the certificate of deduction of tax under seccion 203 Issued in my / our name (name of the bank / company , etc. ) are given in columns 8 to 10 of the Table hereinbelow .
I further declare that I / We
the bank / company , etc. has /have not claimed any credit under section 199 , nor nas any credit under that section been allowed to me / us for the tax deducted from the the bank /company, etc.
dividend ( s ) on these shares .
1 / We also undertake that I/ We .
the bank / company , etc. shall not claim any credit under section 199 for the tax deducted at source from the dividena ( s ) on these shares .
Signature of the shareholder
Address
Date TABLE OIVING DETAILS OF DIVIDENT SHARES, ETC.
S. No.
Dare of d claration of the divid.nd Amount ofdivi- dent .
Tax deducted under section 194 of the Income- tax Act , 1961
Date of receipt of divi d.nd
No. , descrip- Lion & face value thares. of
Nem of company paying the d.vid.nd
I
2
3
IT
Toal Proiod for which dividend declared
SC
10 6
8
7
5
4
Net amount received
9
Particulars of certificate of deduction of tax under section 203
II
THEGAZETTEOFINDIAEXTRAORDINARY
12
[РактП- THE GAZETTE OF INDIA EXTRAORDINARY
SEC . 3 ( ii ) )
1087
I/ We hereby declare that the dividend ( s ) , as per details shown in columns 4 to 7 of the above Table, on the share ( s ) , specified in column 3 thereof , is / are assessable as my / our income the income of the . (name of the bank / company , etc. )
At the time when the dividend on the above - mentioned share ( s ) was declared/ credited/ paid , these shares were registered in the name ( s ) of . and the dividend thereon was collected by the said (name & address ) on my / our behalf on behalf of the bank/ company , etc.
I/ We , therefore , request that for the reasons given hereunder the credit in respect of the tax deducted at source from the dividend mentioned above should be. given to me/ us
the bank / company , etc.
(Reasons to be stated)
Date
Place
Signature of the person claiming credit . "
[No. 88 / F . No. 1 ( 419 ) / 67 - TPL . ] V. RAMASWAMI IYER , Secy . :
PRINTED BY THE GENERAL MANAGER, GOVERNMENT OF INDIA PRESS , NEW DELHI AND PUBLISHED BY THE MANAGER OF PUBLICATIONS , DELILI , 1968