REGISTERED No. D-(D)-72
The Gazette of India
EXTRAORDINARY
PART II—Section 3—Sub-section (ii)
PUBLISHED BY AUTHORITY
No. 73] NEW DELHI, TUESDAY, FEBRUARY 15, 1977/MAGHA 26, 1898
Separate paging is given to this Part in order that it may be filed as a separate compilation.
CENTRAL BOARD OF DIRECT TAXES
NOTIFICATION
New Delhi, the 15th February 1977
S.O. 167 (E).—In exercise of the powers conferred by section 25 of the Com- panies (Profits) Surtax Act, 1964 (7 of 1964). the Central Board of Direct Taw* hereby makes the following rules further to amend the Companies (Profits) Sur. tax Rules, 1964, namely.—
1. (1) These rules may be called the Companies (Profits) Surtax (Amendment) Rule's, 1977.
(2) They shall come into force on the 1st day of April, 1977 2 In the Appendix to the Companies (Profits) Surtax Rules, 1964, in Form No.
1,-
(a) in Part II,—
(1) in item 1, for the word and figure "Note 2", the word and figure "Note 1" shall be substituted;
(ii) in item 2, for the brackets and words "(Please give details)", the fol- lowing shall be substituted, namely:—
"(To be filled in only where the return relates to the assessmentyears) ;
(529)
#gO THE GAZETTE OP INDIA EXTRAORDINARY PABT II—SEC. 3(ii)(lii) In item 3,—
(1) in entry (10), for the word and figure "Note 3", the word and figure "Note 2" shall be substituted,
(2) in entry (12), for the word and figure "Note 4", the word and flgur# "Note 3" shall be substituted,
(iv) Notes 2, 3 and 4 below Part II shall be re-numbered respectively as Notes 1, 2 and 3,
(v) in Note 1 as so re-numbered, in clause (a), after the words "the amount of the", the words "Investment allowance and" s^aU be Inserted;
(b) In Part III —
()) in item 1, for the word and figure "Note 5", the word and fljjure "Not* 4" shall be substituted,
(II) for item 3, the following Items shall be substituted, namely:—
"S. Amount (as on the first day of the previous year) of—
(1) the Investment allowance reserve, if any, created under section 32A(4) of the Income-tax Act, 1961;
(2) the development rebate reserve, if any, created under proviso (b) to section 10(2) (vib) of the Indian Income-tax Act, 1922, or under section 34(3) of the Income-tax Act, 1961.";
(III) in item 5, the following shall be inserted at the end, namely:—
"(To be filled in only where the return relates to the assessment year 1976-77 or any earlier assessment year.)";
(iv) In item 0, for the brackets and words "(Please give details)", the toU lowing shall be substituted, namely.—
"(To be filled in only where the return relate! to the assessment year 1976-77 or any ear her assessment year. Please give details.)";
(v) In item 8,—
(A) entries (1) and (2) shall be re-numbered respectively as entries (2)' and (3), and before entry (2) as so re-numbered, the following entry shall be inserted, namely.—
"(1) If the company haa not made any credit (as on the first day of the previous year) in any account of the nature of provision for taxation or provision for proposed dividend or the amount cre- dited in such account falls short of the amount which should have reasonably been credited, the amount which has not been so credited or, aa the case may be, the amount of shortfall. [Please "ae rule lA of the Second Schedule to the Companies (Profits) Surtax Act, 1964]";
(B) In entry (3) as so re-numbered. In clause (a), for the word and figure "Note 6", the word and figure "Note 5" shall be substituted: (vl) In item 9, for the word, brackets, figure, and letter "and (2)(c)'\ th" brackets, figures, word and letter,", (2) and (3) (c)" shall be subs- tituted;
(vii) In items 10 and 11 —
(1) for the words and figures "rules 1 and 2", the words, figures and letter "rules 1, 1A and 2" shall be substituted;
(2) for the word pnd figure "Note 7", the word and figure "Note 6" shall be substituted;
531
(ix) for item 15, the following item shall be substituted, namely:—* "15. Amount of the standard deduction—(1) Where the return reliita* to the jssesment year 1976-77 or any earlier assessment year, at 10 per cent of the capital (as shown in item 14) or R3, 2,00,000. whichever is greater
(2) Where the return relates to any other assessment year, at 15 per cent of the capital (as t,hown in item 14) or Rs. 2,00,000, which- ever is greater (If the previous year Is longer or shorter than a period of 12 months, the amount arrived at in accordance with entry (1) or, as the case may be, entry (2) should be Increased or decreased proportionately), (Please see Note 9),";
(c) Notes 5, 6, 7, 8, 9 and 10 below Part III shall be re-numbered respectively as Notes 4, 5, 6, 7, 8 and 9;
(d) In Note 5 as so re-numbered, for the brackets and figure "(2)", On brackets and figure "(3)" shall be substituted,
(•) in Note 6 as so re-numbered,—
(1) for the words and figures "rule 1 and rule 2", the words, flgurea and letter "rule 1, rule lA and rule 2" BhaU be substituted;
(2) for the words and figures "rules 1 and 2", the words, figures and let- ter "rules 1, 1A and 2" shall be substituted.
[No. 1659/F. No. 143(ll)/76-TFI4
S. N. SHENDE, Secy., Central Board of Direct TaMft
5 32 THE GAZETTE OF INDIA EXTRAORDINARY PAHT II—SIC 3(10