Income-tax (Seventeenth Amendment) Rules, 1998 - S.O. 898(E) - Income Tax

MINISTRY OF FINANCE (Department of Revenue) CENTRAL BOARD OF DIRECT TAXES NOTIFICATION NO. 10720 New Delhi, the 12th October, 1998 INCOME-TAX S.O. 898(E).- In exercise of the powers conferred by sub-section (1) of section 295 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. (1) These rules may be called the Income-tax (Seventeenth Amendment) Rules, 1998 (2) They shall come into force on their publication in the Official Gazette 2. in Appendix II to the Income-tax Rules, 1962 , in Form No. 1,- (a) in PART-II relating to statement of income,- (i) under the head B. PROFITS AND GAINS OF BUSINESS OR PROFESSION ,- (A) in the opening portion beginning with the words In case of the company and ending with the words, letters and figure income against item No. 3 ,- (i) for the words and figures items 3 to 19 , the words and figures items 3 to 20 shall be substituted; (ii) after the words, figures and letters or section 44F , the words, figures and letters or section 44AF shall be inserted; (B) in the heading occurring above item 17, for word, figures and letters sections 44AD 44AE , the words, figures and letters section 44AD, 44AE and 44AF shall be substituted; (C) for item 19 and entries relating thereto, the following shall be substituted, namely :- 19. In case the company was engaged in the business of retail trade in any goods or merchandise, the total turnover on account of which did not exceed forty lakh rupees, please furnish the following information for the purposes of section 44AF : (i) Total turnover on account of such business : Rs._________________ (ii) Profits of such business included in item 3 : Rs._________________ (iii) Item (ii) as a percentage of Item (i) above : Rs__________________ 20. Whether the income shown at item numbers 17 or 18 or 19 is less than the amounts specified under sections 44 AD or 44AE or 44AF respectively? (a) Income at item number 17 (section 44AD) : * Yes/No. (b) Income at item number 18 (section 44AE) : * Yes/No. (c) Income at item number 19 (section 44AF) : * Yes/No. *Delete whichever is not applicable. ; (ii) under the head H. 30% Book profits under section 115JA , after item 5 and entries relating thereto, the following shall inserted, namely,- 6. Details of tax credit carried forward and set-off under section 115JAA. ; (b) in PART-IV relating to information relevant to business or profession, for item 7, the following shall be substituted, namely :- 7. Deductions claimed under Chapter IV : u/s Code Amount (Rs.) u/s Code Amount (Rs.) 32(1) 430 35AC 439 32(2) 432 35CCA 440 32A 433 35CCB 441 33AB 434 36(l)(vii) 445 33AC 458 36(1)(viia) 444 35(1) 435 36(lXviii) 451 35(2AA) 436 37(2) 447 35(2AB) 450 37(3) 448 35(ABB) 449 [F. No. 142/9/98-TPL] D. KARUNAKARA RAO, Under Secy.