Income-tax (Eighteenth Amendment) Rules, 2000 - S.O. 893(E) - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 11523 New Delhi, the 27th September, 2000 (INCOME-TAX) S.O. 893(E).- In exercise of powers conferred by section 295 , read with sub-section (5) of section 10B 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 (Eighteenth Amendment) Rules, 2000. (2) They shall come into force on the date of their publication in the Official Gazette 2. In Income-tax Rules, 1962 ,- (a) the following shall be inserted, namely,- in PART IV, after rule 16D [16E Form of Report for claiming deduction under section 10B 16E. The report of an accountant which is required to be furnished by the assessee along with the return of income, under sub-section (5) of section 10B shall be in Form No.56G. ; (b) in Appendix II, after FORM NO.56E the following shall be inserted, namely FORM NO. 56G [See rule 16E] Report under section 10B of the Income-tax Act, 1961 1. I / We* have examined the accounts and records of ... (name and address of the .. relating to the assessee with permanent account number) business of their undertaking named . engaged in export of articles or things or computer software during the year ended on the 31st March . 2. I / We* certify that the undertaking is a hundred per cent export-oriented undertaking located at . and (exact location of the undertaking) registered as EOU in ., and that the (name of the zone in which registered as EOU) deduction to be claimed by the assessee under section 10B of the Income-tax Act, 1961 in respect of the assessment year is Rs. which has been determined on the basis of the details in Annexure A to this Form. 3. I / We* certify that I / we* have collected all the relevant information necessary for computing the deduction allowable under this section and have verified the same with reference to the accounts and records of the assessee. 4. In my / our* opinion and to the best of my / our* knowledge and according to the explanations given to me / us*, the particulars given in the Annexure A are true and correct. Dated . ... Signed +Accountant Notes: 1. *Delete whichever is not applicable. 2. +This report is to be given by - (i) a Chartered Accountant within the meaning of the Chartered Accountants Act, 1949 (38 of 1949); or (ii) any person, who in relation to any State, is, by virtue of the provisions of sub-section(2) of section 226 of the Companies Act, 1956(1 of 1956), entitled to be appointed to act as an auditor of companies registered in that state. 3. Where any of the matter stated in this report is answered in the negative or with a qualification, the report shall state the reasons therefor. ANNEXURE A [See paragraph 2 of Form 56G] Details relating to the claim by the exporter for deduction under section 10B of the Income-tax Act, 1961 1. Name of the assessee : 2. Assessment year : 3. Name of the undertaking 4. Location and address of the undertaking 5. Nature of business of the undertaking 6. Date of registration as hundred per cent EOU 7. Date of commencement of manufacture or production 8. Number of the consecutive year for which the deduction is claimed 9. Total turnover of the business 10. Total turnover of the undertaking 11. Total profits of the business 12. Total profits of the undertaking 13. Total export turnover 14. Export turnover of the undertaking in respect of (a) articles or things, or (b) computer software 15. Domestic turnover of the undertaking in respect of (a) articles or things, or (b) Computer software 16. Please specify (i) whether the full consideration in convertible foreign exchange for exports made by the undertaking was brought into India within a period of six months from the end of the previous year *Yes/ No (ii) If not, whether it was brought into India within such further period in the previous year as allowed by the Competent Authority *Yes/ No (iii) Specify the amount and the relevant previous year in case such amount is brought into India in convertible foreign exchange beyond the period of six months from the end of relevant previous year and with the approval of the Competent Authority, where such amount relates to any other previous year. Also specify the authority and the period up to which the approval was accorded . (iv) Amount of sale proceeds, if any, that are credited to a separate account maintained by the assessee with any bank outside India and the reference number of Reserve Bank of India according permission for the same. . 17. Amount of deduction to which assessee is entitled under section 10B. 18. Remarks if any [F.No. 142/41/2000-TPL] SHIKHA DARBARI, Under Secy.