Income-tax (Nineteenth Amendment) Rules, 2000 - S.O. 894(E) - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 11524 New Delhi, the 27th September, 2000 INCOME-TAX S.O. 894(E). -In exercise of powers conferred by Section 295 , read with sub-section (4) of section 115JB 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 (Nineteenth 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,- after PART, VIIA, PART VIIB [40BSpecial provision for payment of tax by certain companies The report of an accountant which is required to be furnished by the assessee along with the return of income, under sub-section (4) of section 115JB shall be in Form No 29B. ; (b) in Appendix II, after FORM NO. 29A the following shall be inserted, namely.- FORM No. 29B [See rule 40B] Report under section 115JB of the Income-tax Act, 1961 for computing the book profits of the company 1. I / We* have examine the accounts and records of (name and address of the assessee with PAN) .. engaged in the business of .. in order to (nature of business) arrive at the book profits during the year ended on the 31st March, 2. (a) *I / We certify that the book profit has been computed in accordance with the provisions of this section. The tax payable under section 115JB of the Income-tax Act 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. 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 Annexure A are true and correct. Date ... 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 in 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 thereof. ANNEXURE A [See paragraph 2] Details relating to the computation of book profits for the purposes of section 115JB of the Income-tax Act, 1961 1. Name of the assessee 2. Particulars of address 3. Permanent Account Number 4. Assessment year 5. Total income of the company under the Income-tax Act 6. Income-tax payable on total income 7. Whether Profit and Loss Account is prepared in accordance with the provisions of Parts II and III of Schedule VI to the Companies Act, 1956 ( 1 of 1956). YES / NO 8. Whether Profit and Loss Account referred to in column 7 above has followed the same accounting policies, accounting standards for preparing the profit and loss account and the same method of rates for calculating depreciation as have been adopted for preparing accounts laid before the company at its annual general body meeting? If not, the extent and nature of variation be specified. ). YES / NO 9. Net profit according to Profit and Loss Account referred to in (7) above. 10. Amount of net profit as shown in Profit and Loss Account as increased by the amounts referred to in clauses (a) to (f) of Explanation of sub-section (2) of this section (file working separately, where required) 11. The amount as referred to in item 10 as reduced by the amounts referred to in clauses (i) to (vii) of Explanation of sub-section (2) of this section (file working separately, where required) 12. Book profit as computed according to explanation given in sub-section (2) 13. 7.5% of book profit as computed in 12 above. 14. In case income-tax payable by the company referred to at Sl. No. 6 is less than seven and one-half per cent of its book profits shown in column 12, the amount of income-tax payable by the company would be 7.5% of column 12, i.e., as per (13). [F. No. 142/41/2000-TPL] SHIKHA DARBARI, Under Secy