Income-tax (Twenty-Fourth Amendment) Rules, 2000 - S.O. 1167(E) - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (Central Board of Direct Taxes) NOTIFICATION NO. 11577 New Delhi, the 27 th December, 2000 INCOME TAX S.O. 1167(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 (Twenty-Fourth Amendment) Rules, 2000 (2) They shall be deemed to have come into force with effect from the 1 st day of April, 1999 2. In the Income-tax Rules, 1962, in rule 67 , in sub-rule (2), - (a) in clause (i), after the words Central Government securities the following words shall be inserted, namely :- as defined in section 2 of the Public Debt Act. 1944 (18 of 1944) ; and/or units of such Mutual Funds which have been set up as dedicated Funds for investment in Government Securities and which have been approved by the Securities and Exchange Board of India; , (b) in clause (ii), sub-clause (a), for the words created and issued by any State Government; the following shall be substituted, namely:- of any State Governments and/or units of such Mutual Funds which have been set up as dedicated Funds for investment in Government Securities and which have been approved by the Securities and Exchange Board of India; . [F. No. 142/36/99-TPL] T. K. SHAH, Director Explanatory Memorandum The Central Government in the Department of Economic Affairs has specified by notification no. ll(3)-PD/98 dated 31st March, 1999 the pattern of investment to be made by approved provident funds, approved superannuation funds and gratuity funds. The said notification has come into force on the 1st day of April, 1999. Rule 67 of the Income-tax Rules, 1962 contain provisions relating to investment of fund monies on the pattern specified from time to time by the Department of Economic Affairs. It is, therefore proposed to amend rule 67 of the Income tax Rules, 1962 so as to provide in the said rule the pattern of investment notified by notification no, 11(3 )-PD/98 of Department of Economic Affairs, with effect from 1.4.1999 being the date from which the said notificaton no. 1 l(3)-PD/98 dated 31st March, 1999 came into force. It is certified that the retrospective operation of this notification shall not prejudicially affect interests of assessees.