Indira Vikas Patra (Amendment) Rules, 1989 - 0720(E) - Income Tax

Indira Vikas Patra (Amendment) Rules, 1989 Notification Number: 0720(E) Dated 28-07-1989 In exercise of the powers conferred by section 12 of the Government Savings Certificates Act, 1959 (46 of 1959), the Central Government hereby makes the following rules further to amend the Indira Vikas Patra Rules, 1986, namely:-- 1. (1) These rules may be called the Indira Vikas Patra (Amendment) Rules, 1989. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In rule 8 of the Indira Vikas Patra Rules, 1986, for sub-rule (4), the following shall be substituted, namely:-- "(4) In the case of certificates purchased on or after 1st day of April, 1987, and on or before 29th day of February, 1988, interest at the rate of 13.43 per cent. per annum compounded on the initial sale value of the certificate shall be deemed to have accrued at the end of each year, calculated from the date of initial purchase of the certificate from the Post Office up to the end of five and half years for the purpose of tax payable by a holder in the relevant assessment year under any law for the time being in force." File Number: 3/97/88-NS-II