Income-tax (Second Amendment) Rules, 2003 - 049/2003 - Income Tax

Income-tax (Second Amendment) Rules, 2003 Notification No. 49 of 2003, dt. 11th March, 2003 In exercise of powers conferred by section 295, read with clause (2) of section 17 and sub-section (2C) of section 192 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 1 [ (Third Amendment) ] Rules, 2003, (2) They shall be deemed to have come into force on the 1st day of April, 2002. 2. In the Income-tax Rules, 1962, in rule 3, in sub-rule (6), in proviso, for the words the Railways , the words an airline or the Railways , shall be substituted. EXPLANATORY MEMORANDUM The amendment in rule 3 of the Income-tax Rules, 1962 is for the benefit of the airlines employees and therefore is not prejudicial to the assessees, who are airline employees. Footnote - The principal rules were published under Notification No. S.O. 969 dt. 26th March, 1962, which has been amended from time to time, the last such amendment was made vide Notification 2 [ No. S.O. 138(E) dated 6th February, 2003 ] . [F. No. 149/154/2002-TPL] ********** Notes 1. Substituted vide Notification No. 74 of 2003 dated 01-04-2003 before it was read as (Second Amendment) 2. Substituted vide Notification No. 74 of 2003 dated 01-04-2003 before it was read as No. S.O. 104(E) dated 28th January, 2003