Income-tax (Twenty-Third Amendment) Rules, 2003 - 240/2003 - Income Tax

Income-tax (Twenty-Third Amendment) Rules, 2003 INCOME TAX NOTIFICATION No. 240 Dated 1st October, 2003 In exercise of the powers conferred by 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-Third Amendment) Rules, 2003. (2) They shall come into force from the date of publication in the Official Gazette. 2. In the Income-tax Rules, 1962, in Appendix II, in Form No-3AC, for Part III, the following shall be substituted, namely: - "Part III Statement of particulars relating to the claim for deduction under section 33AB 1. Books of account examined. 2. Method of accounting employed {Please indicate whether there is any change from the method of accounting employed in the immediately preceding previous year. 3. Whether separate accounts are maintained in respect of business of growing and manufacturing "tea/coffee/rubber in India . 4. If the answer to item 3 above is in the affirmative, please indicate the profit of such business, computed under the head "Profits and gains of business or profession" before making any deduction under section 33AB. 5. In case separate accounts are not maintained or are not available, please indicate-- -- -- -- -- (i) total sales or turnover of business of growing and, manufacturing "tea/coffee/rubber in India ; (ii) total sales or turnover of assessee's business computed under the head "Profits and gains of business or profession " before making any deduction under section 33AB; and (iii) the proportionate profit of the business of growing and manufacturing *tea/coffee/rubber. 6. The amounts deposited before the expiry of six months from the end of the previous year or before furnishing of return of income, whichever is earlier, with the National Bank or in the Deposit Account in accordance with the scheme, out of the income chargeable to tax under the head "Profits and gains of business or profession "(Please indicate the account number, the branch of concerned National Bank or the bank where the Deposit Account is opened and the dates and the amount of deposits). 7. Withdrawals made from the account referred to in item 6 with dates and amounts of withdrawals. 8. Purposes for which the withdrawals referred to in item 7 were made (Please indicate whether it is for the purposes specified in the scheme or it is in the circumstances specified in sub-section (3) of section 33AB. In case of the latter, indicate the specified circumstance!. 9. The amounts utilised out of the withdrawals referred to in item 7 above with details regarding the purpose for which and the dates on which the amounts were utilised. 10. Please indicate whether any amount has been utilised for the purchase of any item referred to in sub-section (4) of section 33AB or has also been claimed as an allowance in computing the income chargeable to tax under the head "Profits and gains of business or profession". 11. The amounts withdrawn from the National Bank or from the Deposit Account but not utilised during the previous year for the purposes specified in the scheme. 12. Whether any asset acquired in accordance with the provisions of the scheme is sold or otherwise transferred during the previous year. If the answer is in the affirmative, please indicate separately in respect of each asset, the date of acquisition, the cost of acquisition, date of sale or transfer, consideration for sale or transfer and the name(s) of person(s) to whom the asset was sold or transferred- 13. The amount of deduction permissible in accordance with the provisions of section 33AB. Notes: 1. * Delete whichever is not applicable, 2. "National Bark" has the same meaning as assigned in clause (a) of the Explanation to section 33AB. 3. The "scheme" mentioned above refers to the scheme as referred to in clause (a) of sub-section (1) of section 33AB or the Deposit Scheme referred to in clause (b) of sub-section (1) of section 33AB. 4. **This part of the report is to be signed by the person signing Part I or part II of the report. 5. Please attach the profit and loss account/income and expenditure statement and the balance sheet to this report. If separate accounts are maintained for business of growing and manufacturing tea or coffee or rubber, as the case may be, the profit and loss account/income and expenditure statement and balance sheet may be attached separately for such business. Sd/- (D.P. Semwal) Director F.No.142/38/2003-TPL Note .- The principal rules were published vide Notification No.S.0.969(E), dated the 26th March, 1962 and last amended by Income-tax (Twenty-Second Amendment) Rules, 2003 vide Notification S.O. No. 1145 (E) dated the 30.9.2003.