Income-tax (26th Amendment) Rules, 2002 - 358/2002 - Income Tax

Income-tax (26th Amendment) Rules, 2002 NOTIFICATION NO. 358 Dated 29th November. 2002 In exercise of the powers conferred by section 295 read with clause (c) of sub-section (2) of section 80G 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 (26th Amendment) Rules, 2002. (2) They shall come into force from the date of their publication in the Official Gazette. 2. In the Income-tax Rules, 1962, after rule 18AAAA, the following rule shall be inserted, namely:- "18AAAAA. Guidelines for specifying an association or Institution for the purposes of notification under clause (c) of sub-section (2) of section 80G. In specifying an association or institution for notification under clause (c) of sub-section (2) of section 80G, the Central Government shall satisfy itself that,- (a) the association or institution has as its object the control, supervision, regulation or encouragement in India of the games or sports notified under Explanation 4 to Section 80G; (b) the association or institution has a proven record of its dedication towards development of infrastructure of sports or games or promotion of sports or games for at least a period of three years; (c) the association or institution does not distribute any part of its income in any manner to its members except as grants to any association or institution affiliated to it; (d) the association or institution applies the amount received by way of donation referred to in clause (c of sub-section (2) of section 80G for purposes of development of infrastructure for games or sports in India or for sponsoring of games or sports in India; . (e) the association or institution maintains regular accounts of its receipt and expenditure; (f) the association or institution files its return of income regularly; (g) the notification issued by the Central Government under clause (c) of sub- section (2) of section 80G shall have effect in relation to the assessment year or years, not exceeding three assessment years (including an assessment year or years commencing before the date on which such notification is issued), as may be specified in such notification." Sd/- (Rahul Navin) Under Secretary to the Government of India F.N0.142/16/2002-TPL Note :-The principal rules were published vide Notification No.S.0.969(E). dated the 26th March, 1962 and last amended vide Notification S.O. No.l062(E) dated the 4.10.2002.