Income-tax (Seventh Amendment) Rules, 2002 - 145/2002 - Income Tax

Income-tax (Seventh Amendment) Rules, 2002 NOTIFICATION No. 145 Dated 10th June, 2002 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 (Seventh Amendment) Rules, 2002. (2) They shall come into force on the Ist day of April, 2003. 2. In the Income-tax Rules. 1962. in rule 6E, for clause (a), the following clauses shall be substituted, namely:- "(a) where the insurance business relates to fire insurance or engineering insurance and which provides insurance for terrorism risks, 100 per cent of the net premium income of such business of the previous year; (aa) where the insurance business relates to fire insurance or miscellaneous insurance other than the insurance business covered under clause (a), 50 per cent of the net premium income of such business of the previous year;". Sd/- (Deepika Mittal) Under Secy. Note: The principal rules were published vide Notification No.S.0.969(E), dated the 26th March, 1962 and last amended by Income-tax (Sixth Amendment) Rules. 2002 vide Notification No.S.0.494(E), dated the 7th May, 2002. F. No. 149/273/200 l-TPL