Income-tax (Eighth Amendment) Rules, 2002 - 149/2002 - Income Tax

Income-tax (Eighth Amendment) Rules, 2002 NOTIFICATION No. 149 Dated 19th June,2002 In exercise of the powers conferred by Section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1. (1) These rules may be called the Income-tax (Eighth Amendment) Rules, 2002. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Income-tax Rules, 1962, (i) in Rule 114B,- (a) in clause (e), for the words "ten lakh rupees", the words "one lakh rupees" shall be substituted; (b) after clause (h), the following clauses shall be inserted, namely:- "(i) payment in cash for purchase of bank drafts or pay orders or banker's cheques from a banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to m Section 51 of that Act) for an amount aggregating fifty thousand rupees or more during any one day; (j) deposit in cash aggregating fifty thousand rupees or more, with a banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to m Section 51 of that Act) during any one day; (k) payment in cash in connection with travel to any foreign country of an amount exceeding twenty five thousand rupees at any one time. Explanation: - For the purposes of this clause ,- (a) "payment in cash in connection with travel" includes payment in cash towards fare, or to a travel agent or a lour operator, or for the purchase of foreign currency; (b) The expression "travel to any foreign country" does not include travel to the neighbouring countries or to such places of pilgrimage as may be specified by the Board under Explanation 3 of sub-section (1) of section 139."; (c) in the first proviso, for the words, brackets and letters "clauses (a) to (h)", words, brackets and letters "clauses (a) to (k)" shall be substituted; (d) in the third proviso, for the words, brackets and letters "clauses (a) to (h)", words, brackets and letters "clauses (a) to (k)" shall be substituted; (ii) in rule 114C,- (a) in sub-rule (1), in clause (a), in the proviso, for the words, brackets and letters" clauses (a) to {h}". words, brackets and letters "clauses (a) to (k)" shall be substituted: (b) in sub-rule (2),- (i) in clause (c), after the word, brackets and letter 'clause (c)", the words, brackets and letters "or clause (i) or clause(j)" shall be substituted; (ii) in clause (g), for the word, brackets and letter "clause (h)". the words, brackets and letters "or clause (k)" shall be substituted; (iii) below clause (h), for the word, brackets and letter "(a) to (h)", the words, brackets and letters "(a) to (k)" shall be substituted; Sd/- Rahul Navin Under Secy. F.No. FB/59/2002-TPL Note: The principal rules were published vide notification S.O. No. 969(E) dated, 26-3-1962 and were last amended by Income-tax (Seventh Amendment) Rules, 2000 vide notification S.O. No. 620(E) dated, 10-6-2002.