Income-tax (Eleventh Amendment) Rules, 2002 - 152/2002 - Income Tax

Income-tax (Eleventh Amendment) Rules, 2002 NOTIFICATION No. 152 Dated 19th June, 2002 In exercise of the powers conferred by sub-clause (i) of clause (b) of Sub-section (2) of 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 (Eleventh Amendment) Rules, 2002. (2) They shall come into force on the Ist day of April, 2002. 2. In the Income-tax Rules, 1962, in rule 7B.- (a) for sub-rule (1), the following sub-rules shall be substituted, namely:- "(I) Income derived from the sale of coffee grown and cured by the seller in India shall be computed as if it were income derived from business, and twenty-five per cent of such income shall be deemed to be income liable to tax. (1A) Income derived from the sale of coffee grown, cured, roasted and grounded by the seller in India, with or without mixing chicory or other flavouring ingredients, shall be computed as if it were income derived from business, and forty per cent of such income shall be deemed to be income liable to tax.". Explanation:- For the purposes of sub-rules (1) and (1A) "curing" shall have the same meaning as assigned to it in sub-section (d) of section 3 of the Coffee Act, 1942 (7 of 1942). (b) in sub-rule (2), for the words, "In computing such income", the words, figures and letter "In computing the incomes referred to in sub-rules (1) and (1A)" shall be substituted. Sd/- Rahul Navin Under Secy. F.N0.149/305/2001-TPL Note: The principal rules were published vide Notification No. S.O, 969(E). dated the 26th March, 1962 and last amended vide Notification 151/2002 dated the 19th June, 2002.