9911796707
TMI BlogIncome-tax (Tenth Amendment) Rules, 2003X X X X Extracts X X X X X X X X Extracts X X X X ..... ules further to amend the Income-tax Rules, 1962, namely:-- 1. (1) These rules may be called the Income-tax (Tenth Amendment) Rules, 2003. (2) They shall be deemed to have come into force with effect from the first day of April, 2003. 2. In the Income-tax Rules, 1962, in rule 67, for sub-rule (2) the following shall be substituted, namely:-- "(2) The manner of investment referred to in su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t securities and which have been approved by the Securities and Exchange Board of India ; and/or Fifteen per cent. (b) in any other negotiable securities, the principle whereof and interest whereon is fully and unconditionally guaranteed by the Central Government or any State Government except those covered under (iii) (a) below ; (iii) (a) in bonds/securities of a public financial institutio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... credit rating agencies registered under sub-section (1A) of section 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992): Provided also that in the event of the rating of any instruments mentioned in the second proviso to this sub-rule falling below the investment grade, as certified by at least two credit rating agencies registered under sub-section (1A) of section 12 of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ublic financial institutions" shall have the meaning assigned to it in section 4A of the Companies Act, 1956 (1 of 1956); (ii) the expression "public sector company" shall have the meaning assigned to it in clause (36A) of section 2 of the Income-tax Act; and (iii) the expression "public sector bank" shall have the meaning assigned to it in clause (23D) of section 10 of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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