Income Tax Rules Chapter-2

Foolish RBI suffers heavy losses by playing blind in forex market-sold dollars at lower rates to contain fall of Rupee-Rupee plunges to record low of 55.82 against Dollar-Sensex slips below 16000 Points Justice VS Sirpurkar is Chairman of Competition Appellate Tribunal AK Pandey appointed as High Commissioner to New Zealand Facebook shares drop below issue price FM okays transfer & posting orders of Commissioners of Customs & Excise-A dozen Commissioners posted in NCR in transfer list-Commissioner Gurgaon & Ghaziabad also in the list according to North Block sources Government tables White Paper on Black Money in Parliament India's first Interactive Online Course on Service Tax launched-Click on the link-Service Tax Online Certification Course-for full details and registration-Course begins on 22nd May 167 IRS(Customs & Excise) Probationers get postings- A dozen Probationers posted in Delhi Central Excise Rajya Sabha passes Finance Bill 2012 Petrol & Diesel prices to be hiked Tariff Value for import of Brass scrap is 4362 & for poppy seeds 3680-for gold 507 per 10 gram & for silver 920 per kg-Customs Non-Tariff Notification No.42 Customs duty exempted on import of 191 Products from Singapore-Customs Tariff Notification No.33 Import of 485 Products from Singapore exempted from Customs duty-Customs Tariff Notification No.34 Import of 496 Products from Singapore exempted from 50 per cent of applied rate of duty-Customs Tariff Notification No.35 Saurabh Chandra gets additional charge of Commerce Secretary ITAT Member N Vasudevan transferred from Mumbai to Bangalore-J Sudhakar Reddy moves from Mumbai to Delhi-IP Bansal from Delhi to Mumbai-IC Sudhir from Pune to Delhi CVD on imported electronics lowered due to higher rates of abatement from RSP notified-Abatement from MRP for excise payment on all electronic products prescribed at uniform rate of 35 per cent-Abatement revised for several products-Central Excise Non-Tariff Notification No.26 Suppliers to Mega Power Projects face silly excise demands-Click on the link below for full details Excise demand of Rs 32 Crore confirmed against Exide for not paying excise on MRP basis on lead acid storage battery RBI says Exporters required to convert 50 per cent of their foreign exchange holdings into Rupee within 15 days-Exporters will be allowed to buy foreign currency only after utilizing all their foreign currency holdings Articles of jewellery exempted from excise duty-Specified Railway Goods manufactured by Government exempted from excise -Central Excise Tariff Notification No.23 Excise on specified Petroleum Oils lowered Eye makeup preparations exempted from excise The excise exemption hitherto admissible on all Hawai Chappals will now be admissible to only Hawai Chappals of RSP up to Rs 500-Polyester staple fibre or polyester filament yarn, manufactured from plastic scrap or plastic waste including waste polyethylene terephthalate bottles exempted from excise-Excise on Motor chassis for vehicles lowered to 14 per cent excise-Excise on LED Lights of Chapter 85 lowered to 6 per cent-Inks for ball point pens exempted from excise-Central Excise Tariff Notification No.24-Parts of Footwear and hawai chappals of RSP not exceeding Rs. 500 per pair exempted from excise if consumed in factory-Central Excise Tariff Notification No.25-Excise exemption to goods required for initial setting up of solar power generation project or facility-Central Excise Tariff Notification No.26 CENVAT Credit (Fifth Amendment) Rules, 2012-No reversal of credit required for supplies made for setting up of solar power generation projects or facilities-Central Excise Non-Tariff Notification No.25 exemption from wholeof the additional duty leviable shall not apply to Hand held Metal/Mine/Bomb detectors etc.-Customs Tariff Notification No.30 Import of specified goods allowed at concessional rate of duty-Customs Notification No.31 FM defers the applicability of GAAR provisions by one year- GAAR provisions will now apply to income of Financial Year 2013-14 and subsequent years-The retrospective clarificatory amendments now under consideration of Parliament will not be used to reopen any cases where assessment orders have already been finalized-long term capital gain arising from sale of unlisted securities in case of non-resident investors, including PE investors lowered to 10 per cent-FM extends benefit of tax exemption on long term capital gains to sale of unlisted securities in IPO-lower rate of withholding tax of 5% for funding all businesses-FM withdraws the provision for levy of TDS on transfer of immovable property-FM raises the threshold limit for TCS on cash purchases of jewellery to Rs.5 lakh-only serious offences under the customs law involving prohibited goods or duty evasion exceeding Rs.50 lakh, shall be cognizable- all these offences shall be bailable-changes in the definition of “service” which will exclude the activities specified in the Constitution as “deemed sale of goods”-The definition of “works contract” also enlarged to include movable properties- Exemption for specified services relating to agriculture in the Negative List extended to agricultural produce enlarging the scope of the entry Anti-dumping duty on imports of Partially Oriented Yarn, originating in, or exported from China-Customs Notification No.22 Customs duty on import of 806 Products from Japan lowered Anti-dumping duty imposed on import of Phosphoric Acid of all grades and all concentrations (excluding Agriculture/FertilizerGrade) , falling under tariff item 28092010, originating in, or exported from,Israel and Taiwan-Customs Tariff Notification No.19 Customs duty on import of composite fertiliser lowered to 1 per cent-Customs Tariff Notification No. 24

JUDGMENTS

CENTRAL EXCISE

CUSTOMS

exchange rate

SERVICE TAX

INCOME TAX

VAT

FINANCE ACTS

FINANCE BILLS

EOU STPI

SEZ

DGFT

RBI

NTT

RESOURCES

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A. - Salaries
2A	Limits for the purposes of section 10(13A)
2B	Conditions for the purpose of section 10(5)
2BA	Guidelines for the purposes of section 10(10C)
2BB	Prescribed allowances for the purposes of clause (14) of section 10
2BBA	Circumstances and conditions for the purposes of clause (19) of section 10
2BC	Amount of annual receipts for the purposes of sub- clauses (iiiad) and (iiiae) of clause (23C) of section 10
2C	Application under section 10(23) and under sub-clauses (iv) and (v) of section 10(23C)
2CA	Guidelines for approval under sub-clauses (vi) and (via) of clause (23C) of section 10
2D	Guidelines for approval under clause (23F) of section 10
2DA	Guidelines for approval under clause (23FA) of section 10
2E	Guidelines for approval under clause (23G) of section 10
3	Valuation of perquisites
3A	Exemption of medical benefits from perquisite value in respect of medical treatment of prescribed diseases or ailments in hospitals approved by the Chief Commissioner
B. - Income from house property
4	Unrealised rent
C. - Profits and gains of business or profession
5	Depreciation
5A	Form of report by an accountant for claiming deduction under section 32(1)(iia)
5AA	Prescribed authority for investment allowance
5AB	Report of audit of accounts to be furnished under section 32AB(5)
5AC	Report of audit of accounts to be furnished under section 33AB(2)
5AD	Report of audit of accounts to be furnished under section 33ABA(2)
5B	Development rebate
6	Prescribed authority for expenditure on scientific research
6A	Omitted by the IT (thirty-second amdt.) Rules, 1999, w.e.f. 19-11-1999
6AA	Omitted by the IT (thirty-second amdt.) Rules, 1999, w.e.f. 19-11-1999
6AAA	Prescribed authority for the purposes of sections 35CC and 35CCA
6AAB	Omitted by the IT (thirty-second amdt.) Rules, 1999, w.e.f. 19-11-1999
6AAC	Prescribed authority for the purposes of section 35CCB
6AB	Form of audit report for claiming deductions under sections 35D and 35E
6ABA	Computation of aggregate average advances for the purposes of clause (viia) of sub-section (1) of section 36
6ABAA
6ABB	Form of report for claiming deduction under clause (xi) of sub-section (1) of section 36
6AC	Omitted by the IT (thirty-second amdt.) Rules, 1999, w.e.f. 19-11-1999
6B	Omitted by the IT (thirty-second amdt.) Rules, 1999, w.e.f. 19-11-1999
6C	Omitted by the IT (amdt.) Rules, 1973, w.e.f. 1-4-1973
6D	Omitted by the IT (thirty-second amdt.) Rules, 1999, w.e.f. 19-11-1999
6DD	Cases and circumstances in which payment in a sum exceeding twenty thousand rupees may be made otherwise than by a crossed cheque drawn on a bank or by a crossed bank draft
6DDA	Conditions that a stock exchange is required to fulfill to be notified as a recognised stock exchange for the purposes of clause (d) of proviso to clause (5) of section 43
6DDB	Notification of a recognised stock exchange for the purposes of clause (d) of proviso to clause (5) of section 43
6E	Limits of reserve for unexpired risks
6EA	Special provision regarding interest on bad and doubtful debts of financial institutions, banks, etc.
6EB	Categories of bad or doubtful debts in the case of a public company under clause (b) of section 43D
CC. - Books of account
6F	Books of account and other documents to be kept and maintained under section 44AA(3) by persons carrying on certain professions
CCC. - Reports of audit of accounts of persons carrying on business or profession
6G	Report of audit of accounts to be furnished under section 44AB
CCCA. - Report of audit in case of income by way of royalties, etc., in case of non-residents
6GA	Form of report of audit to be furnished under sub-section (2) of section 44DA
CCCC. - Report in the case of slump sale
6H	Form of report of an accountant under sub-section (3) of section 50B
D. - Special cases
7	Income which is partially agricultural and partially from business
7A	Income from the manufacture of rubber
7B	Income from the manufacture of coffee
8	Income from the manufacture of tea
8A	Conditions for the grant of development allowance
9	Royalties or copyright fees, etc., for literary or artistic work
9A	Deduction in respect of expenditure on production of feature films
9B	Deduction in respect of expenditure on acquisition of distribution rights of feature films
9C	Conditions for carrying forward or set off of accumulated loss and unabsorbed depreciation allowance in case of amalgamation
10	Determination of income in the case of non-residents
10A	Meaning of expressions used in computation of arm’s length price
10B	Determination of arm’s length price under section 92C
10C	Most appropriate method
10D	Information and documents to be kept and maintained under section 92D
10E	Report from an accountant to be furnished under section 92E
11	Omitted by the IT (twenty-first amdt.) Rules, 2001, w.e.f 21-8-2001
E. - Deductions to be made in computing total income
11A	Medical authority for certifying autism, cerebral palsy and multiple disabilities and certificate to be obtained from the medical authority for the purposes of deduction under section 80DD and section 80U
11AA	Requirements for approval of an institution or fund under section 80G
11B	Conditions for allowance for deduction under section 80GG
11C	Prescribed fields for the purposes of deduction in respect of remuneration received from foreign employers or Indian concerns under section 80RRA
11D	Omitted by the IT (Twentieth Amdt.) Rules, 2003, w.e.f. 1-4-2003
11DD	Specified diseases and ailments for the purposes of deduction under section 80DDB
11E	Omitted by the IT (thirty-second amdt.) Rules, 1999, w.e.f. 19-11-1999
11EA	Guidelines for specifying industrially backward districts for the purpose of deduction under sub-section (5) of section 80-IB
EE. - Statement under the simplified procedure for taxation of retail traders, etc., under Chapter XII-C
11EE	Omitted by the IT (thirty-second amdt.) Rules, 1999, w.e.f. 19-11-1999
F. - National Committee for Promotion of Social and Economic Welfare
11F	General
11G	Composition of the National Committee
11H	Headquarters and Secretariat
11-I	Functions
11J	Guidelines for approval of associations and institutions
11K	Guidelines for recommending projects or schemes
11L	Application for approval of an association or institution or for recommendation of a project or scheme by the National Committee
11M	Procedure before the National Committee
11MA	Form of report by an approved association or institution under clause (ii) of sub-section (4) of section 35AC
11MAA	Form of report by public sector company or local authority or association or institution, which is carrying out a notified eligible project or scheme, under clause (ii) of sub-section (5) of section 35AC
11N	Other provisions
11-O	Certificate of payment or expenditure in respect of eligible projects or schemes notified under section 35AC
G. - Tonnage tax scheme for shipping companies
11P	Application for exercising or renewing the option for tonnage tax scheme
11Q	Computation of deemed tonnage
11R	Incidental activities for purposes of relevant shipping income
11S	Computation of average of net tonnage for charter-in of tonnage
11T	Form of report of an accountant under clause (ii) of section 115VW