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Thread: Income-tax Rules, 1962

  1. #91

    Thumbs up Rule-11O

    Certificate of payment or expenditure in respect of eligible projects or schemes notified under section 35AC.

    11-O. (1) The certificate referred to in clause (a) of sub-section (2) of section 35AC shall be in Form No. 58A.
    (2) The certificate referred to in clause (b) of sub-section (2) of section 35AC shall be in Form No. 58B.
    (3) Every public sector company or a local authority or an association or institution, as the case may be, who issues a certificate referred to in sub-rule (1) or sub-rule (2) shall, in respect of the 31st March in each financial year, deliver or cause to be delivered to the Secretary, National Committee, an annual report indicating the progress of work relating to the project/scheme during the year as well as the following information (please specify the information in respect of each contributor separately) :
    (i) Names of the contributors and their addresses.
    (ii) Permanent Account Number/G.I.R. Number of the contributors.
    (iii) Amount(s) of contribution.
    (iv) The project/scheme for which contribution was made.
    (v) Total amount of contribution received during the previous year.
    (vi) Total cost of the project approved by the National Committee (with date of Committees approval).
    (4) Every public sector company or a local authority or an association or institution, as the case may be, who issues a certificate referred to in sub-rule (1) or sub-rule (2) shall send an annual statement of donation received and the details of the project to the National Committee and to each contributor by 30th June, following the financial year in which the amounts are received.

  2. #92

    Thumbs up Rule-11P

    Tonnage tax scheme for shipping companies


    Application for exercising or renewing the option for tonnage tax scheme.

    11P. An application under sub-section (1) of section 115VP for exercising an option for the tonnage tax scheme or under sub-section (1) of section 115VR for renewing the option for the tonnage tax scheme, as the case may be, shall be made in Form No. 65 and shall be verified in the manner provided therein.

  3. #93

    Thumbs up Rule-11Q

    Computation of deemed tonnage.

    11Q. (1) For the purpose of the Explanation to sub-section (4) of section 115VG, deemed tonnage in respect of an arrangement of purchase of slots and slot charter shall be computed (illustrative formula given in Note 3 appearing after the corresponding Form No. 66) on the following basis :
    2.5 TEU = 1 Net Tonnage (1 NT)
    where TEU is Twenty foot Equivalent Unit (Container of this size)
    (2) Computation of deemed tonnage (illustrative formula given in Note 4 appearing after the corresponding Form No. 66) in respect of an arrangement of sharing of break-bulk vessel shall be made on the following basis :
    (i) in case where cargo is restricted by volume :
    19 cubic meter (cbm) = 1 net tonnage (1 NT); and
    (ii) in case where cargo is restricted by weight
    14 metric tons = 1 net tonnage (1 NT)

  4. #94

    Thumbs up Rule-11R

    Incidental activities for purposes of relevant shipping income.

    11R. The incidental activities (details given in Note 5 appearing after the corresponding Form No. 66) referred to in sub-section (5) of section 115V-I shall be the following, namely :
    (i) maritime consultancy charges;
    (ii) income from loading or unloading of cargo;
    (iii) ship management fees or remuneration received for managed vessels; and
    (iv) maritime education or recruitment fees.

  5. #95

    Thumbs up Rule-11S

    Computation of average of net tonnage for charter-in of tonnage.

    11S. The limit for charter-in of tonnage of the qualifying ships referred to in section 115VV (to be worked out according to the illustration explained in Note 6 appearing after the corresponding Form No. 66) during any previous year shall be computed by dividing the total number of chartered-in ton days by the total number of ton days operated by the company.

  6. #96

    Thumbs up Rule-11T

    Form of report of an accountant under clause (ii) of section 115VW.

    11T. The report of audit of accounts of a qualified company which is required to be furnished under clause (ii) of section 115VW shall be in Form No. 66.

  7. #97

    Thumbs up Rule-11U

    1
    [11U. Meaning of expressions used in determination of fair market value.-

    For the proposes of this rule and rule 11UA,-
    (a) "accountant" shall have the same meaning as assigned in the Explanation to section 288 of the Act;
    (b) "balance-sheet", in relation to any company, means the balance-sheet of such company (including the notes annexed thereto and forming part of the accounts) as drawn up on the valuation date;
    (c) "merchant banker" means category I merchant banker registered with Security and Exchange Board of India established under section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992);
    (d) "quoted shares or securities" in relation to share or securities means a share or security quoted on any recognized stock exchange with regularity from time to time, where the quotations of such shares or securities are based on current transaction made in the ordinary course of business;
    (e) "recognized stock exchange" shall have the same meaning as assigned to it in clause (f) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956);
    (f) "registered dealer" means a dealer who is registered under Central Sale-tax Act, 1956 or General Sales-tax Law for the time being in force in any State including value added tax laws;
    (g) "registered valuer" shall have the same meaning as assigned to it in section 34AB of the Wealth Tax Act, 1957(27 of 1957) read with rule 8A of wealth-tax Rules, 1957;
    (h) "securities" shall have the same meaning as assigned to it in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956);
    (i) "unquoted shares and securities", in relation to shares or securities, means shares and securities which is not a quoted shares or securities;
    (j) "valuation date" means the date on which the respective property is received by the assessee.]

    ***************
    Notes
    1. Inserted vide notification no. 23/2010 dated 8-4-2010 [These rules may be called Income-tax (Second Amendment) Rules, 2010] w.e.f. 1st day of October, 2009

  8. #98

    Thumbs up Rule-11UA

    1[11UA. Determination of Fair Market Value.-


    For the purposes of section 56 of the Act, the fair market value of a property, other than immovable property, shall be determined in the following manner, namely,-
    (a) valuation of Jewellery.-
    (i) the fair market value of jewellery shall be estimated to be the price which such jewellery would fetch if sold in the open market on the valuation date;
    (ii) in case the jewellery is received by the way of purchase on the valuation date, from a registered dealer, the invoice value of the jewellery shall be the fair market value;
    (iii) In case the jewellery is received by any other mode and the value of the jewellery exceeds rupees fifty thousand, then assessee may obtain the report of registered valuer in respect of the price it would fetch if sold in the open market on the valuation date;
    (b) valuation of archeological collections, drawings, paintings, sculptures or any work of art.-
    (i) the fair market value of archeological collections, drawings, paintings, sculptures or any work of art (hereinafter referred as artistic work) shall be estimated to be price which it would fetch if sold in the open market on the valuation date;
    (ii) in case the artistic work is received by the way of purchase on the valuation date, from a registered dealer, the invoice value of the artistic work shall be the fair market value;
    (iii) in case the artistic work is received by any other mode and the value of the artistic work exceeds rupees fifty thousand, then assessee may obtain the report of registered valuer in respect of the price it would fetch if sold in the open market on the valuation date;
    (c) valuation of shares and securities.-
    (a) the fair market value of quoted shares and securities shall be determined in the following manner, namely;-
    (i) if the quoted shares and securities are received by way of transaction carried out through any recognized stock exchange, the fair market value of such shares and securities shall be the transaction value as recorded in such stock exchange;
    (ii) if such quoted shares and securities are received by way of transaction carried out other than through any recognized stock exchange, the fair market value of such shares and securities shall be,-
    (a) the lowest price of such shares and securities quoted on any recognized stock exchange on the valuation date, and
    (b) the lowest price of such shares and securities on any recognized stock exchange on a date immediately preceding the valuation date when such shares and securities were traded on such stock exchange, in cases where on the valuation date there is no trading in such shares and securities on any recognized stock exchange;
    (b) the fair market value of unquoted equity shares shall be the value, on the valuation date, of such unquoted equity shares as determined in the following manner namely:-
    The fair market value of unquoted equity shares = (A-L)/(PE) * (PV)
    Where, A= Book value of the assets in Balance Sheet as reduced by any amount paid as advance tax under the Income-tax Act and any amount shown in the balance sheet including the debit balance of the profit and loss account or the profit and loss appropriation account which does not represent the value of any asset.
    L= Book value of liabilities shown in the Balance Sheet but not including the following amounts:-
    (i) the paid-up capital in respect of equity shares;
    (ii) the amount set apart for payment of dividends on preference shares and equity shares where such dividends have not been declared before the date of transfer at a general body meeting of the company;
    (iii) reserves, by whatever name called, other than those set apart towards depreciation;
    (iv) credit balance of the profit and loss account;
    (v) any amount representing provision for taxation, other than amount paid as advance tax under the Income-tax Act, to the extent of the excess over the tax payable with reference to the book profits in accordance with the law applicable thereto;
    (vi) any amount representing provisions made for meeting liabilities, other than ascertained liabilities;
    (vii) any amount representing contingent liabilities other than arrears of dividends payable in respect of cumulative preference shares.
    PE = Total amount of paid up equity share capital as shown in Balance Sheet.
    PV = the paid up value of such equity shares.
    (c) the fair market value of unquoted shares and securities other than equity shares in a company which are not listed in any recognized stock exchange shall be estimated to be price it would fetch if sold in the open market on the valuation date and the assessee may obtain a report from a merchant banker or an accountant in respect of such valuation.'.

    ***************
    Notes
    1. Inserted vide notification no. 23/2010 dated 8-4-2010 [These rules may be called Income-tax (Second Amendment) Rules, 2010] w.e.f. 1st day of October, 2009

  9. #99

    Thumbs up Rule-12

    PART III


    ASSESSMENT PROCEDURE

    Return of income and return of fringe benefits.
    12. (1) The return of income required to be furnished under sub-section (1) or sub-section (3) or sub-section (4A) or sub-section (4B) or sub-section (4C) or sub-section (4D) of section 139 or clause (i) of sub-section (1) of section 142 or sub-section (1) of section 148 or section 153A or the return of fringe benefits required to be furnished under sub-section (1) or sub-section (2) of section 115WD relating to the assessment year commencing on the 1[1st day of April, 2010] or any subsequent assessment year shall,
    4[(a) in the case of a person being an individual where the total income includes income chargeable to income tax, under the head,-
    (i) "Salaries" or income in the nature of family pension as defined in the Explanation to clause (iia) of section 57; or
    (ii) "Income from house property", where assessee does not own more than one house property and does not have any brought forward loss under the head; or
    (iii) "Income from other sources", except winnings from lottery or income from race horses, be in Form SARAL-II (ITR-I) and be verified in the manner indicated therein;]
    (b) in the case of a person being an individual [not being an individual to whom clause (a) applies] or a Hindu undivided family where the total income does not include any income chargeable to income-tax under the head Profits and gains of business or profession, be in Form No. ITR-2 and be verified in the manner indicated therein;
    (c) in the case of a person being an individual or a Hindu undivided family who is a partner in a firm and where income chargeable to income-tax under the head Profits and gains of business or profession does not include any income except the income by way of any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from such firm, be in Form No. ITR-3 and be verified in the manner indicated therein;
    (d) in the case of a person being an individual or a Hindu undivided family other than the individual or Hindu undivided family referred to in clause (a) or clause (b) or clause (c) and deriving income from a proprietory business or profession, be in Form No. ITR-4 and be verified in the manner indicated therein;
    (e) in the case of a person not being an individual or a Hindu undivided family or a company or a person to which clause (g) applies, be in Form No. ITR-5 and be verified in the manner indicated therein;
    (f) in the case of a company not being a company to which clause (g) applies, be in Form No. ITR-6 and be verified in the manner indicated therein;
    (g) in the case of a person including a company whether or not registered under section 25 of the Companies Act, 1956 (1 of 1956), required to file a return under sub-section (4A) or sub-section (4B) or sub-section (4C) or sub-section (4D) of section 139, be in Form No. ITR-7 and be verified in the manner indicated therein;
    (h) in the case of a person who is not required to furnish the return of income but is required to furnish the return of fringe benefits, be in Form No. ITR-8 and be verified in the manner indicated therein.
    (2) The return of income and return of fringe benefits required to be furnished in 3[Form SARAL-II (ITR-1)] or Form No. ITR-2 or Form No. ITR-3 or Form No. ITR-4 or Form No. ITR-5 or Form No. ITR-6 or Form No. ITR-8 shall not be accompanied by a statement showing the computation of the tax payable on the basis of the return, or proof of the tax, if any, claimed to have been deducted or collected at source or the advance tax or tax on self-assessment, if any, claimed to have been paid or any document or copy of any account or form or report of audit required to be attached with the return of income or the return of fringe benefits under any of the provisions of the Act.
    (3) The return of income or return of fringe benefits referred to in sub-rule (1) may be furnished in any of the following manners, namely:
    (i) furnishing the return in a paper form;
    (ii) furnishing the return electronically under digital signature;
    (iii) transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V;
    (iv) furnishing a bar-coded return in a paper form:
    Provided that
    (a) a firm required to furnish the return in Form ITR-5 and to whom provisions of section 44AB are applicable or a company required to furnish the return in Form ITR-6 shall furnish the return in the manner specified in clause (ii) or clause (iii);
    (b) a person required to furnish the return in Form ITR-7 shall furnish the return in the manner specified in clause (i).
    (4) The Director-General of Income-tax (Systems) shall specify the procedures, formats and standards for ensuring secure capture and transmission of data and shall also be responsible for evolving and implementing appropriate security, archival and retrieval policies in relation to furnishing the returns in the manners specified in clauses (ii), (iii) and (iv) of sub-rule (3).
    (5) Where a return of income or return of fringe benefits, relates to the assessment year commencing 2[on the 1st day of April, 2009] or any earlier assessment year, it shall be furnished in the appropriate form as applicable in that assessment year.]

    **********
    Notes :
    1. For the words, figures and letters "on the 1st day of April, 2007 or any subsequent assessment year", the words, figures and letters "on the 1st day of April, 2008" has been substituted vide Notification No. 50/2008 dated 28/3/2008, for the words, figures and letters "on the 1st day of April, 2008", the words, figures and letters "on the 1st day of April, 2009" substituted vide Notification No. 32/2009 (9th amendment rules, 2009), further for the figures "2009" the figures "2010" substituted vide notification no. 29/2010 dated 23-4-2010 and vide notification no. 33/2010 dated 11/5/2010
    2. For the words, figures and letters "on the 1st day of April, 2006", the words, figures and letters "on the 1st day of April, 2007" has been substituted vide Notification No. 50/2008 dated 28/3/2008, or the words, figures and letters "on the 1st day of April, 2007", the words, figures and letters "on the 1st day of April, 2008" substituted vide Notification No. 32/2009 (9th amendment rules, 2009), further for the figures "2008" the figures "2009" substituted vide notification no. 29/2010 dated 23-4-2010 and vide notification no. 33/2010 dated 11/5/2010
    3. For the words and figures "Form No. ITR-1", at both the places where they occur, the words and figures "Form SARAL-II (ITR-1)", has been substituted vide notification no. 33/2010 dated 11/5/2010
    4. Substituted vide vide notification no. 33/2010 dated 11/5/2010, before it was read as, "(a) in the case of a person being an individual where the total income includes income chargeable to income-tax under the head Salaries or income in the nature of family pension as defined in the Explanation to clause (iia) of section 57 but does not include any other income except income by way of interest chargeable to income-tax under the head Income from other sources, be in 3[Form SARAL-II (ITR-1)] and be verified in the manner indicated therein;"

  10. #100

    Thumbs up Rule-12A

    Preparation of return by authorised representative.

    12A. Every authorised representative of an assessee, being an authorised representative specified in clause (iii) or clause (iv) or clause (v) or clause (vi) or clause (vii) of sub-section (2) of section 288, who has prepared the return of income furnished by the assessee shall, either before making an appearance before the Assessing Officer having jurisdiction to assess that assessee, or immediately after making such appearance, furnish to that officer
    (a) particulars of accounts, statements or other documents supplied to him by the assessee for the preparation of the return of income; and
    (b) where the authorised representative has for the purpose of preparation of the return of income carried out any examination of such accounts, statements or documents, a report on the scope and results of such examination.

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