Income-tax (7th Amendment) Rules, 2014

Notification No. 33/2014, F.No.133/1/2014-TPL, dated 25th July, 2014

S.O. 1902 (E):- In exercise of the powers conferred by section 295 read with section 44AB 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 (7th Amendment) Rules, 2014.

    (2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Income-tax Rules, 1962, in Appendix-II, for Form No. 3CA, Form No. 3CB and Form No. 3CD, the following forms shall be substituted, namely:-

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Source: Income Tax.

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Wealth‐Tax (1st Amendment) Rules, 2014

Notification No.32/2014, F.No.143/1/2014‐TPL, dated 23rd June, 2014

S.O.1576 (E) .— In exercise of the powers conferred by clause (ba) and clause (bb) of sub‐section (2) of Section 46 read with section 14A and section 14B of the Wealth‐tax Act, 1957 (27 of 1957), the Central Board of Direct Taxes hereby makes the following rules further to amend the Wealth‐tax Rules, 1957, namely:—

1. (1) These rules may be called the Wealth‐tax (1st Amendment) Rules, 2014.

    (2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Wealth‐tax Rules, 1957 (hereinafter referred to as the “said rules”),—

(i) for rule 3, the following rule shall be substituted, namely:–

“3. Form of return of net wealth. — (1) The return of net wealth referred to in section 14 shall—

(a) in respect of assessment year 2013‐14 and earlier assessment years in the case of individuals, Hindu undivided families and companies, be in Form BA and shall be verified in the manner specified therein.

(b) in respect of the assessment year 2014‐15 and any other subsequent assessment year in the case of individuals, Hindu undivided families and companies be in Form BB and shall be verified in the manner specified therein.

(2) Subject to the provisions of sub‐rule (3), for the assessment year 2014‐15 and any other subsequent assessment year, the return of net wealth referred to in sub‐rule (1) shall be furnished electronically under digital signature.

(3) In case of individual or Hindu undivided family to whom the provisions of section 44AB of the Income‐tax Act, 1961(43 of 1961) are not applicable, the return of net wealth referred to in sub‐rule (1) may be furnished for assessment year 2014‐15 in a paper form.

(4) The return of net wealth required to be furnished in Form BB 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 and interest paid, or any document or copy of any account or form of report of valuation by registered valuer required to be attached with the return of net wealth under any provisions of the Act.

(5) 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 sub‐rule (2).”

3. In the said rules, in Appendix, after Form BA, the following Form shall be inserted; namely: ‐

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Source: Income Tax.

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Cost Inflation Index (CII) for FY 2014-15 Notified

Notification No. 31/2014, F.No.142/3/2014-TPL, dated 11th June, 2014

S.O. 1498(E )- In exercise of the powers conferred by clause (v) of the Explanation to Section 48 of the Income-tax Act, 1961 (42 of 1961), the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes published in the Gazette of India, Extraordinary, vide number S.O. 709(E), dated the 20th August, 1998, namely:-

2. In the said notification, in the Table, after serial number 33 and the entries relating thereto, the following serial number and entries shall be inserted, namely:-

Sl. No.	Financial Year	Cost Inflation Index
(1)	(2)	(3)
“34	2014-15	1024”

Cost Inflation Index (CII) – From FY 1981-82 to 2013-14 

Source: Income Tax.

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Income tax - Notification No. 29/2014 dated 03.06.2014

Notification No. 29/2014, F. No. 176/05/2011-ITA.-I, dated 03rd June, 2014

S.O. 1434(E). — In exercise of the powers conferred by clause (b) of sub-section (2) of Section 80G of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies “Sivasuriyaperuman Temple, Suriyanarkoil, Thriuvaidaimarudur Taluk, Thanjavur District, Tamil Nadu”, to be a place of public worship of renown throughout the State of Tamil Nadu for the purposes of the said section.

Source: Income Tax.

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Income Tax (6th Amendment) Rules, 2014

Notification No. 28/2014, F.No.142/2/2014-TPL, dated 30^th May, 2014

S.O. 1418(E).─In exercise of the powers conferred by 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 (6th Amendment) Rules, 2014.

    (2) They shall be deemed to have come into force with effect from the 1st day of April, 2014.

2. In the Income-tax Rules, 1962 (hereinafter referred to as the said rules), in rule 12, in sub-rule(2), in the proviso,-

(a) after the expression “section 10A”, the expression “section 10AA”shall be inserted;

(b) after the expression “section 44AB”, the expression “section 44DA, section 50B”shall be inserted;

(c) for the expression “or section 115JB”, the expression “section 115JB or section 115VW”shall be substituted.

3. In the said rules, in Appendix-II, for FORM ITR-3, FORM ITR-4, FORM ITR-5, FORM ITR-6 and FORM ITR-7, the following FORMS shall respectively be substituted, namely:-

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Source: Income Tax.

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Income Tax - Notification No. 27/2014 dated 23.05.2014

Notification No. 27/2014, [F. No. 196/20/2014-ITA-1], dated 23^rd May, 2014

S.O. 1364(E). -- In exercise of the powers conferred by clause (48) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government, having regard to the national interest, hereby notifies for the purposes of the said clause—

(a) M/s Temad, 28th Km Karaj Makhsous Road, Iran, as the foreign company;

(b) Codeine Phosphate as the goods; and

(c) the Memorandum of Understanding entered into between the Government Opium and Alkaloid Factories (GOAF) and M/s Temad, Iran on the 21st September, 2013, duly approved by the Central Government, as the agreement:

Provided that the said foreign company shall not engage in any activity in India, other than the receipt of income in India under the agreement aforesaid on account of the sale of Codeine Phosphate.

2. This Notification shall be deemed to have come into effect from the 1st day of April, 2014.

Source: Income Tax.

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Income - Tax (5th Amendment) Rules, 2014

Notification No. 26/2014, [F.No.142/15/2013-TPL], dated 16th May, 2014

S.O. 2045 (E) - In exercise of the powers conferred by 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 (5th Amendment) Rules, 2014.

    (2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Income-tax Rules, 1962, in Appendix II, for Forms 49A and 49AA, the following Forms shall be substituted, namely:-

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Source: Income Tax.

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Income-tax (4th Amendment) Rules, 2014

Notification No. 24/2014, F.No.142/2/2014-TPL dated 01st April, 2014

S.O.997(E).─ In exercise of the powers conferred by 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 (4th Amendment) Rules, 2014.

    (2) They shall come into force with effect from the 1st day of April, 2014.

2. In the Income-tax Rules, 1962 (hereinafter referred to as the said rules), in rule 12, ─

(a) in sub-rule (1), for the figures “2013”, the figures “2014” shall be substituted;

(b) in sub-rule (2), in the proviso after the words and figures “section 115JB” the words “or to give a notice under clause (a) of sub-section (2) of section 11” shall be inserted;

(c) in sub-rule (3), in the first proviso,-

(A) after clause (aab), the following clause shall be inserted, namely:-

“(aac) a person required to furnish the return in Form ITR-5, other than a firm to which clause (aaa) is applicable, shall furnish the return for the assessment year 2014-15 and subsequent assessment years in the manner specified in clause (ii) or clause (iii);”;

(B) for clause (b), the following clause shall be substituted, namely:-

“(b) a person required to furnish the return in Form ITR-7 shall furnish the return for assessment year 2014-15 and subsequent assessment years,-

(A) in case it is furnished under sub-section (4B) of section 139, in the manner specified in clause (ii);

(B) in other cases, in the manner specified in clause (i) or clause (ii) or clause (iii):”;

(d) in sub-rule (4), after the words, “report of audit”, the words “or notice” shall be inserted;

(e) in sub-rule (5), for the figures “2012”, the figures “2013” shall be substituted.

3. In the said rules, in Appendix-II, for “Forms SAHAJ (ITR-1), ITR-2, SUGAM (ITR-4S) and ITR-V” the “Forms SAHAJ (ITR-1), ITR-2, SUGAM (ITR-4S) and ITR-V” shall be respectively substituted.

Source: Income Tax - India.

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Industrial Park – M/s Pantheon Infrastructure Pvt. Ltd., Mumbai

Notification No. 20/2014, F. NO. 178/91/2006-ITA-I, dated 26th March, 2014

S.O. 898 (E) :-  Whereas, the Central Government (Ministry of Commerce and Industry) in exercise of the powers under the Industrial Park Scheme, 2002 (hereinafter referred to as the Scheme), as notified vide number S.O.354(E) dated the 1^st April 2002, through the Empowered Committee, had granted approval to the undertaking being developed and being maintained and operated by M/s Pantheon Infrastructure Pvt. Ltd., Mumbai at Logitech Park, Mathuradas Vasanji Road, Andheri (East), Mumbai-400072, as an Industrial Park;

And, whereas, the Central Government (Ministry of Finance, Department of Revenue, CBDT) in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961 (43 of 1961),(hereinafter referred to as the ‘Act’) had notified the undertaking being developed and being maintained and operated by M/s Pantheon Infrastructure Pvt. Ltd., Mumbai at Logitech Park, Mathuradas Vasanji Road, Andheri (East), Mumbai-400072, as an Industrial Park for the purposes of the said clause (iii), vide notification of the Government of India in the Ministry of Finance, Department of Revenue, vide number S.O 4700, dated the 17th November, 2006, published in the Gazette of India, Part II, Section 3, Sub-section (ii);

And, whereas, subsequently the Central Government (Ministry of Commerce and Industry) vide letter No.15/29/2005-IP&ID dated 3rd February, 2014 has withdrawn the said approval granted to the undertaking under the Scheme;

Now, therefore, the Central Government, in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Act read with section 21 of the General Clauses Act, 1897 (10 of 1897), hereby rescinds the said Notification No. S.O, 4700, dated 17th November, 2006, with effect from the 17th November, 2006.

Source: Income Tax - India.

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Income Tax - Amendment in Notification vide no. S.O. 2424(E), dated 08.08.2013

Notification No. 19/2014, F.No.178/9/2014, dated 26th March, 2014

S.O. 899 (E): - In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (ii), vide number S.O. 2424(E), dated the 8th of August, 2013, namely:—

In the said notification, in the Table,—

(a) for serial number 10 and entries relating thereto, the following serial number and entries shall be substituted, namely:—

(1)	(2)	(3)
“10.	Indian Railway Finance Corporation Limited (IRFC)	8853”;

(b) after serial number 13, the following serial number and entries shall be inserted, namely:-

(1)	(2)	(3)
“14.	IFCI Limited (formerly known as Industrial Finance Corporation of India)	430”.

Source: Income Tax - India.

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Income-tax (3rd Amendment) Rules, 2014

Notification No. 18/2014, F. No. 133/3/2014-TPL, dated March 21, 2014

S.O. 878 (E): - In exercise of the powers conferred by section 295 read with section 35CCC 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 (3^rd Amendment) Rules, 2014.

    (2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Income-tax Rules, 1962,-

(a) for rule 6AAD, the following rule shall be substituted, namely:-

6AAD. Guidelines for approval of agricultural extension project under section 35CCC,-

(1) The agricultural extension project shall be considered for notification if it fulfils all of the following conditions, namely:-

(i) the project shall be undertaken by an assessee for training, education and guidance of farmers;

(ii) the project shall have prior approval of the Ministry of Agriculture, Government of India; and

(iii) an expenditure (not being expenditure in the nature of cost of any land or building) exceeding the amount of twenty-five lakh rupees is expected to be incurred for the project.

(2) Before undertaking any agricultural extension project, an assessee shall make an application in Form No.3C-O to the Member (IT), Central Board of Direct Taxes for notification of such project under sub-section (1) of section 35CCC.

(3) The application referred to in sub-rule (2) shall be accompanied by the following, namely:-

(a) a detailed note on the agricultural extension project to be undertaken by the assessee;

(b) details of the expenditure expected to be incurred on the project and expected date of completion of the project; and

(c) a letter approving the project and specifying the amount of expenditure expected to be incurred on the project from the Ministry of Agriculture, Government of India.

(4) Where any defect is noticed in the application referred to in sub-rule (2) or a relevant document is not attached thereto, the Central Board of Direct Taxes shall, before the expiry of the month from the date of receipt of the application in its office, intimate the defect to the applicant for its rectification.

(5) The applicant shall remove the defect within a period of fifteen days from the date of such intimation or within such further period as may be extended by the Central Board of Direct Taxes, on an application made in this behalf by the applicant, so however, that the total period for removal of defect does not exceed thirty days, and if the applicant fails to remove the defect within such period as allowed, the Central Board of Direct Taxes shall pass an order treating the application as invalid.

(6) If the application form is complete in all respects, the Central Board of Direct Taxes shall, within a period of one month from the end of the month in which it receives the application form complete in all respects, issue under sub-section (1) of section 35CCC, a notification in form No. 3CP to be published in Official Gazette specifying the agricultural extension project, subject to the conditions mentioned in rule 6AAE or such other conditions, as it may deem fit, to be effective for such period not exceeding three assessment years.

(7) The assessee, may, atleast two months before the expiry of the effective period of the notification issued under sub-rule (6), make an application to the Central Board of Direct Taxes for notification of such project for a further period.

(8) the Central Board of Direct Taxes shall, after receiving the application under sub-rule (7), call for a report from the Commissioner of Income-tax or the Director of Income-tax, as the case may be, having jurisdiction over the case regarding the activities of the agricultural extension project during the period of notification and fulfillment of conditions mentioned in rule 6AAE and any other conditions subject to which the agricultural extension project was notified under sub-rule (6).

(9) On being satisfied with the report received under sub-rule (8) on the agricultural extension project, the Central Board of Direct Taxes may, within a period of three months from the end of the month in which it receives application referred to in sub-rule (7), notify the said project for a further period not exceeding three assessment years.

(10) A copy of the notification issued under sub-rule (6) or, as the case may be, under sub-rule (9) shall be sent to the applicant, the Ministry of Agriculture, Government of India, the Commissioner of Income-tax or the Director of Income-tax, as the case may be, the Department of Agriculture of the concerned State and the Agricultural Technology Management Agency of the concerned District.

(11) The Central Board of Direct Taxes may, on being satisfied that the assessee has ceased its activities, or that its activities are not genuine or that its activities are not being carried out in accordance with all or any of the relevant provisions of the Act or this rule or rule 6AAE, or its activities are not being carried out in accordance with all or any of the conditions subject to which the notification was issued, pass an order for rescission of the notification issued under sub-rule (6) or sub-rule (9).

(12) Before any order is passed treating the application as invalid or rejecting it or rescinding the notification, an opportunity of being heard in the matter shall be given to the assessee.

(13) A copy of the order invalidating or rejecting the application or rescinding the notification shall be sent to the applicant, the Ministry of Agriculture, Government of India, the Commissioner of Income-tax or the Director of Income-tax, as the case may be, the Department of Agriculture of the concerned State and Agricultural Technology Management Agency of the concerned district.”;

(b) in rule 6AAE,-

(i) in sub-rule (2), for the words, brackets, figures and letters “notification issued under sub-rule (10) or sub-rule (11) of rule 6AAD”, the words, brackets, figures and letters “notification issued under sub-rule (6) or sub -rule (9) of rule 6AAD” shall be substituted;

(ii) in sub-rule (7), for the words, brackets, figures and letters “for appropriate action as per the provisions of sub-rule (13) of rule 6AAD”, the words, brackets, figures and letters “for appropriate action as per the provisions of sub-rule (11) of rule 6AAD” shall be substituted.

Source: Income Tax - India.

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Andhra Pradesh State AIDS Control Society

Notification No. 17/2014, F.NO.196/53/2012-ITA.I, dated 20th March, 2014

S.O. 861(E). - In exercise of the powers conferred by clause (46) of Section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the Andhra Pradesh State AIDS Control Society a body constituted by the Government of Andhra Pradesh in respect of the following specified income arising to that Society, namely:—

“Amount received in the form of grants-in-Aid from the Government of India.”

2. This notification shall be deemed to apply for the period 01.06.2011 to 31.03.2013 and shall apply with respect to the Financial Years 2013-14, 2014-15 and 2015-16.

3. This notification shall be effective subject to the following conditions, namely:—

(a)  the Andhra Pradesh State AIDS Control Society does not engage in any commercial activity;

(b)  the activities and the nature of die specified income of the Andhra Pradesh State AIDS Control Society remain unchanged throughout the financial year; and

(c) the Andhra Pradesh State AIDS Control Society files return of income in accordance with the provisions of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961.

4. The grants received by the said Society shall be received and applied in accordance with the prevailing rules and regulations.

Source: Income Tax - India.

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Income Tax (2nd Amendment) Rules, 2014

Notification No. 16/2014, F.No.142/1/2014-TPL, dated 20th March, 2014

S.O.835 (E). - In exercise of the powers conferred by section 295 read with Section 35CCD 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 (2nd Amendment) Rules, 2014.

    (2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Income-tax Rules, 1962, in rule 6AAH, -

(A) for the clause (ii), the following clause shall be substituted, namely:-

‘(ii) “Training institute” means a training institute, -

(a) set up by the Central Government or a State Government or a local authority;

(b) affiliated to the National Council for Vocational Training or a State Council for Vocational Training;

(c) affiliated to, or approved by, or empanelled by, the National Skill Development Agency;

(d) affiliated to, or approved by, or empanelled by, the Central Government and certified by the National Council for Vocational Training as having training standards equivalent to training institutes affiliated to the National Council for Vocational Training; or

(e) affiliated to, or approved by or empanelled by, the State Government and certified by the National Council for Vocational Training or a State Council for Vocational Training as having training standards equivalent to training institutes affiliated to the National Council for Vocational Training or, as the case may be, the State Council for Vocational Training.’;

(B) after clause (iv), the following clause shall be inserted, namely:-

‘(v) “National Skill Development Agency” means the agency constituted by the Government of India vide notification No.14/27/2012-EC, dated the 6th June, 2013′.

Source: Income Tax - India.

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