Notification No. : 52
Date of Issue : 28/2/2002
Section(s) Referred : s. 295
Notification No. S.O…., 28th February, 2002.
In exercise of the powers confered under sub-clause (i) of clause (b) of sub-section(2) of section 295 of the Income-tax Act, 1961 (43 if 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
(1) These rules may be called the Income-tax (Third Amendment) Rules, 2002.
(2) They shall come into force on the lst day of April, 2003.
2. In the Income-tax Rules, 1962, in rule 7A, for sub-rule (1), the following sub-rule shall be substituted, namely:–
“(1) Income derived from the sale of centrifuged latex or cenex or latex based crepes (such as pale latex crepe) or brown crepes (such as estate brown crepe, re-milled crepe, smoked blanket crepe or flat bark crepe) or technically specified block rubbers manufactured or processed from field latex or coagulum obtained from rubber plants grown by the seller in India shall be computed as if it were income.derived from business, and thirty-five per cent. of such income shall be deemed to be income liable to tax.”
(Sd.) Rahul Navin,
Under Secretary to the Government of India.
[Notification No. 52/2002/F. No. 149/305/2001-TPL]
