In exercise of powers conferred by section 295, read with section SOLA 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 (26th Amendment) Rules, 2003. (2) They shall come into force on the date of issue of this notification.
2. In the Income-tax Rules, 1962,
(i) after the rule – 19AD, the following shall be inserted, namely:-
“19-AE. The report of the accountant, which is required to be furnished by the assessee under sub-section (3) of section 80-LA shall in Form No. 10-CCF.”
(ii) in Appendix-II, after Form No. 10CCE, the following shall be inserted, namely:-
[See rule 19AE] Report under section 80LA(3) of the Income-tax Act, 1961
1. I/We……………….. have examined the accounts and records of……………………… (name and address of the assessee with Permanent Account Number) relating to the business of Offshore Banking Unit(s)s owned by the assessee, which is/are situated in the Special Economic Zone,…………. (name of the Special Economic Zone) carried on by the assessee during the year ended on 31st March,………..
2. I/We………………….. certify that the deduction to be claimed by the assessee under subsection (1) of section SOLA of the Income-tax Act, 1961, in respect of the assessment year….. is Rs…which has been determined on the basis of the income received by the assessee in convertible foreign exchange. The said amount has been worked out on the basis of the details in Annexure-A to this form.
Date Signed
Place
Accountant
1. Name of the assessee ………………
2. Assessment year………………
3. Permanent Account Number………………….
4. Name and address of the Offshore Sanking Unit(s) in any Special Economic Zone, owned by the assessee – (1)……….. (2)……………..
(Please enclose a copy of the permissions) obtained under clause (a) of sub-section (1) of section 23 of the Banking Regulation Act, 1949.)
5- Gross income of the Offshore Banking Unit from units in Special Economic Zone or a developer of a Special Economic Zone from eligible banking operations referred to in sub-section (2) of section SOLA (inRs.)………..
Less :
6. Out of 4 above, gross income which is not received in convertible foreign exchange (in Rs.)…………………..
7. Gross eligible income (in Rs.). Less:
8. Expenses attributable to the gross eligible income (item 7) (in Rs.).
Income eligible for deduction under section SOLA (8-9) (in Rs)
[Name of the Competent Authority]
[Designation of the Competent Authority]
F.N0.142/20/2003-TPL
