Notification No. 237/2004-Income Tax Dated 2/9/2004

Notification No. 237 of 2004, dt. 2nd Sep., 2004

S.O. 980 (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 (Tenth Amendment) Rules, 2004.

(2) They shall be deemed to have come into force on the 1 st day of April, 2004.

2. In the Income-tax Rules, 1962, in rule 28AB, in sub-rule (2), for the word, brackets and figure “sub-rule (2)”, the word, brackets and figure “sub-rule (1)” shall be substituted.

Explanatory Memorandum

Rule 28AB relates to certificate for no deduction of tax at source in case of entities whose income is exempt from tax subject to certain conditions and who are required to file income-tax returns under the provisions of sub-sections (4A) and (4C) of the Income-tax Act. Sub-rule (1) of the said rule provides for persons who can file such applications under the provisions of sub-section (1) of section 197 subject to the conditions specified in sub-rule (2).

Sub-rule (2) of the said rule has been amended retrospectively to give reference to sub-rule (1) instead of sub-rule

(2). It is certified that the retrospective effect to the proposed amendment to the said sub-rule shall not prejudicially affect the interest of any assessee.

F.No.149/128/2004-TPL