Notification No. 128/2004-Income Tax Dated 31/3/2004

Notification No. 128 of 2004, dt. 31st Mar., 2004

In exercise of the powers conferred by section 295 read with sub-section (5) of section 10BA 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 (Seventh Amendment) Rules, 2004.

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

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

(a) after rule 16E, the following rule shall be inserted, namely: –

“Form of report for claiming deduction under section 10BA.

16F. The report of an accountant which is required to be furnished by the assessee along with the return of income, under sub-section (5) of section 10BA shall be in Form No. 56H.”

(b) In Appendix-II, after Form No. 56G, the following Form shall be inserted, namely: –

“FORM NO. 56H

(See Rule-16F)

Report under section 10BA 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 their undertaking named ————————-ended on the 31st March —————————.

2. I/We certify that the deduction to be claimed by the assessee under sub-section (1) of section 10BA of the Income-tax Act, 1961, in respect of the assessment year…………. is Rs………………… which has been determined on the basis of the sale proceeds 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.

3. I/We certify that I/We have collected all the relevant information necessary for computing the deduction allowable under this section and have verified the same with reference to the accounts and records of the assessee.

4. In my/our opinion and to the best of my/our knowledge and according to the explanations given to me/us, the particulars given in the Annexure A are true and correct.

Dated……………………….

……………………………..
Singned
Accountant

ANNEXURE A
(See paragraph 2 of Form 56H)

Details relating to the claim by the exporter for deduction under section 10BA of the Income-tax Act, 1961

1. Name of the assessee:

2. Assessment Year:

3. Name of the undertaking:

4. Location and address of the undertaking:

5. Nature of business of the undertaking:

6. Date of commencement of manufacture or production:

7. Number of workers employed by the undertaking:

8. Total turnover of the undertaking:

9. Total profits of the undertaking:

10. Total export turnover of the undertaking:

11. Export proceeds received in convertible foreign exchange in accordance with sub-section 3 of section 10BA, of the undertaking in respect o feligible articles or things:

12. Sale proceeds of the undertaking in respect of eligible articles or things:

13. Please specify

(i) Whether the full considerationin convertible foreign exchange for exports made by the undertaking was brought into India within a period of six months from the end of the previous year

Yes……. No…………

(ii) If not, whether it was brought into India within such further period in the previous year as allowed by the Competent Authority

Yea…………… No…………….

(iii) Specify the amount and the relevant previous year in case such amount is brought into India in convertible foreign excahnge beyond the period of six months fromt he end of relevant previous year and with the approval of the Competent Authority, where such amount relates to any other previous year. also state the name of the authority and the period up to which the approval was accorded……………..

(iv) Amount of sale proceeds. If any, that are credited to a separate account Maintained by the Assessee with any bank outside India and the reference number of Reserve Bank of India according permission for the same……………….

(v) Whetehr the main raw material hs been imported

Yes…………. No…………………

14. Please specify whether the assessee has claimed deduction under section 10A or section 10B of the Income-tax Act in the assessment year prior to the assessment year for which the audit report is furnished

Yes……………….. No

If yes, please specify the assessment year for which the deduction under section 10A or section 10B of the Income-tax Act has been claimed………………….

15. Amount of deduction under section 10BA to which assessee is entitled with the working sheet………………..

16. Remarks, if any…………………………”

F.No. 142/8/2004-TPL