Notification No : 8
Date of Issue : 12/1/2004
Notification No. 8 of 2004, dt. 12th Jan., 2004
In exercise of powers conferred by Sub-section (1) of Section 295 read with clause (vi) of Sub-section (2) of Section 17 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 maybe called the Income-tax (First Amendment) Rules, 2004.
(2) They shall come into force on the 1st day of April, 2004.
2. In the Income-tax Rules, 1962, in Rule 3, in Sub-rule (7), in clause (i), for the portion beginning with the words “concessional loan made available” and ending with the words and figures “rate of 13% per annum for other loans”, the words, figures, brackets and letters “concessional loan for any purpose made available to the employee or any member of his household during the relevant previous year by the employer or any person on his behalf shall be determined as the sum equal to the interest computed at the rate charged per annum by the State Bank of India, constituted under the State Bank of India Act, 1955 (23 of 1955), as on the 1st day of the relevant previous year in respect of loans for the same purpose advanced by it”, shall be substituted.