Income-tax (24th Amendment) Rules, 2005
Notification No. 221/2005, dated 3-11-2005
In exercise of the powers conferred by section 295 read with sub-section (2) of section 80C 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 (24th Amendment) Rules, 2005.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Income-tax Rules, 1962, —
(a) in rule 20, —
(i) in the heading, after the words, “Guidelines for approval”, the words, brackets, figures and letter ” under clause (xix) of sub section (2) of section 80C or” shall be inserted;
(ii) in the opening portion, after the words, “approval to a public company”, the words, brackets, figures and letter” under clause (xix) of sub-section (2) of section 80C or” shall be inserted;
(iii) in sub-rule (1), for the Explanation, the following Explanation shall be substituted, namely:-
‘Explanation.- For the purposes of this rule, “the eligible issue of capital” means an issue referred to in clause (i) of the Explanation to clause (xix) in sub-section (2) of section 80C or in clause (i) of the Explanation to clause (xvi) in sub-section (2) of section 88.’
(b) in rule 20A, –
(i) in the heading, after the words, “Guidelines for approval”, the words, brackets, figures and letter “under clause (xx) of sub section (2) of section 80C or” shall be inserted;
(ii) in sub-rule (1), after the words, “For the purpose of”, the words, brackets, figures and letter “clause (xx) of sub-section (2) of section 80C or” shall be inserted;
(iii) in sub-rule (4), in clause (i), after the words, ` in the “eligible issue of capital of any company” referred to in’, the words, brackets, figures and letter “clause (i) of Explanation to clause (xix) of sub-section (2) of section 80C or in” shall be inserted.
(c) in Appendix II,—
(i) in Form No. 59,—
(A) in the heading, after the words “public companies under section”, the figures, letter, brackets and words “80C (2)(xix) or under section” shall be inserted;
(B) for item 7, the following item shall be substituted, namely:-
“whether the present equity/debenture issue conform to the definition of ‘infrastructure facility’ as defined in the Explanation to clause (i) of sub-section (4) of section 80-IA of the Income-tax Act? If so, give details”.
(ii) In Form No.59A,-
(A) in the heading, after the words “public companies under section”, the figures, letter, brackets and words “80C (2)(xx) or under section” shall be inserted;
(B) in item 9, after the words “launched for the purpose of section”, the figures, letter, brackets and words “80C (2)(xx) or section” shall be inserted.

F.No.142/39/2005-TPL

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