Notification No
:
52
Date of Issue
:
28/2/2002
Section(s) Referred
:
s. 295
Notification No. S.O...., 28th February, 2002.
In exercise of the powers confered under sub-clause (i) of clause (b) of
sub-section(2) of section 295 of the Income-tax Act, 1961 (43 if 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 (Third Amendment) Rules,
2002.
(2) They shall come into force on the lst day of April, 2003.
2. In the Income-tax Rules, 1962, in rule 7A, for sub-rule (1), the following
sub-rule
shall be substituted, namely:--
'(1) Income derived from the sale of centrifuged latex or cenex or
latex based crepes
(such as pale latex crepe) or brown crepes (such as estate brown crepe, re-milled
crepe, smoked blanket crepe or flat bark crepe) or technically specified block rubbers
manufactured or processed from field latex or coagulum obtained from rubber plants
grown by the seller in India shall be computed as if it were income.derived from
business, and thirty-five per cent. of such income shall be deemed to be income
liable to tax.'
(Sd.) Rahul Navin,
Under Secretary to the Government of India.
[Notification No. 52/2002/F. No. 149/305/2001-TPL]