Amendment of the Income-tax Rules under section 23 of the Income-tax Act, 1961
Notification No. 292 was published on 13 November 2003. Its subject is Amendment of the Income-tax Rules under section 23 of the Income-tax Act, 1961.
This amends the Income-tax Rules. What it changes is the Rules, not the Act — and a rule can never take away what the section gives.
The Central Board of Direct Taxes, in exercise of the powers conferred by section 295 read with section 80LA of the Income-tax Act, 1961, makes the Income-tax (26th Amendment) Rules, 2003, inserting rule 19AE in the Income-tax Rules, 1962 after rule 19AD and inserting Form No. 10CCF in Appendix II after Form No. 10CCE. Rule 19AE provides that the report of the accountant required to be furnished by the assessee under sub-section (3) of section 80LA shall be in Form No. 10CCF. In that Form the accountant certifies that he has examined the accounts and records relating to the business of the Offshore Banking Unit or Units owned by the assessee and situated in a named Special Economic Zone, and states the deduction claimable under sub-section (1) of section 80LA for the assessment year, determined on the basis of the income received in convertible foreign exchange and worked out in Annexure A. Annexure A calls for the name, assessment year and permanent account number of the assessee, the name and address of the Offshore Banking Units with a copy of the permission obtained under clause (a) of sub-section (1) of section 23 of the Banking Regulation Act, 1949, the gross income of the Unit from eligible banking operations referred to in sub-section (2) of section 80LA, less the gross income not received in convertible foreign exchange, giving gross eligible income, less the expenses attributable to it, giving the income eligible for deduction.
Notification No : 292
Section(s) Referred : Section 295
Date of Issue : 13/11/2003
Notification No : 292 Date of Issue : 13/11/2003
In exercise of powers conferred by section 295, read with section SOLA 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 (26th Amendment) Rules, 2003. (2) They shall come into force on the date of issue of this notification. 2. In the Income-tax Rules, 1962, (i) after the rule - 19AD, the following shall be inserted, namely:- "19-AE. The report of the accountant, which is required to be furnished by the assessee under sub-section (3) of section 80-LA shall in Form No. 10-CCF." (ii) in Appendix-II, after Form No. 10CCE, the following shall be inserted, namely:-
FORM JW. 10CCF
[See rule 19AE] Report under section 80LA(3) 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 Offshore Banking Unit(s)s owned by the assessee, which is/are situated in the Special Economic Zone,............. (name of the Special Economic Zone) carried on by the assessee during the year ended on 31st March,........... 2. I/We....................... certify that the deduction to be claimed by the assessee under subsection (1) of section SOLA of the Income-tax Act, 1961, in respect of the assessment year..... is Rs...which has been determined on the basis of the income 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. Date Signed Place AccountantAnnexure - A
1. Name of the assessee .................. 2. Assessment year.................. 3. Permanent Account Number...................... 4. Name and address of the Offshore Sanking Unit(s) in any Special Economic Zone, owned by the assessee - (1)........... (2)................. (Please enclose a copy of the permissions) obtained under clause (a) of sub-section (1) of section 23 of the Banking Regulation Act, 1949.) 5- Gross income of the Offshore Banking Unit from units in Special Economic Zone or a developer of a Special Economic Zone from eligible banking operations referred to in sub-section (2) of section SOLA (inRs.)........... Less : 6. Out of 4 above, gross income which is not received in convertible foreign exchange (in Rs.)....................... 7. Gross eligible income (in Rs.). Less: 8. Expenses attributable to the gross eligible income (item 7) (in Rs.). Income eligible for deduction under section SOLA (8-9) (in Rs) [Name of the Competent Authority] [Designation of the Competent Authority] F.N0.142/20/2003-TPL
Forms it touches. Form No. 10CCF, Form No. 10CCE
13 November 2003, the date of issue of the notification.
In the accountant's report filed with the return of a bank claiming deduction under section 80LA for an Offshore Banking Unit, and in the assessment of that claim.
Forms it names. Form No. 10, Form No. 10CCE
Rules it names. Rule 19AE of the Income-tax Rules, 1962. The 1962 Rules were replaced by the Income-tax Rules, 2026, which renumbered nearly everything: a rule number quoted here almost never means the same rule today.
Source: the Income Tax Department’s own published text — its page for this instrument.
