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The Central Board of Direct Taxes amends the Income-tax Rules 1962 to include Sovereign Gold Bonds Stock Certificates as an eligible investment for charitable or religious trusts. The rules add a new clause to rule 17C. The new clause covers investment in Stock Certificates defined in the Sovereign Gold Bonds Scheme 2015. These rules come into force on the date of publication in the Official Gazette.
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[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION-3, SUB-SECTION (ii)]
GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE [CENTRAL BOARD OF DIRECT TAXES]
NOTIFICATION New Delhi, the 23rd March, 2016 INCOME-TAX S.O. 1206 (E).- In Exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
(2) They shall come into force on the date of their publication in the Official
Gazette. 2. In the Income-tax Rules, 1962, in rule 17C, after clause (viii), the following clause shall be inserted, namely:-
“(ix) Investment in “Stock Certificate” as defined in clause (c) of paragraph 2 of the Sovereign Gold Bonds Scheme, 2015, published in the Official Gazette vide notification number G.S.R. 827(E), dated the 30th October, 2015.”.
[Notification No. 21/2016/ F.No. 142/1/2016-TPL]
(R Lakshmi Narayanan) Under Secretary (Tax Policy and Legislation)
Note: The principal rules were published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii) vide number S.O. 969 (E) dated the 26th March, 1962 and last amended vide notification number S.O. 1155 (E) dated 18th March, 2016.
