1. 126 TAXMAN (St.) 247

NOTIFIED DEBENTURES OF PUBLIC COMPANIES FOR THE PURPOSE OF SECTION 80L OF THE INCOME TAX ACT

Notification No. 380/2002 to 386/2002 dated 10/12/2002

The Central Government vide above notification has specified the bonds in the nature of debentures issued by the Industrial Credit & Investment Corporation of India Ltd. Mumbai in its public issue of safety bonds issued from time to time of July 2002 and March 2001 for the purpose of section 80L of the Income Tax Act. The interest on securities from the above debentures will be eligible u/s 80L(1)(ii) of the Income Tax Act. One may refer to the exact notification form further information regarding allotment details, Number of bond allotted, amount & distinctive numbers.

2. 125 TAXMAN (St.) 147

NOTIFIED BOND OF PUBLIC SECTor COMPANIES FOR THE PURPOSE OF SECTION 193 OF THE INCOME TAX ACT

The Central Government vide Notification No. 359/2002 dated 2/12/2002 notified the Bonds issued by the Rural Electrification Corporation Limited, New Delhi namely, REC 54 EC Capital Gain tax exemption bond for the purpose of Non-deduction of tax at source from interest payable thereon under proviso (iib) of section 193 of the Income Tax Act.

3. 126 TAXMAN (St.) 269

CBDT CIRCULATION FOR DEDUCTION OF TAX AT SOURCE - SALARIES - SECTION 192 OF THE INCOME TAX ACT FOR THE FINANCIAL YEAR 2002-2003

The CBDT vide Circulation No. 13/2002 dated 23/12/2002 gives the rates of deduction of Income Tax from the payment of income under the head salary during the financial year 2002-2003 and explains certain related provisions of the Income Tax Act.

4. 126 TAXMAN (St.) 1

KELKAR COMMITTEES FINAL REPORT ON DIRECT TAXES

The task force on direct taxes set up by Ministry of Finance and Company Affairs and headed by Dr. V. C. Kelkar (Advisor of Ministry of Finance and Company Affairs) has submitted its final report on direct taxes as is specified in 126 Taxman (St.) Page 1.

5. 125 TAXMAN (St.) 148

GUIDELINES FOR CLAIMING DEDUCTION FROM THE BUSINESS OF MULTIPLEX THEATER AS SPECIFIED IN SECTION 80IB (7A) AND 80IB (14)(da) OF INCOME TAX ACT

The CBDT Vide Notification No. 398 dated 20/12/2002 inserts rule 18DB to Income Tax Rules w.e.f. 1/4/2002. It provides guidelines for the prescribed area facilities and amenities for Multiplex Theater and particular of audit reports for deduction under subsection (7A) and clause (da) of subsection (14) of section 80IB of the Income Tax Act.

6. 125 TAXMAN (St.) 136

AMENDMENT TO INCOME TAX (APPELLATE TRIBUNAL) RULES

The Appellate Tribunal in exercise of the power conferred u/s 255(5) of Income Tax Act amended the Income Tax (Appellate Tribunal) Rules. These rules has came into force with effect from 8/4/2002.

7. 125 TAXMAN (St.) PAGE 146
NOTIFIED GAMES AND SPORTS FOR THE PURPOSE OF 80G OF THE INCOME TAX ACT

The Central Government vide notification no. 357/2002 dated 29/11/2002 notifies the following games and sports for the purpose of section 80G explanation 4 of the Income Tax Act. The notification is in respect of assessment year 2003-2004 and subsequent assessment year.

8. 125 TAXMAN (St.) 135
GUIDELINES FOR SPECIFYING AN ASSOCIATION ETC. FOR THE PURPOSE OF DEVELOPMENT OF INFRASTRUCTURE/ SPONSORSHIP OF SPORTS AND GAMES IN INDIA

The Central Government has issued guidelines by inserting Rule 18AA of Income Tax Rule 1962, for specifying an association or institution for the purpose of development of infrastructure for sports and games or the sponsorship for sports and games in India

Cricket	Hockey	Football
Tennis	Golf Rifle	Shooting
Table Tennis	Polo	Badminton
Swimming	Athletics	Volley ball
Wrestling	Basket Ball	Kabaddi
Weight lifting	Gymnastics	Boxing
Squash	Chess	Bridge
Billiards	Cycling	Yatching
Flying	Judo	Kho-kho
Horse-riding	Mountaineering	Body Building
Soft ball	Carrom	Rowing
Archery

An equestrian sports not being horse-racing
Motor racing including motor cycle racing


9. 124 TAXMAN (St.) 8 / 258 ITR (St.) 9
REVISION OF FORMAT OF UNDERTAKING AND CERTIFICATE U/S 195 OF THE INCOME TAX ACT

The CBDT Circular No. 759 dated 18/11/97 permits remittance to be made by RBI without no objection certificate subject to the condition that the person making the remittance furnishes the undertaking accompanied by a certificate from an accountant.

The CBDT Circular No. 10/2002 revises the format of the aforesaid undertaking and the certificate.