Income Tax Rules

Income Tax Rules Negative List increased for Contribution to Electoral Trust

 

Amendment to Rule 17CA of Income Tax Rules’1962, Negative List increased for Contribution to Electoral Trust vide Notification No. 92/2016 dated 07.10.2016

 

Earlier Rules

(4) The electoral trust shall not accept contributions—
(a) from an individual who is not a citizen of India or from any foreign entity whether incorporated or not; and
(b) from any other electoral trust which has been registered as a company under section 25 of the Companies Act, 1956 (1 of 1956) and approved as an electoral trust under the Electoral Trusts Scheme, 2013.

 

 

 

After Amendment, Now to be read as:

(4) The electoral trust shall not accept contributions—
(a) from an individual who is not a citizen of India or from any foreign entity whether incorporated or not; 

(b) from any other electoral trust which has been registered as a company under section 25 of the Companies Act, 1956 (1 of 1956) and approved as an electoral trust under the Electoral Trusts Scheme, 2013;

(c) from a Government company as defined in clause (45) of section 2 of the Companies Act, 2013 (18 of 2013); and

(d) from a foreign source as defined in clause (j) of section 2 of the Foreign Contribution (Regulation) Act, 2010 (42 of 2010).

 

 

 

 

Notification No. 92/2016

MINISTRY OF FINANCE

(Department of Revenue)

(CENTRAL BOARD OF DIRECT TAXES)

NEW DELHI

 

 

 

Notification No. 92/2016

Dated: 7th October, 2016

 

 

S.O. 3179(E).-   In exercise of the powers conferred by clause (b) of section 13B, read with section 295 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 (27th Amendment) Rules, 2016.

    (2). They shall come into force on the date of their publication in the Official Gazette.

  1. In the Income-tax Rules, 1962, in rule 17CA, in sub-rule (4),-

(i).  in clause (a), the word “and” occurring at the end shall be omitted;

(ii). after clause (b), the following shall be inserted, namely:-

“(c) from a Government company as defined in clause (45) of section 2 of the Companies Act, 2013 (18 of 2013); and

(d) from a foreign source as defined in clause (j) of section 2 of the Foreign Contribution (Regulation) Act, 2010 (42 of 2010).”.

ABHISHEK GAUTAM

Under Secretary (Tax Policy and Legislation)

 

Note.-  The principal rules were published in the Gazette of India vide notification number S.O. 969(E), dated the 26th March, 1962, and last amended by vide notification number S.O.3160(E) dated 6th October, 2016.