This document is a notification from the Central Board of Direct Taxes, Department of Revenue, Ministry of Finance, Government of India, issued on March 3, 2016. The notification, numbered S.O. 650(E), introduces the Income-tax (4th Amendment) Rules, 2016. These rules, which take effect on April 1, 2016, amend the Income-tax Rules, 1962. Specifically, they revise "APPENDIX I, in the TABLE OF RATES AT WHICH DEPRECIATION IS ADMISSIBLE, in PART A relating to TANGIBLE ASSETS, under the subheading III. MACHINERY AND PLANT, in item 8, in subitem xii relating to Mineral oil concerns". The amendment inserts a new entry, "c Oil wells not covered in clauses a and b 15". The notification is issued under the authority of section 295 read with section 32 of the Income-tax Act, 1961 (43 of 1961). The Director of TPL, PITAMBAR DAS, is listed as the contact. 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 vide notification number S.O. 637(E), dated the 01/03/2016. The file number is F. No.142/33/2015-TPL.
Key Entities Referenced
New Delhi: The city where the notification was issued.
Ministry of Finance: The ministry responsible for the Department of Revenue.
Department of Revenue: The department under the Ministry of Finance.
Central Board of Direct Taxes: The organization that makes the rules further to amend the Income-tax Rules.
Income-tax Act, 1961: The primary legislation governing income tax in India.
Income-tax Rules, 1962: The rules framed under the Income-tax Act, 1961.
Income-tax 4th Amendment Rules, 2016: The specific amendment rules being introduced.
Pitambar Das: Director TPL
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बनाता ह,ै अथा(cid:12)त ्:-
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वाले तेल कूप
(अिधसूचना सं. 13/2016/फा. सं. 142/33/2015-टीपीएल)
पीता%बर दास, िनदेशक (टीपीएल)
1097 GI/2016 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
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अिधसूचना सं. का.आ. 637(अ) तारीख़ 01/03/2016 के +ारा उनका अंितम बार संशोधन (cid:1)कया गया ह।ै
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 3rd March, 2016
INCOME-TAX
S.O. 650(E).—In exercise of the powers conferred by section 295 read with section 32 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 (4th Amendment) Rules, 2016.
(2) They shall come into force on the 1st day of April, 2016.
2. In the Income-tax Rules, 1962, in New APPENDIX I, in the TABLE OF RATES AT WHICH DEPRECIATION IS
ADMISSIBLE, in PART A relating to TANGIBLE ASSETS, under the sub-heading III. MACHINERY AND PLANT,
in item (8), in sub-item (xii) relating to Mineral oil concerns, after entry (b), the following entry shall be inserted,
namely:—
Block of assets Depreciation allowance as percentage of written down
value
1 2
“(c) Oil wells not covered in clauses (a) and (b) 15”.
[Notification No. 13 /2016/F. No.142/33/2015-TPL]
PITAMBAR DAS, Director (TPL)
Note : The principal rules were published in the Gazette of India vide notification number S.O. 969(E), dated
th
the 26 March, 1962 and last amended vide notification number S.O. 637(E), dated the 01/03/2016.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.