TaxTMI 
TaxTMI 
INCOME-TAX (EIGHTH AMENDMENT) RULES, 2007
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....the following rules further to amend the Income-tax Rules, 1962, namely : - 1. (1) These rules may be called the Income-tax (8th Amendment) Rules, 2007. (2) They shall come into force with effect from the assessment year 2008-09. 2. In the Income-tax Rules, 1962, for rule 6DD, the following rule shall be substituted, namely: 'Cases and circumstances in which payment in a sum exceeding twent....
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....tion 2 of the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959); (iii) any co-operative bank or land mortgage bank; (iv) any primary agricultural credit society or any primary credit society as defined under section 56 of the Banking Regulation Act, 1949 (10 of 1949); (v) the Life Insurance Corporation of India established under section 3 of the Life Insurance Corporation Act, 1956 ....
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....se (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949)], whether incorporated or not, which is established outside India; (d) where the payment is made by way of adjustment against the amount of any liability incurred by the payee for any goods supplied or services rendered by the assessee to such payee; (e) where the payment is made for the purchase of (i) agricultural or forest ....
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.... in connection with the retirement, retrenchment, resignation, discharge or death of such employee, on account of gratuity, retrenchment compensation or similar terminal benefit and the aggregate of such sums payable to the employee or his heir does not exceed fifty thousand rupees; (i) where the payment is made by an assessee by way of salary to his employee after deducting the income-tax from s....