TaxTMI 
TaxTMI 
Third Schedule
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....by it in this behalf in the Official Gazette, to the extent to which the amounts of such deposits do not exceed, in each case, the maximum amount which is permitted to be deposited therein;". 3 Section 16- For clause (iv), substitute - "(iv) where the assessee is not in receipt of a conveyance allowance, whether as such or as part of his salary, and owns a conveyance which is used for the purposes of his employment, a sum representing the expenditure incurred by him in its maintenance and as representing its normal wear and tear, calculated in respect of each calendar month or plant thereof for which the conveyance has been so used during the previous year, on the basis provided hereunder :- (1) where the conveyance is a motor....
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....sessee in respect of any obligation which but for such payment would have been payable by such employee) or any expenditure or allowance in respect of any assets of the assessee used by such employee either wholly or partly for his own purposes or benefit, to the extent such expenditure or allowance exceeds one-fifth of the amount of salary payable to the employee, or an amount calculated at the rate of one thousand rupees for each month or part thereof comprised in the period of his employment during the previous year, whichever is less : Provided that in computing the aforesaid expenditure or allowance, the following shall not be taken into account, namely :- (a) any payment by way of gratuity; (b) the value of any travel concession....
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....sub-clause (iii)"; (iii) omit Explanation 2. 7 Section 43.- In clause (4), for sub-clause (i), substitute - (i) "scientific research" means any activities for the extension of knowledge in the fields of natural or applied science including agriculture animal husbandry or fisheries;. 8 Section 58.- In sub-section (1), - (a) in clause (a), after sub-clause (iii), insert - "(iv) any expenditure or allowance of the nature referred to in sub-clause (v) of clause (a) of section 40, notwithstanding that the amount thereof is included in the total income of any employee referred to therein;"; (b) in clause (b), omit "or in sub-clause (iii)". 9 Section 67.- In sub-section (1), in clause (a), after &quo....
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....s or profession" included in the gross total income.;' (d) omit sub-section (8). 15 Section 80F.- Omit sub-section (3). 16 Section 80G.- Omit sub-section (6). 17 Section 80L.- For sub-section (1), substitute - "(1) Where the gross total income of an assessee includes any income by way of dividends from an Indian company or Indian companies, there shall, in accordance with and subject to the provisions of this section, to allowed, in computing the total income of the assessee, a deduction as specified hereunder, namely :- (i) in a case where the amount of such dividends does not exceed five hundred rupees, the whole of such amount; (ii) in any other case, five hundred rupees.". 18 Section 80N.- For "there shal....
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....hin the time allowed to him under sub-section (1) or sub-section (2) may before the assessment is made, furnish the return for any previous year at any time before the end of the period specified in clause (b), and the provisions of clause (iii) of the proviso to sub-section (1) shall apply in every such case. (b) The period referred to in clause (a) shall be - (i) where the return relates to a previous year relevant to any assessment year commencing on or before the 1st day of April, 1967, four years from the end of such assessment year; (ii) where the return relates to a previous year relevant to the assessment year commencing on the 1st day of April, 1968, three years from the end of the assessment year; (iii) where the return re....
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....ines and internal combustion engines. (6) Flame and drip proof motors. (7) Equipment for the generation and transmission of electricity including transformers, cables and transmission towers. (8) Machine tools and precision tools (including their attachments and accessories, cutting tools and small tools), dies and jigs. (9) Tractors, earth-moving machinery and agricultural implements. (10) Motor trucks and buses. (11) Steel castings and forgings and malleable iron and steel castings. (12) Cement and refractories. (13) Fertilisers, namely, ammonium sulphate, ammonium sulphate nitrate (double salt), ammonium nitrate, calcium ammonium nitrate (nitrolime stone), ammonium chloride, super phosphate, urea and complex fertilisers o....