Income-tax Rules clarify Form 10CCF: read "gross income" in item 6 as profits under section 44 and First Schedule

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....The amendment to the Income-tax Rules adds clarifications to Form No. 10CCF (Annexure A) requiring that for units qualifying as IFSC insurance offices the term "gross income" in item 6 be read as profit and gains as computed under section 44 and the First Schedule of the Income-tax Act, and permitting item 9 (gross eligible income) to be submitted as nil where such profits are so computed. The rules take effect on publication in the Official Gazette.....