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Incometax (14th Amendment) Rules, 2016
June, 07th 2016
                      SECTION 3, SUB-SECTION (ii)]

                              GOVERNMENT OF INDIA
                               MINISTRY OF FINANCE
                             DEPARTMENT OF REVENUE
                          CENTRAL BOARD OF DIRECT TAXES


                                                             New Delhi, the 02nd June, 2016

       S.O. 1949(E)- In exercise of the powers conferred by section 295 read with sub-
section (2) of section 14A of the Income-tax Act, 1961 (43 of 1961), the Central
Government hereby makes the following rules further to amend the Income-tax Rules,
1962, namely:-

1. (1) These rules may be called the Income­tax (14th Amendment) Rules, 2016.
   (2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Income-tax Rules 1962, in rule 8D,-

 (I) for sub-rule (2), the following sub-rule shall be substituted, namely:-
 "(2) The expenditure in relation to income which does not form part of the total income
 shall be the aggregate of following amounts, namely:--
 (i) the amount of expenditure directly relating to income which does not form part of
 total income; and
 (ii) an amount equal to one per cent of the annual average of the monthly averages of the
 opening and closing balances of the value of investment, income from which does not or
 shall not form part of total income:
 Provided that the amount referred to in clause (i) and clause (ii) shall not exceed the total
expenditure claimed by the assessee.";

(II) sub-rule (3) shall be omitted.

                                      [Notification No. 43/2016] [F.No. 370142/7/2016-TPL]

                                                                         (Dr. T.S. Mapwal)
                                                    Under Secretary to Government of India

Note:- The principal rules were published vide Notification S.O. 969 (E), dated 26th
March, 1962 and last amended by Income-tax (13th Amendment) Rules, 2016 vide
Notification S.O.1923(E), dated 31.05.2016.
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