Section 295 — Power to make rules.

Power to make rules.—(1) The Board may, subject to the control of the Central Government, by notification in the Gazette of India, make rules for the whole or any part of India for carrying out the purposes of this Act. (2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters:— (a) the ascertainment and determination of any class of income; (b) the manner in which and the procedure by which the income shall be arrived at in the case of— (i) income derived in part from agriculture and in part from business; (ii) persons residing outside India; 3[(iii) an individual who is liable to be assessed under the provisions of sub-section (2) of section 64;] (c) the determination of the value of any perquisite chargeable to tax under this Act in such manner and on such basis as appears to the Board to be proper and reasonable; (d) the percentage on the written down value which may be allowed as depreciation in respect of buildings, machinery, plant or furniture; 4[(dd) the extent to which, and the conditions subject to which, any expenditure referred to in sub-section (3) of section 37 may be allowed;] 5[(dda) the matters specified in sub-sections (2) and (3) of section 44AA;]

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