Circular No. 47-Income Tax A question has arisen whether the provision made by an assessee in its accounts on account of the estimated service gratuity payable to the employees can be allowed as a deduction when no gratuity fund has been set up under Part C of the Fourth Schedule to the Income-tax Act
Circular No. 46-Income Tax Reference is invited to the Board’s Circular No. 4-P(LVIII-22), dated 6-8-1964 [Clarification 2] on the above subject. Several representations have been received by the Board seeking clarification about the meaning of the term “salary” as used in section 10(10).
Circular No. 45-Income Tax The rates of income-tax for the assessment year 1970-71 in the case of all categories of taxpayers (corporate as well as non-corporate) are specified in Part I of the First Schedule to the Finance Act, 1970. These rates – summarised in Annexure I to this circular – are the same as those specified in Part III of the First Schedule to
In pursuance of sub-clause (ii) of clause (15) of section 10 of the Income-tax Act, 1961, (43 of 1961), the Central Government hereby specifies the following Certificates for the purposes of that sub-clause, namely :—
The scheme of Post Office (Time Deposits) governed by the Post Office (Time Deposits) Rules, 1970. (b) The sch
pursuance of clause (vi) of sub-section (3) section 194A of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the following schemes as schemes to which the said clause apply, namely :—
In pursuance of sub-clause (iia) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendment in the notification of th
