Circular No. 123-Income Tax -
Circular No. 123-Income Tax The Allahabad High Court have held in their judgment dated 24-3-1971 in the case of CIT v. Bharat Bhandar  94 ITR 315 that rebate under sections 84 and 88 should be allowed to a registered firm as well as its partners. The Board has accepted the decision and has decided that the law as laid down by the ...
Notification: S.O.3371 -
In pursuance of sub-clause (ii) of clause (a) of sub-section (1) of section 138 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the Commissio...
Circular No. 122-Income Tax -
Circular No. 122-Income Tax The Board in consultation with the Ministry of Law has re-examined the question of taxability of the salaries paid to the gardeners of the buildings belonging to the employers and occupied by the employees as a perquisite. Section 17(2)(iv) provides that the term "perquisite" includes "...
Circular No. 121-Income Tax -
Circular No. 121-Income Tax In partial modification of Ministry of Finance (Department of Revenue and Insurance) Circular No. 112 [F. No. 275/64/73-ITJ], dated 31-5-1973 it is hereby clarified that the provisions of section 194D inserted by the Finance Act, 1973, providing for deduction of income-tax at source from payments of income by...
Circular No. 120-Income Tax -
Circular No. 120-Income Tax A doubt has been raised whether at the time of deducting tax from the insurance commission credited to an agent’s account adjustment for the debits made earlier is permissible or not. At the time a proposal is brought by an agent, his account is credited with the appropriate amount of commission....