"27 December 1974" Archive

Circular No. 158-Income Tax dated 27-12-1974

Circular No. 158-Income Tax (27/12/1974)

Circular : No. 158 -Income Tax Section 10(3) was amended by the Finance Act, 1972 by which receipts of casual and non-recurring nature in excess of Rs. 1,000 would no longer be exempt from tax. A question has arisen as to whether this amendment would make receipts in the form of gifts liable to income-tax....

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