Circular No. 576-Income Tax -
Circular : No. 576-Income Tax Attention is invited to Circular No. 523, dated 5th October, 1988 wherein it was pointed out that if the Board for Industrial and Financial Reconstruction (BIFR) sanction a scheme under section 17(3) of the Sick Industrial Companies (Special Provisions) Act, 1985, specifically excluding or limiting the applic...
Circular No. 575-Income Tax -
Circular : No. 575-Income Tax One of the conditions for allowing deduction under section 80HHB is that the consideration for the execution of a foreign project/work is payable in convertible foreign exchange and at least 50 per cent of the profits and gains derived from the business of execution of foreign project/work is brought into Ind...
Circular No. 574-Income Tax -
Circular : No. 574-Income Tax 1. Section 80C of the Income-tax Act allows, inter alia, deductions while computing the total income of an assessee of any sums paid in the previous year by the assessee individual out of his income chargeable to tax, to effect or to keep in force an insurance on the life of the assessee or on the life of the...
Circular No. 573-Income Tax -
Circular : No. 573-Income Tax Clarifications have been sought from the Central Board of Direct Taxes whether a lump sum payment made gratuitously or by way of compensation or otherwise, to the widow or other legal heirs of an employee, who dies while still in active service, is taxable as income under the Income-tax Act, 1961....
Circular No. 572-Income Tax -
Circular No.572 - Income Tax In respect of incomes of all categories of taxpayers (corporate as well as non-corporate) liable to tax for the assessment year 1990-91, the rates of income-tax (including surcharge thereon) have been specified in Part I of the First Schedule to the Finance Act. These are the same as those laid down in Part ...
Circular No. 571-Income Tax -
Circular : No. 571-Income Tax Attention is invited to Circular No. 564 dated 5-7-1990 (Sl. No. 552) explaining the deduction admissible under section 80HHC of the Income-tax Act, 1961 in respect of export profits....