Circular No. 599-Income tax Clarifications on the following issues have been sought by banks from the Central Board of Direct Taxes Whether the securities held by the banks constitute their stock-in-trade or investment, and consequently whether the loss claimed by the banks on the valuation of their securities should be allowed as a d...

Notification No.S.O.254(E) - Income Tax In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (13 of 1961), the Central Government hereby specifies the " 10-year 9 per cent. (tax-free) HUDCO Scavenger Liberation Bonds (Serious-I) " issued by the Housing and Urban Devel...

Circular No.598 - Income Tax Under the Finance (Second Amendment) Ordinance, 1990 promulgated on 15-10-1990 the rate of surcharge on income-tax in the case of domestic companies having taxable income exceeding Rs. 75,000 was increased from 8 per cent to 15 per cent. The Taxation Laws (Amendment) Bill, 1990 was introduced in the Lok Sabh...