Circular No. 649-Income tax Section 44C of the Income-tax Act, 1961, provides for deduction of Head Office expenditure in the case of non-residents. It defines “head office expenditure” to mean executive and general administrative expenditure incurred by the assessee outside India, including certain specified expenditure.
Circular No. 648-Income tax The Board in F. No. 14/9/65-IT(A-I), dated 22-9-1965 (Annex I), as subsequently modified in Instruction No. 1546, dated 6-1-1984 (Annex II), had granted, subject to conditions therein specified, the benefit ofad hoc deduction in respect of the expenses incurred by agents of the Life Insurance Corporation.
Circular No. 647-Income tax The Certificates of Deposits (CDs) and the Commercial Papers (CPs) are money-market related instruments which are traded in the secondary market. These are negotiable instruments in the nature of usance promissory notes which are issued
(i) that the materials imported are covered by a Value Based Duty Exemption Entitlement Certificate (hereinafter referred to as the said certificate), issued by the Licensing Authority in the form specified in the Schedule annexed to this notification; (ii) that the importer, at the time of clearance of the imported materials –
Provided that nothing contained in this notification shall apply to import of Acetic Anhydride against licence issued after 24th November, 1993, except where such licences have been issued with the approval of Advance Licensing Committee in the office of the Director General of Foreign Trade.
Circular No. 646-Income tax Under the Wealth-tax Act, value of any asset on the valuation date has to be determined in the manner laid down in Schedule III. Valuation of jewellery is to be made as per rules 18 and 19 contained in Part G of this Schedule. For values of jewellery exceeding Rs. 5 lakhs the assessees are required to obtain a report of a registered valuer in the prescribed form and furnish the same along with his return of net wealth.
Circular No. 645-Income tax Provisions of the Expenditure-tax Act apply in relation to any chargeable expenditure incurred in a hotel wherein the room charges for any unit of residential accommodation at the time of incurring of such expenditure are Rs. 1,200 or more per day per individual. (Up to 1-6-1992, the Act was applicable to chargeable expenditure incurred in a hotel having
Circular No. 644-Income tax Section 37(2) of the Income-tax Act, 1961, as it is substituted w.e.f. 1-4-1993, places restrictions on the quantum of deduction permissible on account of entertainment expenditure. The expression ‘entertainment expenditure’ has been defined to include, inter alia,expenditure on provision of hospitality of every kind by the assessee to any person whether by way of provision of food or beverages or in any other manner whatsoever and whether or not such provision is made by reason
Without prejudice to other provisions of this notification, where the Assistant Commissioner or Deputy Commissioner of Customs is satisfied that the unit, which has been permitted by the concerned State Electricity Board in this behalf, has been permitted by Development Commissioner to sell into Domestic Tariff Area (DTA) or transfer to other hundred per cent.
Notification No.S.O.123(E) – Income Tax In exercise of the powers conferred by sections 35AC and 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely
