"March, 1996" Archive - Page 2

Circular No. 739-Income Tax Dated 25-3-1996

Circular No.739-Income Tax 25/03/1996

Circular No.739-Income Tax The Board have considered the representations. Since the amended provisions of section 40(b) have been introduced only with effect from the assessment year 1993-94 and these may not have been understood correctly the Board are of the view that liberal approach may be taken for the initial years. It has been dec...

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Circular No. 738-Income Tax Dated 25-3-1996

Circular No. 738-Income Tax 25/03/1996

Income Tax The industrial furnaces and industrial oil burning equipment are not covered by Part IV of the First Schedule to the Finance Act, 1964....

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SEBI : Eligibility criteria regarding education for membership of stock exchange.

Circular No. 01/SMD/96 22/03/1996

In an order dated October 30, 1995 passed by the Supreme Court in the matter of Smt Yasomati Harsukhlal Lathia vs Saurashtra Kutch Stock Exchange & others Civil Appeal no. 10004/95, the Court has held that Matric is equivalent to 11th standard in Gujarat State, Saurashtra region...

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Appeals in CEGAT- Submission of relevant files by the field formations to CDR- Regarding

Circular No. 187/21/96-Central Excise 21/03/1996

Circular No. 187/21/96-CX You may observe that the President, CEGAT has observed that the files relevant to the appeals are rarely sent by the lower authorities to the CDR"s office, unless specifically called for. Consequently, the Departmental Representatives are deprived of the opportunity of making effective submissions in support of ...

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Notification No. S.O.237(E)-Income Tax Dated 21/3/1996

Notification No. S.O.237(E)-Income Tax 21/03/1996

Notification No. S.O.237(E)-Income Tax In exercise of the powers conferred by clause (iii) of sub-section (2) of section 194K of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the following scheme of the Canbank Mutual Fund as the scheme having regard to the plan of payment of income to the unitholders for ...

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Notification No. S.O.229(E)-Income Tax Dated 21/3/1996

Notification No. S.O.229(E)-Income Tax 21/03/1996

Notification No. S.O.229(E)-Income Tax In exercise of the powers conferred by section 118 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendments in the notification of the Government of India, Central Board of Direct Taxes No. S. O. 359(E), dated 30th March, 1988...

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MODVAT Credit on capital goods to 100% EOUs seeking premature debonding

Circular No. 185/19/96-Central Excise 19/03/1996

Circular No. 185/19/96-CX Representation have been received from 100% EOUs seeking premature debonding and converting to Domestic Tariff Area Units regarding availment of Credit on countervailing duty paid by them at the time of debonding....

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Notification No. S.O.204(E)-Income Tax Dated 18/3/1996

Notification No. S.O.204(E)-Income Tax 18/03/1996

Notification No. S.O.204(E)-Income Tax In exercise of the powers conferred by clause (ii) of sub-section (1) of section 80L of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the 16.25 per cent. (Taxable) Secured Redeemable Non-convertible Bonds bearing distinctive numbers from C-1160001 to C-2500000 of Rs. ...

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Notification No. S.O.205(E)-Income Tax Dated 18/3/1996

Notification No. S.O.205(E)-Income Tax 18/03/1996

Notification No. S.O.205(E)-Income Tax In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies 10.5 per cent. per annum (Tax-free) Secured Redeemable Non-convertible NHPC Bonds (I-Series) bearing distinc...

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Section 54 – construction of house should necessarily be complete within two years

Smt. Shashi Varma Vs. Commissioner of Income Tax (MP High Court)

In this case the assessee was denied exemption on the investments made with Delhi Development Authority. However, relief was granted by the Hon'ble High Court. It was held that section 54 of the Act of 1961 only says that within two years, the assessee should have constructed the house...

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