Circular No. 619-Income tax The Finance (No. 2) Act, 1991 has introduced a new section 194H, into the Income-tax Act, 1961, which provides that any person, not being an individual or a Hindu undivided family, who is responsible for paying, on or after the 1st day of October, 1991, to a resident, any income by way of commission (not being insurance commission referred to in section 194D) or brokerage,
Circular No. 616-Income tax Reference is invited to the Board’s Circular No. 569, dated 27-7-1990 on the above subject wherein the rates at which the deduction of tax under sections 194B and 194BB was to be made during the financial year 1990-91 from winnings from lotteries, or crossword puzzles or horse races were communicated.
Circular No. 617-Income tax dated 22-11-1991 According to the provisions of section 194A of the Income-tax Act, 1961, any person, not being an individual or HUF, who is responsible for paying to a resident (for non-residents, the provisions are different and are contained in section 195) any income by way of interest other than income by way of interest on securities, shall
Circular No. 615-Income tax Reference is invited to the Board’s Circular No. 579 dated 14-9-1990 regarding deduction of income-tax at source from the payment of interest on securities for the financial year 1990-91.
Circular : No. 618, dated 22-11-1991 The Finance (No. 2) Act, 1991 has inserted a new section 194EE in the Income-tax Act, 1961 with effect from the 1st October, 1991, which reads as follows
Circular No. 614-Income tax Reference is invited to the Board’s Circular No. 570, dated 27-7-1990 wherein the rates at which the deduction of income-tax was to be made during the financial year 1990-91, from payment of income by way of insurance commission under section 194D of the Income-tax Act, 1961 were circulated.
Circular No. 613-Income tax Reference is invited to Board’s Circular No. 539, dated 13-7-1989 on the above subject. According to the provisions of section 194C of the Income-tax Act, 1961, any person responsible for paying any sum to any resident contractor for carrying out any work (including supply of labour for carrying out any work)
Circular No. 612-Income tax Reference is invited to Board’s Circular No.568, dated 27-7-1990 wherein the rates of income-tax deduction during the financial year 1990-91 from the payment of income chargeable under the head “Salaries” under section 192 of the Income-tax Act,1961,etc.,were intimated. The present circular contains the rates of deduction of income-tax from the payment of ‘salaries’ during the financial year 1991-92
Enactment of new provisions in the Income-tax Act, 1961, instead of reducing more than not, increases litigation This is either because of the ambiguity or lack of clarity in the provision enacted or the manner in which the newly enacted provision is applied The present case falls in the second category as we shall presently see
Provided that both supplying and receiving unit shall maintain account for the quantity of consumables and raw materials used in generation of each unit of power so transferred as quantified on the basis of norms approved by the said Board of Approval, for the purpose of calculation of Net Foreign Exchange earning as a Percentage of Export.
