We invite your attention to the bye-laws and rules framed by the Stock Exchange under the Securities Contracts (Regulation) Act, and the Rules thereunder which require that the member-brokers of the Stock Exchange should issue contract notes to their clients for the securities sold and purchased by them on behalf of the clients.
Notification No.S.O.57(E) – Income Tax In exercise of the powers conferred by clause (xiv) of sub-section (2) of section 88 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the Home Loan Account Scheme of the National Housing Bank established under section 3 of the National Housing Bank Act, 1987 (53 of 1987), for the purposes of the said clause for the assessment year 1991-92 and subsequent assessment years
Notification No.S.O.56(E) – Income Tax In exercise of the powers conferred by clause (xiii) of sub-section (2) of section 88 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the Dhanaraksha, 1989, plan of the LIC Mutual Fund referred to in the aforesaid clause as the unit-linked insurance plan of that Mutual Fund for the purposes of the said clause for the assessment year 1991-92 and subsequent
Notification No.S.O.55(E) – Income Tax In exercise of the powers conferred by clause (v) of sub-section (2) of section 88 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the Public Provident Fund, established under the Public Provident Fund Scheme, 1968, for the purposes of the said clause for the assessment year 1991-92 and subsequent assessment years
Notification No.S.O.54(E) – Income Tax n exercise of the powers conferred by clause (xi) of sub-section (2) of section 88 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the National Savings Certificates (VIII Issue), issued under the Government Savings Certificates Act, 1959 (46 of 1959), as saving certificates for the purposes of the said clause for the assessment year 1991-92 and subsequent assessment years
Circular No.591- 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 Sabha on 27-12-1990, to replace the aforesaid Ordinance and
Circular : No. 590 Income tax Following the invasion of Kuwait by Iraq in August 1990, Indian nationals normally resident in Kuwait have been forced to return to India. These non-resident Indians may like to go back once the situation in the gulf region stabilises.
Circular No. 589-Income tax 1. Reference is invited to Board’s Circular No. 530 [F. No. 404/82/88-ITCC], dated March 6, 1989 regarding the above-mentioned subject. 2. According to paragraph 2 of the said Circular, the Assessing Officer is, in the two situations referred to in that paragraph, bound to treat the assessee as not in default in respect of the amount in dispute in appeal. In respect of other cases, the Circular stated in paragraph 4—
It is evident from a reading of these two clauses that clause (iii) which permitted any amount paid by way of interest on a mortgage or other capital charge was deleted and clause (iv) was amended in such a manner as to make only that annual charge which is not voluntary or which does not amount to a capital charge alone deductible.
Circular : No. 588 At present, customs duty is levied on the value of computer software by treating it as a commodity import. The non-resident licenser or seller is also subjected to income-tax on royalty payment for licensing of the software. To avoid this dual levy for exporters, Government has decided that lump sum payment for systems software supplied by the manufacturer along with the hardware itself would be subjected only to customs duty and not to income-tax. Application software forming part of an approved software export scheme would be subjected only to income-tax on the licenser or seller
