That the said Institute will submit to the prescribed authority by 30th June, each year, a copy of their audited annual accounts showing their income and expenditure and balance-sheet showing its assets and liabilities with a copy of each of these documents to the Central Board of Direct Taxes, New Delhi, DGIT (Exemption), Calcutta, and the concerned Commissioner of Income-tax.
Provided further that the importer proves to the satisfaction of the Assistant Commissioner of Customs or Deputy Commissioner of Customs in accordance with the Rules of Origin referred to in Article 15 of the said Agreement that the goods in respect of which the benefit of this exemption is claimed are of the origin of the country listed in the said Annexures.
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 “7-year 13Percentage (taxable) Secured Redeemable Non-convertible IPCL Bonds”, issued by the Indian Petrochemical Corporation Limited, for the purpose of the said clause.
Provided that the benefit under the said clause shall be admissible in the case of transfer of such bonds, by endorsement or delivery, only if the transferee informs the said Corporation by registered post within a period of sixty days of such transfer.
Notification No.S.O.690(E) – Income Tax In exercise of the powers conferred by sub-sections (1) and (2) of section 269UB of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance, Department of Revenue No. S. O. 684(E), dated 24th September
Notification No.S.O.689(E) – Income Tax In exercise of the powers conferred by sub-sections (1) and (2) of section 269UB of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance, Department of Revenue No. S. O. 392(E), dated 31st May, 1989
Circular : No. 543-Income Tax Reference is invited to this department’s Circular No. 519, dated 10-8-1988 on the above subject wherein a request was made for issuing necessary instructions to all the Treasury Officers etc., for making deduction of income-tax at source from the payment of interest on Government securities for the financial year 1988-89
The question whether a particular assessee is a trader in shares or the shares are held as capital assets sometimes gives rise to disputes and litigation. Over the years the courts have laid down the various tests or factors to be taken into account in determining this question.
Circular : No. 542-Income Tax Under the existing provisions of section 139(1) of the Income-tax Act, as amended by the Direct Tax Laws (Amendment) Act, 1987, with effect from 1-4-1989, a partnership firm, whose accounts are required to be audited under the Income-tax Act, or under any other law, can file its return by 31st October of the relevant assessment year. However, this time limit is not available to the
This notification contains Amendment (Ninth Amendment) to Income-tax Rules carried out on 28th August, 1989 not reproduced here as it is already contained in the body of the rules itself.
