In exercise of the powers conferred by sub-clause (v) of clause (23C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies Goud Saraswat Brahaman Temples Trust, Bombay , for the purpose of the said sub-clause for the assessment year 1988-89.
In exercise of the powers conferred by sub-clause (v) of clause (23C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies Mar Thoma Syrian Church of Malabar, Tiruvalla, Kerala, for the purpose of the said sub-clause for the assessment years 1988-89.
Circular : No. 527-Income Tax I am directed to refer to para 4(ix)(2) of this Ministry’s Circular No. 517, dated 16-6-1988 on the above subject and to clarify that the Central Government have specified ‘Jeevan Dhara’ and ‘Jeevan Akshay’ plans of the Life Insurance Corporation of India for the purpose of clause (ii ) of sub-section (1) of section 80CCA of the Income-tax Act.
That the said Institution will apply to the Central Board of Direct Taxes, Ministry of Finance (Department of Revenue), New Delhi, 3 months in advance before the expiry of the approval for further extension. Applications received after the date of expiry of approval are liable to be rejected.
In exercise of the powers conferred by sub-clause (iv) of clause (23C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies The Memorial Society, Lucknow , for the purpose of the said sub-clause for the assessment year 1988-89.
Circular : No. 526-Income Tax According to section 194A of the Income-tax Act, 1961, any person, not being an individual or HUF, who is responsible for paying to a resident any income by way of interest other than income by way of “Interest on securities” shall at the time of credit of such income to the account of the payee or at the time of payment thereof in cash
This notification contains Amendment (Tenth Amendment) to Income-tax Rules carried out on 28th November, 1988 not reproduced here as it is already contained in the body of the Rules itself.
In exercise of the powers conferred by sub-clause (v) of clause (23C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies Bombay Xaverian Corporation Private Limited, for the purpose of the said sub-clause for the assessment years 1982-83 to 1988-89.
Circular : No. 525-Income Tax Considerable difficulty has been felt in the past in assessing income of persons who take contracts for sale of liquor, forest produce, etc. It has been the Department’s experience that for taking such contracts, firms or associations of persons are specifically constituted and very often no trace is left of them or their members after the contract has been executed.
In exercise of the powers conferred by clause (23D) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies SBI Mutual Fund set up by the State Bank of India, a bank constituted under the State Bank of India Act, 1955.
