Circular : No. 507-Income Tax I am directed to invite reference to this Department’s Circular No. 485, dated 27-5-1987 [Clarification 1] on the above subject and wherein the rates at which deduction of tax under sections 194B and 194BB to be made during the financial year 1987-88 from winnings from lottery or crossword puzzles or horse races were communicated to you.
Circular No. 508-Income Tax I am directed to invite a reference to this Department’s Circular No. 426 [F. No. 275/32/85-IT(B)], dated 24-7-1985 wherein the rates at which the deduction of income-tax was to be made during the financial year 1985-86 from payments of income by way of insurance commission under section 194D were intimated.
Circular: No. 510-Income Tax I am directed to say that the rates at which tax is to be deducted at source under section 194A by persons who are responsible for paying to a resident any income by way of interest other than income chargeable under the head “Interest on securities” are given in Part II of the First Schedule to the Finance Act, 1987.
Circular : No. 509-Income Tax I am directed to say that according to the provisions of section 194, the principal officer of an Indian company or a company which has made the prescribed arrangements for the declaration and payment of dividends including dividends on preference shares within India shall, before making any payment in cash or before issuing
In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the 10-year–9% (Tax-free) Secured Redeemable REC Bonds (15th Series), 1997 , issued by the Rural Electrification Corporation Limited, for the purpose of the said clause.
Circular No. 506-Income Tax I am directed to invite a reference to the Board’s Circular No. 393 [F. No. 275/14/84-IT(B)], dated 5-9-1984, wherein you were requested to issue necessary instructions for making deduction of income-tax at source from the payments of “Interest on Government securities” as prescribed in the Finance Act, 1983, as modified by the Finance Act, 1984.
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 following debentures for the purpose of the said clause, namely.
Circular : No. 505-Income Tax According to the provisions of section 194C any person responsible for paying any sum to any resident contractor for carrying out any work in pursuance of a contract between the contractor and the agencies specified therein shall, at the time of credit of such sum to the account of the contractor or payment thereof in cash, etc., deduct an amount equal to 2 per cent of such sum as income-tax on income comprised therein. The agencies are
That the Tuberculosis Research Centre, Shri K. J. Mehta T. B. Hospital, Saurashtra, will maintain a separate account of the sums received by it for scientific research.
That the said Institution 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, and the concerned Commissioner of Income-tax.
