Circular No. 439-Income Tax Effect of higher returns for the assessment year 1986-87 in respect of wealth-tax assessments – The Finance Act, 1985 has rationalised the rates of personal income-tax and corporate tax and has also liberalised the provisions of the Wealth-tax Act considerably. Taxpayers liable to wealth-tax should avail of this opportunity to come forward and file returns of wealth showing their true net wealth
Circular No. 438-Income Tax Adopting States subsequently added in Schedule I – Notification under sub-section (2)
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 “Baba Kali Kamliwala Panchayat Kshetra, Rishikesh”, for the purpose of the said section for the period covered by the assessment years 1985-86 to 1987-88.
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 “Harijan Ashram Trust, Ahmedabad”, for the purpose of the said section for the period covered by the assessment years 1985-86 to 1987-88.
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 “Father Muller’s Chartiable Institutions, Mangalore”, for the purpose of the said section for the period covered by the assessment years 1985-86 to 1987-88.
That the said Association will submit to the prescribed authority by 30th June, each year, a copy of their audited annual accounts showing their total income and expenditure and balance-sheet showing its assets and liabilities with a copy of each of these documents to the concerned Commissioner of Income-tax.
In exercise of the powers conferred by sub-section (2)(b) of section 80G of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies “Shri Dharmalingeswarar Temple, Sarvamangala Nagar, Madras”, to be a place of public worship of renown throughout the State of Tamil Nadu.
That the said Association will apply to the Central Board of Direct Taxes, Ministry of Finance (Department of Revenue), New Delhi, three 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-section (2)(b) of section 80G of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies “Sri Virupaksha Vidyaranya Mutt Samsthanam, Hospet”, to be a place of public worship of renown throughout the State of Karnataka.
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 “Ramakrishna Vedanta Math, Calcutta”, for the purpose of the said section for the period covered by the assessment years 1984-85 to 1987-88.
