Circular No. 415-Income Tax The Government of India had issued in the year 1965, National Defence Gold Bonds, 1980. These Bonds were redeemable after 15 years, i.e., on or after 2-10-1980. It was clarified in the Press Communique bearing No. MMS/MMM/ANT/361/3, dated 22-9-1980 issued by the Department of Economic Affairs, Ministry of Finance, that
Circular No. 413-Income Tax Section 10(5 ) provides for grant of exemption from income-tax to the value of leave travel concession granted by an employer to an employee. In regard to assessment for the assessment years 1971-72 and onwards this concession is dealt with in section 10(5)( ii) which spells out two situations, the first is where an employee receives travel concession or assistance from his employer for himself and his family in connection with his proceeding on leave to any place in India. The second is where an employee receives
Circular No. 412-Income Tax Section 13A has been inserted by the Taxation Laws (Amendment) Act, 1978 and has come into effect from 1-4-1979. Under section 13A, any income of a political party chargeable under the heads “Interest on securities”, “Income from house property”, “Income from other sources” or any income by way of voluntary contributions is exempt from income-tax
ASSETS RECEIVED UNDER GIFT – Where A acquired agricultural lands in 1961, and after converting them into non-agricultural use in 1962 gifted the lands to B in 1966, and later B sold them, the cost of acquisition under section 49(1)(ii) would be the amount originally paid by A, and not the value on the date of conversion or on the date of gift
Notification No- S.O.2860 – Income Tax 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 Indian National Trust for Art and Cultural Heritage “, for the purpose of the said section for the period covered by the assessment years 1985-86 to 1987-88
Notification No- S.O.2859 – Income Tax 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 ” Krishnamurti Foundation India, Madras “, for the purpose of the said section for the period covered by the assessment years 1985-86 to 1987-88
Notification No- S.O.1210 – Income Tax 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 ” Dohnavur Fellowship “, for the purpose of the said section for the period covered by the assessment years 1983-84 to 1985-86
Notification No- S.O.1478 – 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 ” Sri Arulmigu Kumarakottam Subramaniaswamy Koil Rajagopuram Nirmana, Kancheepuram ” to be a place of public worship of renown throughout South India
Circular No. 411-Income Tax The provisions of section 6 of Wealth-tax Act, read with section 10(4A) of the Income-tax Act, allow exemption from wealth-tax on the moneys lying to the credit in a Non-resident (External) [NRE] Account belonging to a person resident outside India within the meaning of section 2(q) of the Foreign Exchange Regulation Act, 1973. Section 5(1)(xxxiii) provides that in the case of an
Notification No- S.O.1209 – 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 ” Sri Sarangapani Swamy Temple, Kumbakonam, Tamil Nadu ” to be a place of public worship of renown throughout the State of Tamil Nadu
