Circular No.126 – Income Tax The rates of income-tax for the assessment year 1973-74 in the case of all categories of taxpayers (corporate as well as non-corporate) are specified in Part I of the First Schedule to the Finance Act, 1973. These rates – summarised in Annexure I to this circular – are the same as those specified in Part III of the First Schedule to the Finance Act, 1972 for purposes of computation of
Notification: S.O.362 In pursuance of sub-clause (f) of clause (iii) of sub-section (3) of section 194A of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the following persons for the purposes of the said sub-clause.
Circular No. 124-Income Tax The Finance Act, 1969 introduced, with effect from April 1, 1970, a new provision in section 80MM for the concessional taxation of income received by an Indian company by way of royalties, technical service fees, etc., from any business concern in India in consideration of providing technical know-how or rendering services in connection with the provision of such technical know-how.
Notification: S.O. 10 Indian Academy of Pediatrics, Bombay – has been approved by the Indian Council of Medical Research, the prescribed authority for the purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961.
Notification: S.O. 9 has been approved by the Council of Scientific and Industrial Research, the prescribed authority for the purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961.
In this case the challenge before the Court was to an order dated 29.1.1970 passed by the Commissioner of Income Tax who had dismissed the petitioner’s Revision Application filed under Section 33A and Section 264(1) of the Act on the ground of limitation. The issue pertaied to the Assessment Year 1961-62, 1962-63, 1963-64, for which period the petitioner had incurred certain expenditure
Circular No. 123-Income Tax The Allahabad High Court have held in their judgment dated 24-3-1971 in the case of CIT v. Bharat Bhandar [1974] 94 ITR 315 that rebate under sections 84 and 88 should be allowed to a registered firm as well as its partners. The Board has accepted the decision and has decided that the law as laid down by the Allahabad High Court should be applied to all cases covered by sections 15B/ 15C
In pursuance of sub-clause (ii) of clause (a) of sub-section (1) of section 138 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the Commissio
Circular No. 122-Income Tax The Board in consultation with the Ministry of Law has re-examined the question of taxability of the salaries paid to the gardeners of the buildings belonging to the employers and occupied by the employees as a perquisite. Section 17(2)(iv) provides that the term “perquisite” includes “
Circular No. 121-Income Tax In partial modification of Ministry of Finance (Department of Revenue and Insurance) Circular No. 112 [F. No. 275/64/73-ITJ], dated 31-5-1973 it is hereby clarified that the provisions of section 194D inserted by the Finance Act, 1973, providing for deduction of income-tax at source from payments of income by way of insurance
