Circular No. 120-Income Tax A doubt has been raised whether at the time of deducting tax from the insurance commission credited to an agent’s account adjustment for the debits made earlier is permissible or not. At the time a proposal is brought by an agent, his account is credited with the appropriate amount of commission.
Circular No. 119-Income Tax Section 45 provides for the taxation of capital gains arising on the transfer of capital assets. Sections 54, 54B and 54D grant exemption in respect of capital gains arising on transfer of property used for self-residence, land used for agricultural purposes and compulsory acquisition of lands and buildings under any law
Circular No. 118-Income Tax Reference is invited to the instructions contained in the Board’s Circular No. 2 (WT) of 1967, dated 31-10-1967 [printed here as Clarification 3] regarding valuation of unquoted equity shares of investment companies, holding companies and managing agency companies.
Notification: S.O.3038 Indian College of Allergy and Applied Immunology, New Delhi 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.3037 Management Development Institute, New Delhi.has been approved by the Indian Council of Social Science Research, the prescribed authority for the purposes of clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961, for a period of five years w.e.f. 1-4-1973
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 Lord Subramania Temple at Chedda Nagar, Pestom Sagar, Chembur, Bombay-89, to be a place of public worship of renown throughout the State of Maharashtra for the purposes of the said section
Notification: S.O.2862 Central Government hereby notifies Shri Kanchi Kamakshi Amman Devasthanam. Big-Kancheepuram, Tamil Nadu, to be of historic, archaeological and artistic importance and to be a place of public worship of renown throughout the country for the purposes of the said section
Notification: S.O.2863 Gujarat University, Ahmedabad has been approved by the Indian Council of Social Science Research, the prescribed authority for the purposes of clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961.
Notification: S.O.2778 Department of Agricultural Engineering, College of Technology, G.B. Pant University of Agriculture and Technology, Pantnagar, U.P has been approved by the Indian Council of Agricultural Research, the prescribed authority for the purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 for a period of two years w.e.f. 1-4-73.
Circular No. 117-Income Tax I am directed to say that an instance has come to the notice of the Board wherein the Income-tax Officer in the case of consumer co-operative store had disallowed the claim of deduction on account of rebate allowed on the purchases made by the members of the store.
