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Circular No. 747-Income Tax Reference is invited to Circular No. 724, dated 29th September, 1995 wherein the rates of deduction of income-tax from the payment of income under the head “Salaries” under section 192 of the Income-tax Act, 1961, during the financial year 1995-96, were intimated. The present Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head “Salaries” during the financial year 1996-97 and explains certain related provisions of the Income-tax Act.
Notification No. S.O.714(E)-Income Tax In exercise of the powers conferred by sub-section (4) of section 139A of the Income-tax Act, 1961 (43 of 1961), the Board hereby specify the last date for the filing applications for allotment of Permanent Account Number under the new series as the 30th day of November, 1996, for assessment year 1996-97 in respect of every person who is required to file such an application.
The learned counsel appearing for the assessee submitted that the amount collected as per the direction given in the Molasses Control (Amendment) Order, is also entitled to be deducted as revenue expenditure, while computing the total income of the assessee. In order to support this contention, the learned counsel appearing for the assessee
Circular No. 746-Income Tax Section 80Q inserted by the Finance (No. 2) Act, 1991, with effect from 1-4-1992 provides that where in the case of an assessee the gross total income of the previous year relevant to the assessment year commencing on the 1st day of April, 1992 or to any one of the four assessment years next following that assessment year
Circular No. 745-Income Tax Representations have been received for grant of exemption from the requirement of deduction of income-tax at source under section 193 of the Income-tax Act, on the payment of income by way of interest on securities to Ramakrishna Math and Ramakrishna Mission whose income is exempt under clause (iv) of section 10(23C) of the Income-tax Act, 1961.
Notification No. S.O.426(E)-Income Tax In exercise of the powers conferred by sub-section (4) of section 139A of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendment in the notification of the Government of India, Ministry of Finance, Department of Revenue bearing S. O. No. 379(E), dated 30th May, 1996
Notification No. S.O.411(E)-Income Tax In the notification of the Government of India, Ministry of Finance, (Department of Revenue) No. S. O. 193(E), dated 14th March, 1996, published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (ii), dated 14th March, 1996:—- This notification contains Corrigendum to Income-tax Act, 1961 carried out on 6th June, 1996 not reproduced here as it is already contained in the body of the act itself
Notification No. S.O.379(E)-Income Tax In exercise of the powers conferred by sub-section (4) of section 139A of the Income-tax Act, 1961 (43 of 1961), the Board hereby specifies that every person who is assessed or liable to be assessed by the Assessing Officer falling under the control of the income-tax authorities mentioned in the Table below
Notification No. S.O.1471-Income Tax It is notified for general information that M/s. Power Finance Corporation Ltd., New Delhi, have been approved by the Central Government as company for the purposes of section 36(1)(viii) of the Income-tax Act, 1961, for the assessment years 1996-97 and 1998-99.
Circular No. 744-Income Tax Board’s Circular No. 719 [F. No. 275/206/95-IT(B)], dated 22-8-1995 states that where the head office or the branch office is already filing the returns under section 206, no other Assessing Officer shall require the assessee to file such return with him.
