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Notification No. 314-Income Tax In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962
this notification will not apply in relation to any income being profits and gains of business, unless the business is incidental to the attainment of the objectives of the Institution and separate books of account are maintained in respect of such business
the Institution will regularly file its return of income before the Income-tax authority in accordance with the provisions of the Income-tax Act, 1961
this notification will not apply in relation to any income being profits and gains of business, unless the business is incidental to the attainment of the objectives of the Institution and separate books of account are maintained in respect of such business
The programme of Local Audit is communicated by the Revenue Audit at least one month before the Local Audit. All co-operation & assistance should be extended to the Revenue Audit Party (RAP) during the audit process. The records requisitioned by the RAP should be entered in the ‘Register’ maintained for this purpose and complete records should be made available.
Ordinarily where the Income-tax Officer is satisfied about the genuineness of the transaction and payment and identification of the cash payment is established, the Income-tax Officer shall record his satisfaction about the fulfilment of the conditions for allowing the benefit of Rule 6DD(j). Apparently, Section 40A(3) was intended to penalize the tax evader and not the honest transactions and that is why after framing of Rule 6DD(j)
This notification is applicable only to the recipients of income on behalf of the Institution and not to any other receipt or income of such recipients. Taxability or, otherwise of the income of the Institution would be separately considered as per the provisions of the Income-tax Act, 1961
Notification No. 309-Income Tax In exercise of the powers conferred by section 295 read with clause ( ii) and clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby make the following rules further to amend the Income-tax Rules, 1962 namely
Notification No. 308-Income Tax In supersession of all earlier notifications/orders and consequent to order No.l 12 of 2006 in F. No.A-22011/3/2006-AD.VI, dated 14-8-2006 and in exercise of powers conferred by sub-section (1)&(2) of Section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes, hereby directs that the Commissioners of Income-tax specified in column (2) of the Schedule
Notification No. 303-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue), number S.O. 591(E), dated the 20th August, 1997, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had specified at serial number 7, for Instrument/equipments, vehicle