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In exercise of the powers conferred by clause (iii) of Explanation to sub-clause (viia) of clause (6) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the field of grading and evaluation of diamonds for diamond export or import trade for the purpose of the said sub-clause (viia).
Circular No. 273-Income Tax Charitable and religious trusts are entitled to exemption from income-tax under section 11 after they fulfill the requirements enumerated in sections 11 to 13. These trusts are allowed to accumulate or set apart income derived by them from property held under trust provided they fulfil the conditions spelt out in section 11(2) read with rule 11 of the Income-tax Rules and Form No. 10.
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 Housing Development Finance Corporation Limited, Bombay, for the purposes of the said sub-clause.
That the Trust will furnish an annual audited statement of accounts to the Council for each year by 31st May, each year and in addition send a copy of it to the concerned Income-tax Commissioner.
That the said Association will furnish the annual return of its scientific research activities to the prescribed authority for every financial year in such forms as may be laid down and intimated to them for this purpose by 30th April, each year.
It is hereby notified for general information that the following scientific research programme has been approved for the period specified below for the purposes of sub-section (2A) of section 35 of the Income-tax Act, 1961, read with 6(iv) of the Income-tax Rules, 1962, by the Indian Council of Agricultural Research, New Delhi.
Circular No. 272-Income Tax Section 80U authorises deduction of Rs. 5,000 from the income of a resident individual who, at the end of the previous year, is either totally blind or is subject to or suffers from a permanent physical disability (other than blindness) which has the effect of reducing substantially his capacity to engage in a gainful employment or occupation.
It is hereby notified for general information that the institution mentioned below 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.
It is hereby notified for general information that the following scientific research programme has been approved for the period specified below for the purposes of sub-section (2A) of section 35 of the Income-tax Act, 1961, read with rule 6(iv) of the Income-tax Rules, 1962, by the Secretary, Department of Science & Technology, New Delhi.
That the Usha Scientific Research Institute, Calcutta, will maintain a separate account of the sums received by it for scientific research in the field of natural or applied sciences (other than agriculture/animal husbandry/fisheries and medicines).
