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In the notification of the Central Board of Direct Taxes published as S. O. 4427, dated the 29th October, 1969, at pages 1397-1398 of the Gazette of India, Extraordinary, Part II, Section 3, sub-section (ii) dated the 29th October, 1969.
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 Gujarat State Textile Corporation Limited, Ahmedabad—9, for the purposes of the said sub-clause.
Notification: S.O.4427 This notification contains Amendment to Income-tax Rules carried out on 29-10-1969 not reproduced here as it is already contained in the body of the Income-tax Rules itself.
Circular No. 32-Income Tax Reference is invited to Departmental Circular No. 30-D of 1966 [printed here as Annex III] issued by the Board on November 7,1966.
Circular No. 31-Income Tax Section 80RR was inserted through the Finance Act, 1969, and will have effect from April 1, 1970. Under this section, a resident individual, being an author, playwright, artist, musician or actor who derives income, in exercise of his profession, from foreign sources and receives such income in India and brings it into the country in foreign exchange in accordance with the Foreign Exchange Regulation Act, 1947, is entitled to deduct 25 per cent of the income so received or brought, in the computation of his total income.
Circular No. 30-Income Tax Attention is invited to Board’s Circular No. 4 (XI-3) D, dated 9-4-1959 [Clarification 4] on the above subject. The film producers have represented to the Board that a cinema film no longer has an effective life of about 3 years as was presumed by the Income-tax Department when devising the formula for the amortisation of the cost
Circular No. 16-Income Tax It has been represented to the Board that the professional tax is not being allowed as a revenue expenditure under section 37(1), as its deduction is not covered by the specific provisions of section 40(a )(ii).
Circular No. 29-IncomeTax Attention is invited to the Board’s Circular Nos. 5-P(LXX-6) of 1968 and 12-P(LXX-7) of 1968 [Clarification 2] which had been duly endorsed to all Chambers of Commerce. References are still being received from the public seeking clarifications regarding the taxability of income under the provisions of sections 11(1) and 11(2).
Circular No. 28-Income Tax Section 24(1)(vi ) provides that where the property has been acquired, constructed, repaired, renewed or reconstructed with borrowed capital, the amount of any interest payable on such capital shall be allowed as an admissible deduction in the computation of income from the said property.
Circular : No. 27-Income Tax The Finance Act, 1968 made provisions in sections 35B and 35C, respectively, for the grant of “export markets development allowance” and “agricultural development allowance” in computing the profits and gains from business. Under section 35B, an assessee, being a domestic company or a resident non-corporate person, who incurs expenditure under specified heads for
