certain suggestions were made to improve the working and practices and procedures at the Exchange. These suggestions have already been forwarded to you and you were also advised to submit periodical progress reports on implementation of these suggestions.
Circular No. 653-Income Tax Section 80U as it existed till the assessment year 1989-90 and earlier years provided for a deduction in the case of a resident individual assessees suffering from a permanent physical disability (including total blindness).
Circular No. 652-Income tax Under sub-item 2(ii ) of Item-III of Appendix I to the Income-tax Rules, 1962, higher rate of depreciation is admissible on motor buses, motor lorries and motor taxis used in a business of running them on hire.
Circular No. 651-Income tax A Central Act called “The Interest on Delayed Payments to Small Scale and Ancillary Industrial Undertakings Act, 1993 (No. 32 of 1993)” has been enacted with effect from 23-9-1992, which provides for payment of certain amount of mandatory interest to the buyers of goods and services from small scale
You may be aware that the Department of Company Affairs have recently issued revised annual cost audit orders for the financial year ending 31.3.1994 and continuously thereafter to all those companies which were previously subjected to cost audit for every alternate financial years. A list containing the names of these companies is being sent separately to the Secretary of your Institute.
It has been brought to the notice of this Department that many of the companies for which maintenance of books of accounts have been made mandatory under Section 209(1)(d) of the Companies Act, 1956 and Cost Accounting Records Rules prescribed, have failed to keep such books of accounts in the manner indicated thereunder
Circular No. 650-Income tax The Board, vide Circular No. 645, dated March 15, 1993 has clarified that luxury tax and such other taxes levied by the State Governments will form part of the “room charges” for the determination of applicability of the Expenditure-tax Act to any particular hotel.
Please refer to the earlier correspondence on the subject resting with our letter no. SMD/SED/0049/93 dated January 1, 1993. The Board after taking into account suggestions made by various stock exchanges has decided to direct the stock exchanges.
Circular No. 649-Income tax Section 44C of the Income-tax Act, 1961, provides for deduction of Head Office expenditure in the case of non-residents. It defines “head office expenditure” to mean executive and general administrative expenditure incurred by the assessee outside India, including certain specified expenditure.
Circular No. 648-Income tax The Board in F. No. 14/9/65-IT(A-I), dated 22-9-1965 (Annex I), as subsequently modified in Instruction No. 1546, dated 6-1-1984 (Annex II), had granted, subject to conditions therein specified, the benefit ofad hoc deduction in respect of the expenses incurred by agents of the Life Insurance Corporation.
