Circular No. 599-Income tax Clarifications on the following issues have been sought by banks from the Central Board of Direct Taxes Whether the securities held by the banks constitute their stock-in-trade or investment, and consequently whether the loss claimed by the banks on the valuation of their securities should be allowed as a deduction in computing their taxable profits ?
Circular No.598 – Income Tax Under the Finance (Second Amendment) Ordinance, 1990 promulgated on 15-10-1990 the rate of surcharge on income-tax in the case of domestic companies having taxable income exceeding Rs. 75,000 was increased from 8 per cent to 15 per cent. The Taxation Laws (Amendment) Bill, 1990 was introduced in the Lok Sabha on 27-12-1990, to replace the aforesaid Ordinance and also to provide for certain other matters. It was passed by both the Houses of Parliament during the Winter Session and received the
Circular No. 597-Income tax Under the provisions of section 203 of the Income-tax Act, every person deducting tax in accordance with the provisions of sections 192 to 194, 194A, 194B, 194BB, 194C, 194D, 194E, 195 and 196A is required to furnish a certificate to the effect that tax has been deducted and to specify therein, inter alia the amount deducted
Circular No. 596-Income tax Clause (d ) of sub-section (1) of section 13 of the Income-tax Act was substituted by the Finance Act, 1983, with effect from 1-4-1983. The provisions of the new sub-clause were to be applicable from the assessment year 1983-84 onwards. This was also clarified in paragraph 18.7 of Board’s Circular No. 372, dated 8-12-1983. However, under sub-clause (ii) of the said section, religious/ charitable trusts and institutions, having investments otherwise than in one
Circular No. 595-Income tax The Board had clarified earlier that a gratuity fund, approved under the Income-tax Act, cannot be wound up unless it is necessitated by the winding up or discontinuance of the employer’s trade or undertaking, and that the revocation of a gratuity fund cannot be permitted on the basis of a resolution of the trustees and/or beneficiaries
Circular No. 594-Income tax The agents of Standardised Agency System, Post Office Time Deposits and Unit Trust of India, have drawn the attention of the Board to the fact that where no detailed accounts are maintained and the gross commission received by them is less than Rs. 60,000, the benefit of an ad hoc deduction for expenses, at the rate of 50 per cent of the gross receipts of commission, is available to the authorised agents of Unit Trust of India and the agents of the following securities
Circular No.593 – Income Tax Under the Finance (Second Amendment) Ordinance, 1990 promulgated on 15-10-1990 the rate of surcharge on income-tax in the case of domestic companies having taxable income exceeding Rs. 75,000 was increased from 8 per cent to 15 per cent. The Taxation Laws (Amendment) Bill, 1990 was introduced in the Lok Sabha on 27-12-1990, to replace the aforesaid Ordinance and also to provide for certain other matters. It was passed by both the Houses of Parliament during the Winter Session and received the
Circular No. 592-Income tax Section 10(4 )(ii) of the Income-tax Act, 1961 provides for exemption from income-tax in the case of an individual, who is a person resident outside India as defined in clause (q) of section 2 of the Foreign Exchange Regulation Act, 1973 (46 of 1973), on any income by way of interest on moneys standing to his credit in a Non-Resident (External) Account in any bank in India in accordance with the said Act and the rules made thereunder.
Recently some stock brokers have been declared as defaulters by certain Stock Exchanges. The important among the reasons for this event as reported in the press were the default on the part of clients and/or over trading by clients and or brokers.
We invite your attention to the bye-laws and rules framed by the Stock Exchange under the Securities Contracts (Regulation) Act, and the Rules thereunder which require that the member-brokers of the Stock Exchange should issue contract notes to their clients for the securities sold and purchased by them on behalf of the clients.
