Circular : No. 534-Income Tax Clause (a ) of sub-section (2) of section 80CCA of the Income-tax Act, 1961, provides that where any amount standing to the credit of an assessee under the National Savings Scheme in respect of which a deduction has been allowed under sub-section (1) of that section (including interest thereon) is withdrawn in whole or in part in any previous year, the amount withdrawn shall be
Circular : No. 533-Income Tax Attention is invited to the Board’s Circular No. 187, dated 23-12-1975, wherein the form of application to be filed before the Central Board of Direct Taxes under section 80-O of the Income-tax Act, 1961, was prescribed.
Circular : No. 531-Income Tax . Section 80CCA of the Income-tax Act, 1961, as substituted by the Finance Act, 1988, with effect from 1st April, 1988, provides for a deduction, inter alia, of amounts paid to effect or keep in force a contract for such annuity plan of the Life Insurance Corporation as the Central Government may, by notification in the Official Gazette, specify. For the assessment year 1988-89, the amount qualifying
Circular : No. 532-Income Tax Sub-section (2) of section 80CCA of the Income-tax Act, 1961, provides that where any amount standing to the credit of an assessee under the National Savings Scheme, in respect of which a deduction had been allowed under sub-section (1) of the said section, is withdrawn in whole or in part in any previous year, the amount withdrawn shall be deemed to be the income of the
Circular : No. 530-Income Tax Under section 220(6) of the I.T. Act, 1961 where an assessee has presented an appeal u/s 246 of the Act before the Deputy Commissioner (Appeals) or the Commissioner (Appeals), the Assessing Officer may, in his discretion, and subject to such conditions as he may think fit to impose in the circumstances of the case, treat the assessee as not being in default in respect of the amount in
Circular : No. 529-Income Tax Under the provisions of section 203 of the Income-tax Act, 1961, every person deducting tax in accordance with the provisions of sections 192 to 194, 194A, 194B, 194BB, 194C, 194D and 195 of the Income-tax Act is required to furnish a certificate to the effect that tax has been deducted, and to specify therein, inter alia, the amount deducted and any other particulars that may be prescribed
Circular No.528 – Income Tax In respect of incomes of all categories of taxpayers (corporate as well as non-corporate) liable to tax for the assessment year 1988-89, the rates of income-tax have been specified in Part I of the First Schedule to the Finance Act, 1988. These rates are the same as those laid down in Part III of the First Schedule to the Finance Act, 1987, as amended by the Finance (Amendment) Act, 1987
Circular : No. 527-Income Tax I am directed to refer to para 4(ix)(2) of this Ministry’s Circular No. 517, dated 16-6-1988 on the above subject and to clarify that the Central Government have specified ‘Jeevan Dhara’ and ‘Jeevan Akshay’ plans of the Life Insurance Corporation of India for the purpose of clause (ii ) of sub-section (1) of section 80CCA of the Income-tax Act.
Circular : No. 526-Income Tax According to section 194A of the Income-tax Act, 1961, any person, not being an individual or HUF, who is responsible for paying to a resident any income by way of interest other than income by way of “Interest on securities” shall at the time of credit of such income to the account of the payee or at the time of payment thereof in cash
Circular : No. 525-Income Tax Considerable difficulty has been felt in the past in assessing income of persons who take contracts for sale of liquor, forest produce, etc. It has been the Department’s experience that for taking such contracts, firms or associations of persons are specifically constituted and very often no trace is left of them or their members after the contract has been executed.
