Circular : No. 524-Income Tax A new scheme relating to assessment of charitable or religious trusts/institutions has been introduced by the Direct Tax Laws (Amendment) Act, 1987 by inserting a new section 80F in the Income-tax Act with effect from 1-4-1989 relevant for assessment year 1989-90 and subsequent years.
Circular : No. 523-Income Tax The Sick Industrial Companies (Special Provisions) Act, 1985 was passed by the Parliament and received the assent of the President on 8-1-1986. The Act was introduced with a view to securing timely detection of sick units and speedy determination by the Board for Industrial and Financial Reconstruction (BIFR)
Under the provision of S. 233B of the Act and the Cost Audit Report Rules made thereunder, the Cost Auditor after the submission of the Cost Audit Report has to furnish replies to all the supplementaries, queries from the Department of Company affairs arising through a review of the Cost Audit Report. A question has arisen as to when the term of a Cost Auditor in respect of company shall be deemed to have concluded. It is clarified that for the purpose of furnishing the certificate under sub-section
Circular No. 522-Income Tax 1. Provisions of sections 40A(3), 269SS and 269T have been amended by Direct Tax Laws (Amendment) Act, 1987 (4 of 1988) and consequently the monetary ceilings prescribed under the aforesaid sections have been raised from Rs. 2,500 to Rs. 10,000, Rs. 10,000 to Rs. 20,000 and Rs. 10,000 to Rs. 20,000, respectively. As per provisions of section 1(2) of the Direct Tax Laws (Amendment) Act, these changes have been made effective from 1-4-1989.
Circular : No. 521-Income Tax Attention is invited to Board’s order under section 119(2)(b) of the Income-tax Act [F.No. 225/201/87-IT(A-II), dated 17-8-1988 whereby the Board, in exercise of the powers conferred by clause (b ) of sub-section (2) of section 119 of the Income-tax Act, 1961, have authorised the Income-tax Officer
Circular : No. 520-Income Tax Under sections 54, 54B, 54D, 54F and 54G, the capital gains earned by a taxpayer from the transfer of a long-term capital asset is exempt from tax if the taxpayer complies with certain conditions. Under section 54(1), the capital gains arising from the transfer of a residential house is exempt from tax if the taxpayer has within a period of one year before
Circular : No.519-Income Tax I am directed to invite a reference to this Department’s Circular No. 486, dated 1-6-1987 on the above subject wherein you were requested to issue necessary instructions to all the Treasury Officers, etc., for making deduction of income-tax at source from the payment of “Interest on Government Securities” for the financial year 1987-88.
Circular : No. 518-Income Tax The Government of Karnataka has introduced Karnataka State Employees’ Group Insurance Scheme at a low cost and on a wholly contributory and self-financing basis for giving the twin benefits of an insurance cover to help their nominees in the event of death in service and a lump sum payment to augment their resources on retirement.
All the Designated Authorities of Pass Book Scheme and Commissioners of Customs are, therefore, advised that they must finalise the claims and grant credits, wherever admissible, positively latest by 30. 9.1998. This issues with the approval of Director General of Foreign Trade.
Circular : No. 517-Income Tax I am directed to invite a reference to this Ministry’s Circular No. 489, dated 25-6-1987, Circular No. 498, dated 4-11-1987, Circular No. 501, dated 20-1-1988 and Circular No. 504, dated 8-2-1988 wherein the rates of income-tax deduction during the year 1987-88
