Circular : No. 509-Income Tax I am directed to say that according to the provisions of section 194, the principal officer of an Indian company or a company which has made the prescribed arrangements for the declaration and payment of dividends including dividends on preference shares within India shall, before making any payment in cash or before issuing
Circular No. 506-Income Tax I am directed to invite a reference to the Board’s Circular No. 393 [F. No. 275/14/84-IT(B)], dated 5-9-1984, wherein you were requested to issue necessary instructions for making deduction of income-tax at source from the payments of “Interest on Government securities” as prescribed in the Finance Act, 1983, as modified by the Finance Act, 1984.
Circular : No. 505-Income Tax According to the provisions of section 194C any person responsible for paying any sum to any resident contractor for carrying out any work in pursuance of a contract between the contractor and the agencies specified therein shall, at the time of credit of such sum to the account of the contractor or payment thereof in cash, etc., deduct an amount equal to 2 per cent of such sum as income-tax on income comprised therein. The agencies are
Circular: No. 504-Income Tax I am directed to say that under the provisions of section 192, tax was to be deducted at source by any person responsible for paying any income chargeable under the head “Salaries”. The rates of income-tax deduction during the year 1987-88 and the relevant rules applicable have already been circulated under Circular No. 489
Circular : No. 503-Income Tax Attention is invited to the Board’s Order under section 119(2)(b) [F. No. 225/201/87-IT(A-II)], dated 5-2-1988 whereby the Board, in exercise of the powers conferred by clause (b) of sub-section (2) of section 119, have raised the monetary limit of cases in which the ITO is authorised to admit belated refund claims under section 237.
Circular : No. 502-Income Tax References have been received from certain quarters about the applicability of the provisions of section 194C to the payments made in respect of the works executed under the National Rural Employment Programme (NREP) and Rural Landless Employment Guarantee Programme (RLEGP).
Circular : No. 501-Income Tax I am directed to invite a reference to this Ministry’s Circular No. 489 [F.No. 275/51/87-IT(B)], dated 25-6-1987, wherein the rates of income-tax deduction during the year 1987-88 from the payment of income chargeable under the head “Salaries” under section 192 were intimated.
Circular : No. 500 -Income Tax . As per rule 89 of Income-tax Rules, 1962, the trustees of an approved superannuation fund may either enter into a scheme of insurance with Life Insurance Corporation of India (LIC) or accumulate the contributions in respect of each beneficiary and purchase on annuity from the LIC at the time of retirement or death of each employee or on his becoming incapacitated prior to retirement
Circular: No. 499 -Income Tax I am directed to refer to this Ministry’s Circular No. 489 [F.No. 275/51/87-IT(B)], dated 25-6-1987 [Clarification 1] wherein the rates of income-tax deduction during the year 1987-88 from the payment of income chargeable under the head ‘Salaries’ under section 192 were intimated
Circular : No. 498 -Income Tax I am directed to refer to para 4(8)(e)(ii ) of this Department’s Circular No. 489 [F. No. 275/51/87-IT(B)], dated 25-6-1987 [see under section 192] wherein the incentives provided under section 80C to the income-tax payers in respect of housing loans, etc., taken from specified institutions have been explained.
