Circular : No. 466-Income Tax Section 80HHC as substituted by the Finance Act, 1985, provides that where an assessee, being an Indian company or a person (other than a company) resident in India exports out of India during the previous year, any goods or merchandise to which this section applies, he will be allowed a deduction of an amount not exceeding 50 per cent of the profits derived from the export of such goods or merchandise.
Circular No.464 – Income Tax In para 98 of the Budget speech for the year 1986-87, the Finance Minister had announced a proposal to provide relief to self-employed persons and salary earners other than those whose medical needs were taken care of by the employers in respect of medical expenses incurred by them by allowing a deduction out of their total income, subject to limits, for any premium on medical
Circular No. 465-Income Tax I am directed to invite a reference to this Ministry’s Circular No. 388 [F.No. 275/13/84-IT(B)], dated 16-7-1984 and Circular No. 407 [F.No. 275/13/84-IT(B)], dated 1-2-1985 wherein the rates of income-tax deduction during the financial year 1984-85 from the payment of income-tax chargeable under the head “Salaries” under section 192 were intimated.
Circular : No. 463-Income Tax Section 80HHC, as substituted by the Finance Act, 1985, provides that an assessee, being an Indian company or a person (other than a company) who is resident in India, exports out of India during the previous year any goods or merchandise to which this section applies, will be allowed [deduction of an amount
Circular: No. 462-Income Tax I am directed to invite a reference to this Department’s Circular No. 426 [F. No. 275/32/85-IT(B)], dated 24-7-1985 wherein the rates at which the deduction of income-tax was to be made during the financial year 1985-86 from payments of income by way of insurance commission under section 194D were intimated.
CIRCULAR NO. 461-Income Tax In respect of incomes of all categories of taxpayers (corporate as well as non-corporate) liable to tax for the assessment year 1986-87, the rates of income-tax (including surcharge thereon) have been specified in Part I of the First Schedule to the Finance Act. These rates are the same as those laid down in Part III of the First Schedule to the Finance Act, 1985, for the purposes of
Circular : No. 460-Income Tax I am directed to invite a reference to this Department’s Circular No. 427 [F. No. 275/25/85-IT(B)], dated 31-7-1985 on the above subject, wherein you were requested to issue necessary instructions for making deduction of income-tax at source from the payment of “Interest on Government securities” at the rates prescribed therein for the financial year 1985-86.
Circular No. 458-Income Tax This question [as to whether the credit balance in the profit and loss account can be treated as a reserve] was considered by the Supreme Court in CIT v. Century Spg. & Mfg. Co. Ltd. [1953] 24 ITR 499 in the context of rule 2(1) of the Schedule to the Business Profits Tax Act under which the reserves were treated as forming part
Circular : No. 459-Income Tax I am directed to invite the reference to this Ministry’s Circular No. 429 [F. No. 275/35/85-IT(B)], dated 8-8-1985, wherein the rates of income-tax deductions during the financial year 1985-86 from the payment of income chargeable under the head “Salaries” under section 192 were intimated.
Circular No. 456-Income Tax I am directed to invite a reference to para 3 of this Ministry’s letter of even number, dated 25-4-1963. It has been stated therein that for the present till the month of August 1963, the pay for which is due on September 1, 1963, the deduction of additional surcharge from salaries should be allowed to the extent of a sum equal
