Circular : No. 455-Income Tax The Finance Bill, 1986 has proposed that no proceedings shall be initiated under section 269C in respect of a property transferred after 30-9-1986. The Bill also proposes to insert Chapter XXC providing for purchase by Central Government of immovable properties in certain cases of transfer.
Circular No. 454-Income Tax The Special Bearer Bonds (Immunities and Exemptions) Ordinance, 1981 (‘the Ordinance’), was promulgated by the President on January 12, 1981. The Ordinance was replaced by the Special Bearer Bonds (Immunities and Exemptions) Act, 1981 (‘the Act’) which received the assent of the President on March 27, 1981.
Circular: No. 453-Income Tax There have been numerous requests from various parts of the country for extending the time limit a little longer. It has also been pointed out that there were several closed holidays in the last week of March. Further, in States like Punjab, most of the towns were under curfew; thereby disrupting normal civic life.
Circular : No. 452-Income Tax Section 44AB, as inserted by the Finance Act, 1984, casts an obligation on every person carrying on business to get his accounts audited, if his total sales, turnover or gross receipts, as the case may be, exceed Rs. 40 lakhs in any previous year relevant to the assessment year commencing on 1-4-1985 or any subsequent assessment year.
Circular : No. 451-Income Tax Further clarifications on Circular Nos. 423, 432, 439 to 441 regarding declaration of higher income or wealth – Following clarifications are hereby issued on the questions raised at different places on the press note of the CBDT and the Circular No. 423, dated 26-6-1985 and Circular Nos. 432, 439, 440 and 441, dated 15-11-1985 [Clarifications 1 to 5] issued by CBDT regarding declaration of higher income or wealth.
Circular No. 450-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 to the maximum amount
Circular: No. 447-Income Tax The Central Board of Direct Taxes had occasion to consider the question whether the award received by a sportsman, who is not a professional, will be taxable in his hands or not. In the case of a sportsman, who is a professional, the award received by him will be in the nature of a benefit in exercise of his profession
Circular No. 446-Income Tax In exercise of the powers conferred by clause (b) of sub-section (2) of section 119 of the Income-tax Act, 1961, the Central Board of Direct Taxes hereby order that, in all cases an otherwise valid refund claim under section 237 of the Income-tax Act, 1961 is filed by an assessee after the expiry of the statutory time limit as prescribed under section 239 of the Act, the Income-tax Officer, having
Circular No. 445-Income Tax Under section 17 of the Income-tax Act, 1961, provision of free medical facilities or reimbursement of medical expenses by an employer is treated as a perquisite in the hands of the employee. According to the existing instructions which are effective from the assessment year 1984-85, reimbursement of medical expenses to an employee/provision of medical facilities by an employer
Circular No. 444-Income Tax Attention is invited to rule 67(2)(iv) [as stood before its substitution by the Third Amendment Rules, 1986 with effect from 1-4-1986] of the Income-tax Rules, 1962 which, inter alia, provided that the recognised provident, superannuation and gratuity funds can make investment in the Central Government Special Deposit Scheme up to an amount not exceeding 30 per cent of the investible moneys
