Circular No. 377 – Income Tax Whereas the Central Government is of opinion that circumstances are such that some relief in addition to the reliefs provided in sub-section (1) of section 33 of the Estate Duty Act, 1953 (34 of 1953) should be given in respect of the following class of property, whether movable or immovable, namely, any property of a deceased
Circular No. 376 – Income Tax F.No. 200/108/77-IT(AI) provided the clarification that the value of the provision of ordinary medical facilities by an employer to an employee or his family free of charge or reimbursement of such medical expenses to the employee after they are incurred by him is not to be included in the total income of the employee,
Circular No. 375 – Income Tax Circular No. 246 [F. No. 178/37/77-IT(A-I)], dated 20-9-1978 [Clarification 2] laid down certain guidelines for the purpose of grant of deduction in the case of totally blind or physically handicapped resident persons under section 80U.
Circular : No. 373 -Income Tax . The Board have been receiving representations from various associations/ unions/chambers/industries, etc., for amendment of rule 68 of the Income-tax Rules, 1962 which govern the rules regarding house building advances from the Provident Fund accounts of the employees. Rule 68/69 has since been amended vide Board’s Notification No. SO 789, dated 1-11-1983 which is being circulated
Circular No. 374 – Income Tax Under rule 3(a)(iii) the value of the perquisite in the form of rent-free residential accommodation provided by an employer other than the Government and statutory corporations wholly owned by the Government, etc., referred to in rule 3(a)(i ) and (ii), is to be taken at 10 per cent of the salary paid to the employee. However, if the actual rental value of the accommodation is in excess of 20 per cent of
Circular No. 372-Income Tax In respect of incomes of all categories of taxpayers (corporate as well as non-corporate) liable to tax for the assessment year 1983-84, 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, 1982 for the purposes of computation of advance tax,
Circular No. 371 – Income Tax The issue regarding taxability of interest on cumulative deposit scheme announced by Government undertakings has been considered by the Board. The point for consideration is whether interest on cumulative deposit scheme would be taxable on accrual basis for each year during which
All the partners of the firm are practicing cost accountants within the meaning of Section 6 and 7 of the Cost and Works Accountants Act, 1959,
Circular No. 368 – Income Tax I am directed to invite a reference to the Board’s Circular No. 348 [F. No. 275/19/82-IT(B)], dated 16-8-1982, 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 Bill, 1982.
Circular No.370 – Income Tax It has come to the notice of the Board that in certain cases where payments are made to non-residents and the tax payable by the non-resident is borne by the person making the payment, the provisions of section 195 are not being followed. As a result such persons become liable to pay interest and penalty under section 201(1A) and section 221, respectively and also punishment under section 276B.
