Circular No.349 – Income Tax The Estate Duty (Amendment) Bill, 1982, as passed by Parliament, received the assent of the President on August 10, 1982, and has been enacted as Act No. 31 of 1982. This circular explains the substance of the provisions contained in the Estate Duty (Amendment) Act, 1982
Circular No. 348-Income Tax I am directed to invite a reference to the Board’s Circular No. 299 [F. No. 275/10/81-IT(B)], dated 24-4-1981, wherein you were requested to issue necessary instructions for making deduction of income-tax at source from “Interest on Government securities” as prescribed in the Finance Bill, 1981.
Circular No. 347-Income Tax The Board has received representations that companies engaged in publishing of books should be treated as industrial companies for the purpose of section 104. Reference has been made in this connection to the decisions of the Madras and Calcutta High Courts in the cases of CIT v. Commercial Laws of India (P.) Ltd.
Circular No.346 – Income Tax As in the past, the Finance Act provides that in the case of individuals, Hindu undivided families, unregistered firms or other associations of persons or bodies of individuals and artificial juridical persons, the net agricultural income will be taken into account for determining the rates of income-tax on incomes liable to tax for the assessment year 1982-83 [vide section 2(2) of the Finance
Circular No.345 – Income Tax The Income-tax (Amendment) Ordinance, 1981 was promulgated by the President on July 11, 1981. The Ordinance was replaced by the Income-tax (Second Amendment) Bill, 1981, which was introduced in the Lok Sabha on September 8, 1981. The Bill was passed by both the Houses of Parliament and received the assent of the President on September 19, 1981 and has been enacted as Act No. 38 of 1981. This circular explains the substance of the provisions of the Income-tax (Second Amendment) Act
Circular No. 344-Income Tax The Income-tax (Amendment) Bill, 1981 was passed by both Houses of Parliament during the monsoon session last year and received the assent of the President on September 4, 1981. It has been enacted as the Income-tax (Amendment) Act, 1981 and published in the Gazette of India (Extraordinary), dated September 4, 1981 as Act 22 of 1981.
Circular No. 343-Income Tax Whereas relief under clause (i) of sub-section (1) of section 33 of the Estate Duty Act, 1953 (34 of 1953), in respect of any one building in the occupation of a Ruler declared by the Central Government as his official residence under paragraph 13 of the Merged States (Taxation Concessions) Order, 1949,
Circular No. 342-Income Tax I am directed to invite a reference to this Ministry’s Circular No. 298 [F. No. 275/3/81 – IT(B)], dated 15-4-1981 wherein the rates of income-tax deduction during the financial year 1981-82 from the payments of income chargeable under the head “Salaries” under section 192 were intimated.
Circular No. 341-Income Tax Reference is invited to the judgment of the Supreme Court in the case of Cloth Traders (P.) Ltd. v. Addl. CIT [1979] 118 ITR 243/[1979] 1 Taxman 335, where it was observed that the amount of deduction under section 80MM should be worked out with reference to gross income.
Circular No. 339-Income Tax I am directed to invite a reference to Board’s Circular No. 301 [F. No. 275/11/81-IT(B)], dated 29-4-1981, on the above subject, wherein the rates at which deduction of tax under section 194BB to be made during the financial year 1981-82 from winnings from horse races were communicated.
