Circular No. 300-Income Tax I am directed to invite a reference to the Board’s Circular No. 300 [F. No. 275/5/81-IT(B)], dated 27-4-1981 wherein the rates at which the deduction of income-tax was to be made during the financial year 1981-82 from payments of income by way of insurance commission under section 194D were intimated
Circular No. 299-Income Tax I am directed to invite a reference to this Department’s Circular No. 275, dated 16-7-1980 and to enclose a copy of the draft circular letter setting out the rates at which income-tax and surcharge should be deducted from interest on Government securities after March 31, 1981, as prescribed in the Finance Bill, 1981
Circular No. 298-Income Tax I am directed to invite a reference to this Ministry’s Circular No. 278 [F. No. 275/12/80-IT(B)], dated 26-8-1980 wherein the rates at which income-tax deduction during the financial year 1980-81, from the payments of income chargeable under the head “Salaries” under section 192, were intimated
Circular No. 297-Income Tax Reference is invited to Board’s Circular No. 296, dated 31-3-1981 by which the Commissioners were asked to direct the ITOs to send two copies of return forms, etc., to the assessees existing on the register of the Department by ordinary post. This direction is modified to the extent that return forms etc., should be sent only to those assessees whose income according to the latest return/assessment on
Circular No. 296-Income Tax With a view to enabling the tax-payers existing on the registers of the Income-tax Department to file the return of income in time and to avoid inconvenience in approaching the Income-tax Offices for getting the return forms, it has been decided by the Board that from the financial year 1981-82, 2 copies of blank income-tax return forms will be despatched by the concerned Income-tax
Circular No. 290 -Income Tax The Finance (No. 2) Act, 1980 has amended the First Schedule to the Wealth-tax Act, 1957, raising the limit of maximum amount not liable to wealth-tax from Rs. 1,00,000 to Rs. 1,50,000. The new provision has come into force from April 1, 1980 in terms of section 1(2) of the Finance (No. 2) Act, 1980. Accordingly, the benefit of higher wealth-tax exemption limit is available to taxpayers from the current assessment year, viz., 1980-81
Circular No. 295-Income Tax Pursuant to the decision of the Supreme Court in Brij Bhushan Lal Parduman Kumar v. CIT [1978] 115 ITR 524, several representations were received seeking modification of para 1(5) of Board’s Circular No. 86 [F.No. 275/9/72-ITJ], dated 29-5-19721 to permit, in respect of composite works contract, e.g., work and labour, tax deduction at 2 per cent under section
Circular No. 294 -Income Tax . Section 35(2A) [prior to its amendment by the Finance Act, 1984], provides that where the assessee pays any sum to a scientific research association for university or college or other institution referred to in section 35(1)(ii) or to a public sector company to be utilised for scientific research undertaken under a programme approved in this behalf by the prescribed authority having regard
Circular No. 293 -Income Tax Section 2 of the UN (Privileges and Immunities) Act, 1947, read with section 18, clause (b) of article V of the Schedule thereto, inter alia, grants exemption from taxation to salaries and emoluments paid by the United Nations to its officials. The question whether pension received by the erstwhile officials of the United Nations from it would be exempt from income-tax was considered by the Karnataka High Court in the case of CIT v. K. Ramaiah [1980] 126 ITR 638
Circular No. 292 -Income Tax The persons responsible for making payments of interest on securities, dividends, interest other than “interest on securities”, winnings from lotteries and crossword puzzles, winnings from horse races, payments to contractors and sub-contractors, insurance commission, and “other sums” are required, at the time of payment, to deduct income-tax at appropriate rates under sections 193, 194, 194A, 194B, 194BB, 194C, 194D and 195, respectively. The tax so deducted at source is required to be paid to the credit of the
