Circular No. 115-Income Tax All charitable and religious trusts, which desire to avail of the benefits of tax exemption under sections 11 and 12 are, inter alia, required to file under section 12A(a) an application in the prescribed form for registration of the trust before the Commissioner of Income-tax by July 1, 1973 or one year from the date of creation of the trust, whichever is later.
Circular No. 114-Income Tax Reference is invited to this Ministry’s Circular No. 86 [F.No. 275/9/72-ITJ], dated 29-5-1972, No. 93 [F.No. 275/100/72-ITJ], dated 26-9-1972 and No. 95 [F.No. 275/9/72-ITJ], dated 15-11-1972 on the subject mentioned above.
Circular No. 113-Income Tax The Central Board of Direct Taxes have decided to extend the time for furnishing returns of income and net wealth for the assessment year 1973-74 till August 15, 1973, in cases where returns are due to be filed by June 30, 1973 or July 31, 1973. A copy of the Press Note dated 20-6-1973 [printed here as Annex] in this regard is attached.
Circular No. 112-Income Tax The Finance Act, 1973 has introduced a new section 194D with a view to providing for deduction of income-tax at source, at such rates as may be prescribed in the Finance Act of the relevant year, from payments of income by way of insurance commission. For this purpose, “insurance commission” will mean any income
Circular No. 111-Income Tax I am directed to invite reference to this Ministry’s letter No. F. 12/19/64-IT (A-I), dated 2-1-1967 [Clarification 2] wherein the manner in which the house rent allowance is to be treated as exempt from income-tax under section 10(13A) read with rule 2A of the Income-tax Rules, was explained.
Circular No. 110-Income Tax The Punjab, Haryana. and Delhi Chamber of the Commerce and Industry have approached the Board for amendment of rules 67A and 101A of the Income-tax Rules, as these rules, in case of payments to the nominee or nominees, do not give discharge to the trustees of the funds against all future claims and liabilities.
Circular No. 109-Income Tax The correct legal position regarding depreciation and extra shift allowance is clarified as under : NORMAL DEPRECIATION UP TO 1969-70 – Non-seasonal factory was entitled to no depreciation unless it worked for more than 30 days, 50 per cent if it worked for more than 30 days, and 100 per cent depreciation if it worked for 180 days or more.
Circular No. 108-Income Tax The rates of income-tax for the assessment year 1972-73 in the case of all categories of taxpayers (corporate as well as non-corporate) are specified in Part I of the First Schedule to the Finance Act, 1972. In the case of taxpayers other than companies, the rates are the same as were specified in Part III of the First Schedule to the Finance (No. 2) Act, 1971
Circular : No. 106-Income Tax I am directed to forward a copy of draft circular letter setting out the rates at which income-tax and surcharge should be deducted from interest on Government securities on or after April 1, 1973. It is requested that a circular on the basis of this draft may be issued by you immediately to all Treasury Officers and Sub-Treasury Officers under your control, individually.
Circular : No. 107-Income Tax I am directed to invite a reference to this Ministry’s Circular No. 83 [F. No. 275/10/72-ITJ], dated 21-3-1972, on the subject of deduction of income-tax from salaries paid during the year 1972-73. The Finance Bill introduced in the Parliament on February 28, 1973, inter alia, prescribes the rates at which income-tax has to be deducted during the financial year 1973-74
