Circular No. 94-Income Tax Reference is invited to this Ministry’s Circular No. 85, dated 29-5-1972, on the subject mentioned above.
Circular No. 95-Income Tax Reference is invited to this Ministry’s Circular No. 86, dated 29-5-1972, on the subject mentioned above. Rules relating to the provisions for deduction of tax at source from payments made to contractors and sub-contractors have since been made. The following instructions may please be noted for general guidance :
Circular No. 93-Income Tax Clarification on several points arising out of the scheme of tax deduction at source from payments made to contractors and sub-contractors in certain cases have been given in this circular and printed in the bulletin.
Circular No. 92-Income Tax Attention is invited to Board’s Circular No. 4 (XI-3)D, dated 9-4-1959, as modified by Circular No. 30, dated 4-10-1969 [Clarifications 3 and 4] on the above subject.
Circular No. 77-Income Tax Under section 59 of the Finance Act, 1983, the balance standing to the credit of a depositor under the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974, who attained the age of 65 years before April 1, 1983, is refundable at his option on June 1, 1983. The Ministry of Finance have advised the Reserve Bank of India to instruct the banks to make the refunds wherever preferred. In respect of
Circular No. 90-Income Tax With the issue of orders in the Government of India, Ministry of Finance (Department of Expenditure), O.M. No. F. 1(34) E-II(B)/68, dated 18-1-1969, “dearness pay” is considered as “pay” for purposes of pension and gratuity and compensatory allowance (including house rent allowance, etc.) in the case of Central Government servants. It is, therefore, clarified that for the purposes of calculating the house rent allowance that would be exempt under rule 2A, the term “salary” includes “dearness pay” also. Where State Government servants are being paid “dearness pay” as in the case of Central Government employee, the clarification given above will apply.
Circular No. 89-Income Tax The Bombay Bench of the Income-tax Appellate Tribunal in their order, dated 29-12-1971 in the case of D.R. Pathak v. ITO held that the “city compensatory allowance” granted to a Government servant is exempt under section 10(14)/16(v). On legal advice received, the Tribunal’s decision has not been accepted by the Income-tax Department and it has challenged in appeal. Till a judicial verdict is
Circular No. 87-Income Tax I am directed to invite a reference to the Board’s Circular No. 71 [F.No. 245/25/ 71-A & PAC], dated 26-3-1972 and to say that the CBDT have passed a revised order of date in supersession of their earlier order dated 28-2-1972, a copy of which was sent with the Board’s above-noted Circular dated 26-3-1972. A copy of this revised order is attached herewith. This may be brought
Circular No. 88-Income Tax I am directed to inform you that the Board have decided to extend the time for furnishing voluntary returns of income and net wealth for the assessment year 1972-73 till July 31, 1972, in cases where such returns are due before that date. A copy of the Press Note dated 19-6-1972 [printed here as Annex] issued in this regard is attached.
Circular No. 85-Income Tax The Finance Act, 1972 has made several modifications in the scheme of tax exemption of casual and non-recurring receipts. The effect of these modifications will, inter alia be that winnings from lotteries and crossword puzzles will become chargeable to income-tax from the assessment year 1973-74 onwards. Under a provision made in the new section 194B every person responsible
