Circular : No. 20-Income Tax A suggestion has been made to the Board that, in the case of banks, the Income-tax Officer should give full deduction for all bad and doubtful debts actually written off in the books of the banks, without any questioning, since the banks are in a better position to decide whether any of their debts are realisable or not.
Circular : No. 19-Income Tax It has been represented to the Board that expenditure incurred by businessmen on advertisements in souvenirs by trade, commerce and industry should be allowed in full in the same manner as expenditure on advertisements in newspapers since the purpose of both kinds of advertisements is identical.
Circular No. 18-Income Tax The Board have received representations that even in cases where the disputed income-tax and wealth-tax demands, outstanding on the valuation date, are disallowed and such disallowances account for the shortfall of the returned wealth by more than 25 per cent of the assessed wealth, some Wealth-tax Officers have been levying penalty under section 18(1)(c).
Circular : No. 17-Income Tax Reference is invited to the clarifications contained in the Board’s Circular No. 3(WT), dated 27-7-1968 [printed here as Annex] regarding the liability to wealth-tax of the value of the annuities receivable on the annuity deposits made under the relevant provisions of the Income-tax Act.
Circular : No. 15-Income Tax A reference is invited to the Press Note issued by the Ministry of Finance (Central Board of Direct Taxes) on 25-5-1968, relating to the allowance of standard deduction for maintenance expenditure and wear and tear in the case of salaried taxpayers owning conveyances and using them for the purpose of their employment.
Circular : No. 14-Income Tax Treatment of initial contribution: Certain points have been raised in connection with the provisions in the Income-tax Act, 1961, relating to gratuity funds. These points and Board’s comments thereon are as under Point No. 1: Paragraph 6 of Board’s Circular No. 70(XI-3), dated 3-11-1951 (Annex) indicates the manner in which tax relief in respect of initial contribution to a gratuity fund, which has been “informally”
Circular : No. 13-Income Tax A question has arisen whether the provisions of paragraph 5 of the Ministry of Finance (Department of Economic Affairs) Notification No. 4(28) W&M/65, dated 19-10-1965, which lays down, inter alia, that non-residents will be exempt from tax under the Income-tax Act, on the interests on the above-mentioned loans held by them
Circular : No. 10-Income Tax Reference is invited to this Ministry’s Circular letter of even number dated March 26, 1968 [printed under section 192] regarding the procedure to be followed by disbursing officers in deducting tax at source from salaries during the financial year 1968-69.
Circular : No. 9-Income Tax Instructions were issued in 1955 to the effect that in the case of tenant co-partnership co-operative housing societies, the income from each building should be assessed in the hands of the individual members to whom it had been allotted, notwithstanding the facts that the technical legal ownership in the property in such cases vested in the society.
Circular : No. 8-Income Tax Section 280ZA provides for the issue of tax credit certificates to public companies owning industrial undertakings situated in urban areas if they shift their undertakings to some other areas with the prior approval of the Board.
