Circular No. 132-Income Tax I am directed to say that the Board has examined in consultation with the Ministry of Law the question whether the provisions of section 52(2) can be invoked in respect of transfer of capital assets at the instance of the Government or where the consideration for such transfer is determined or fixed by the Central Government or the Reserve Bank of India. In cases where a capital asset is
Circular No. 131-Income Tax I am directed to invite a reference to this Ministry’s Circular No. 107 [F. No. 275/57/73-ITJ], dated 7-3-1973 on the subject of deduction of income-tax from salaries paid during the year 1973-74. The Finance Bill introduced in the Parliament on February 28, 1974, inter alia, prescribes the rates at which income-tax has to be deducted during the financial year 1974-75 from income
Circular No. 130-Income Tax The Income-tax (Amendment) Rules, 1974, notified by the Central Board of Direct Taxes on February 28, 1974, have substituted clauses (a), (b) and (c) of rule 3 of the Income-tax Rules, 1962, relating to valuation of certain perquisites by three new clauses. The new clauses have made certain modifications in the provisions relating to the valuation of the perquisites by way of free residential
Circular : No. 129 -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, 1974. 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. 128 -Income Tax The Income-tax (Amendment) Bill, 1973, as passed by Parliament, received the assent of the President on December 25, 1973 and has been enacted as the Income-tax (Amendment) Act, 1973. This circular explains the provisions of the aforesaid Act (hereinafter referred to as “the Amending Act
Circular : No. 127-Income Tax The question whether the agreement for the avoidance of double taxation of income between India and Pakistan (notified under Notification No. 28, dated 10- 12-1947 [printed here as Annex]) continues to be operative after the outbreak of the Indo-Pakistan armed conflict of December 1971 has been examined and it has been decided that it is no longer operative for the assessment year
Circular No. 125-Income Tax The Institute of Chartered Accountants of India have represented to the Board requesting for reconsideration of its earlier instructions that a power-of-attorney in favour of chartered accountants was required to be stamped in the manner prescribed in the Stamp Act.
Circular No.126 – Income Tax The rates of income-tax for the assessment year 1973-74 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, 1973. These rates – summarised in Annexure I to this circular – are the same as those specified in Part III of the First Schedule to the Finance Act, 1972 for purposes of computation of
Circular No. 124-Income Tax The Finance Act, 1969 introduced, with effect from April 1, 1970, a new provision in section 80MM for the concessional taxation of income received by an Indian company by way of royalties, technical service fees, etc., from any business concern in India in consideration of providing technical know-how or rendering services in connection with the provision of such technical know-how.
Circular No. 123-Income Tax The Allahabad High Court have held in their judgment dated 24-3-1971 in the case of CIT v. Bharat Bhandar [1974] 94 ITR 315 that rebate under sections 84 and 88 should be allowed to a registered firm as well as its partners. The Board has accepted the decision and has decided that the law as laid down by the Allahabad High Court should be applied to all cases covered by sections 15B/ 15C
