Circular No. 648-Income tax The Board in F. No. 14/9/65-IT(A-I), dated 22-9-1965 (Annex I), as subsequently modified in Instruction No. 1546, dated 6-1-1984 (Annex II), had granted, subject to conditions therein specified, the benefit ofad hoc deduction in respect of the expenses incurred by agents of the Life Insurance Corporation.
Circular No. 647-Income tax The Certificates of Deposits (CDs) and the Commercial Papers (CPs) are money-market related instruments which are traded in the secondary market. These are negotiable instruments in the nature of usance promissory notes which are issued
Circular No. 646-Income tax Under the Wealth-tax Act, value of any asset on the valuation date has to be determined in the manner laid down in Schedule III. Valuation of jewellery is to be made as per rules 18 and 19 contained in Part G of this Schedule. For values of jewellery exceeding Rs. 5 lakhs the assessees are required to obtain a report of a registered valuer in the prescribed form and furnish the same along with his return of net wealth.
Circular No. 645-Income tax Provisions of the Expenditure-tax Act apply in relation to any chargeable expenditure incurred in a hotel wherein the room charges for any unit of residential accommodation at the time of incurring of such expenditure are Rs. 1,200 or more per day per individual. (Up to 1-6-1992, the Act was applicable to chargeable expenditure incurred in a hotel having
Circular No. 644-Income tax Section 37(2) of the Income-tax Act, 1961, as it is substituted w.e.f. 1-4-1993, places restrictions on the quantum of deduction permissible on account of entertainment expenditure. The expression ‘entertainment expenditure’ has been defined to include, inter alia,expenditure on provision of hospitality of every kind by the assessee to any person whether by way of provision of food or beverages or in any other manner whatsoever and whether or not such provision is made by reason
As you are aware, with the spate of issues of rights shares and fully and convertible debentures in the current financial year (i.e. 1992-93), the volume of odd lot shares and debentures has reportedly increased manifold, but the secondary market for them is not that active.
Circular No. 643-Income tax Section 194A of the Income-tax Act, 1961 requires any person, not being an individual or a Hindu undivided family, who is responsible for paying to a resident, any income by way of interest, other than interest on securities, to deduct income-tax at the prescribed rate thereon, at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier.
In this connection, we have been requested by the Ministry of Finance to send them immediately a detailed report on the progress made by the stock exchanges on implementation of these directives. As SEBI has issued fresh directives vide its letter SMD-II.11615/92 dated 20.11.92,
This has reference to our letter Ref.No.11969 dated November 30, 1992 regarding payment of fees by member brokers of the Stock Exchanges. During the meeting of Stock Exchange Presidents with the Chairman, SEBI, certain questions were raised requiring clarifications on the calculation of turn-over for the purpose of payment of fees under the SEBI.
You are requested to ensure that the members of your stock exchange strictly adhere to the time schedule fixed by the Ministry in this regard. A compliance report indicating the completion of audit of the accounts for the year 1991-92 of the members should be forwarded to SEBI by January 15, 1993.
