Circular : No. 42 -Income Tax I am directed to invite a reference to the Board’s Circular No. 22/68-IT(B) [F.No. 12/23/68-IT(B)], dated 28-3/13-5-1968, and to say that the Finance Act of 1970, has made an important change in section 194A by inserting a new clause (vii) in sub-section (3) of that section. As per this clause, the provisions of section 194A are not applicable
Circular No. 43 -Income Tax Attention is invited to the Board’s Circular Letter F.No. 12/29/65-IT(B), dated 1-6-1965 [Annex] instructing that there should be no deduction of tax at source from interest income credited to the account of any non-resident. This instruction was issued on the basis of the provisions of section 10(4A) as introduced from April 1, 1965 which
Circular No. 40-Income Tax In para 1.45 of their 100th Report (1969-70), the Public Accounts Committee have observed as follows : “The Government are yet to clarify to the public whether a party would forfeit the development rebate when the entire assets are sold to Government and the development rebate reserve
Circular No. 39-Income Tax A comprehensive agreement for the avoidance of double taxation of income between India and Republic of France was signed by the representatives of the two countries on 26th March, 1969, and a notification under s.90 of the IT Act and s. 24A of the Companies (Profits) Surtax Act, to give effect to the provisions of the Agreement, has been
Circular : No. 36 -Income Tax I am directed to invite a reference to this Ministry’s Letter F. No. 12/41/69-ITCC, dated 5-4-1969, on the subject of deduction of income-tax from salaries paid during the year 1969-70. The Finance Bill introduced in the Parliament on February 28, 1970, provides, inter alia, the rates at which income-tax has to be deducted during the financial year
Circular : No. 35 -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 after April 1, 1970. 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 34 -Income Tax The Board had occasion to deal with several representations from various chambers of commerce, trade associations and businessmen regarding the scope of provisions of section 40A(3) and rule 6DD. Since many of the points raised therein are of an important nature, the clarifications given thereon are summarised below
Circular No. 33-Income Tax Section 40A(3) requires that if any payment in a sum exceeding Rs. 2,500 in respect of an expenditure incurred after March 31, 1969 is made otherwise than by a crossed cheque drawn on a bank or by a crossed bank draft, such expenditure shall not be allowed as a deduction.
Circular No. 32-Income Tax Reference is invited to Departmental Circular No. 30-D of 1966 [printed here as Annex III] issued by the Board on November 7,1966.
Circular No. 31-Income Tax Section 80RR was inserted through the Finance Act, 1969, and will have effect from April 1, 1970. Under this section, a resident individual, being an author, playwright, artist, musician or actor who derives income, in exercise of his profession, from foreign sources and receives such income in India and brings it into the country in foreign exchange in accordance with the Foreign Exchange Regulation Act, 1947, is entitled to deduct 25 per cent of the income so received or brought, in the computation of his total income.
