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.
Circular : No. 5-Income Tax It has been represented to the Board that persons of Indian origin residing abroad but intending to return to India and settle here permanently, apprehend that the money brought in or remitted from abroad by such persons might be subjected to income-tax in India.
Circular : No. 4-Income Tax Under section 9(1)(iii ), pension accruing abroad is taxable in India only if it is earned in India. Pensions received in India from abroad by pensioners residing in this country, for past services rendered in the foreign countries, will be income accruing to the pensioners abroad, and will not, therefore
CIRCULAR NO. 3-Income Tax Up to March 31, 1976, income-tax and other direct taxes were collected mainly by the Reserve Bank of India and by some of the branches of the State Bank of India or subsidiaries of the State bank conducting Government business. Because of the restricted number of points at which payment of direct taxes could be made, the taxpayers were put to considerable inconvenience.
Circular : No. 2-Income Tax In Board’s Circular No. 2-P(XXXIV-4) of 1966, dated 16-5-1966, instructions were issued that where Government securities are registered in the name of a banking company, tax should be deducted at source from the interest at the “rates in force” applicable to the banking company irrespective of the status of the beneficial owner of the securities.
Circular : No. 1-Income Tax Under the existing instructions, the Wealth-tax Officers do not allow the exemption under section 5(1)(iv), in the cases of members of co-operative societies of the tenant co-partnership type, on the ground that the legal ownership over the flats vests with the society and not with the individual members.
Circular No. 6-P-Income Tax The rates of income-tax for the assessment year 1968-69 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, 1968. 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 (No. 2) Act, 1967, for the purpose
Circular No. 4-P[LXXVI-65]-Income Tax Section 32 of the Finance Act, 1968 has amended certain provisions of the Wealth-tax Act, 1957. These amendments relate to the provisions in section 5 for the exemption from wealth-tax in respect of certain assets; provisions in section 18 for the imposition of penalty for concealment or understatement of wealth, and the rate schedule of ordinary wealth-tax in Paragraph A of Part I of the Schedule.
Circular No. 5-P-Income Tax Under the Finance (No. 2) Act, 1967, the rates of income-tax in respect of the assessment year 1967-68 in the case of all categories of assessees (corporate as well as non-corporate) are the same as under the Finance Act, 1966, subject to two modifications. The main modification pertains to the rebates of income-tax available to assessees
