Circular No. 119-Income Tax Section 45 provides for the taxation of capital gains arising on the transfer of capital assets. Sections 54, 54B and 54D grant exemption in respect of capital gains arising on transfer of property used for self-residence, land used for agricultural purposes and compulsory acquisition of lands and buildings under any law
Circular No. 118-Income Tax Reference is invited to the instructions contained in the Board’s Circular No. 2 (WT) of 1967, dated 31-10-1967 [printed here as Clarification 3] regarding valuation of unquoted equity shares of investment companies, holding companies and managing agency companies.
Circular No. 117-Income Tax I am directed to say that an instance has come to the notice of the Board wherein the Income-tax Officer in the case of consumer co-operative store had disallowed the claim of deduction on account of rebate allowed on the purchases made by the members of the store.
Circular No. 116-Income Tax In exercise of the powers available under section 49A of the 1922 Act, the Government of India had issued a Notification dated 23-6-1956 called the Income-tax (Double Taxation Relief) (Dominions) Rules, 1956 [Annex], providing for grant of relief in respect of income on which tax has been paid both in India and in any of the following Dominions
Circular No. 115-Income Tax All charitable and religious trusts, which desire to avail of the benefits of tax exemption under sections 11 and 12 are, inter alia, required to file under section 12A(a) an application in the prescribed form for registration of the trust before the Commissioner of Income-tax by July 1, 1973 or one year from the date of creation of the trust, whichever is later.
Circular No. 114-Income Tax Reference is invited to this Ministry’s Circular No. 86 [F.No. 275/9/72-ITJ], dated 29-5-1972, No. 93 [F.No. 275/100/72-ITJ], dated 26-9-1972 and No. 95 [F.No. 275/9/72-ITJ], dated 15-11-1972 on the subject mentioned above.
Circular No. 113-Income Tax The Central Board of Direct Taxes have decided to extend the time for furnishing returns of income and net wealth for the assessment year 1973-74 till August 15, 1973, in cases where returns are due to be filed by June 30, 1973 or July 31, 1973. A copy of the Press Note dated 20-6-1973 [printed here as Annex] in this regard is attached.
Circular No. 112-Income Tax The Finance Act, 1973 has introduced a new section 194D with a view to providing for deduction of income-tax at source, at such rates as may be prescribed in the Finance Act of the relevant year, from payments of income by way of insurance commission. For this purpose, “insurance commission” will mean any income
Circular No. 111-Income Tax I am directed to invite reference to this Ministry’s letter No. F. 12/19/64-IT (A-I), dated 2-1-1967 [Clarification 2] wherein the manner in which the house rent allowance is to be treated as exempt from income-tax under section 10(13A) read with rule 2A of the Income-tax Rules, was explained.
Circular No. 110-Income Tax The Punjab, Haryana. and Delhi Chamber of the Commerce and Industry have approached the Board for amendment of rules 67A and 101A of the Income-tax Rules, as these rules, in case of payments to the nominee or nominees, do not give discharge to the trustees of the funds against all future claims and liabilities.
