Circular No. 477-Income Tax Explanatory Notes ESTATE DUTY (AMENDMENT) ACT, 1986 1. The Estate Duty (Amendment) Bill, 1986, as passed by both the Houses of Parliament during the last session, received assent of the President on 26th November, 1986, and has been published in the Gazette of India, Extraordinary, Part II, dated 27th November, 1986, as Act No. 49 of 1986
Circular No. 476-Income Tax I am directed to invite the reference to this Ministry’s Circular No. 429 [F. No. 275/35/85-IT(B)], dated 8-8-1985, wherein the rates of income-tax deductions during the financial year 1985-86 from the payment of income chargeable under the head “Salaries” under section 192 were intimated.
Circular: No. 475-Income Tax The Government have received representations in respect of time limit laid down under rule 48L(2)(a) of the Income-tax Rules, 1962 for compliance before 16-10-1986. Considering that the provisions of Chapter XXC, where under rule 48L(2)(a) has been made, have come into effect for the first time on 1-10-1986
Circular No. 474-Income Tax Extension of period of amnesty scheme under the Income-tax and Wealth-tax Act—1. Taxpayers are aware that the Government has through the following circulars, issued from time to time, offered a scheme of amnesty under the Income-tax and Wealth-tax Acts
Circular : No. 473-Income Tax Under section 115A(1), income by way of interest received by a foreign company from Government or an Indian concern on moneys borrowed or debt incurred by Government or the Indian concern in foreign currency, is chargeable to tax at the rate of 25 per cent.
Circular : No. 472-Income Tax Extension of period of amnesty scheme under the Income-tax and Wealth-tax Act—1. Taxpayers are aware that the Government has through the following circulars, issued from time to time, offered a scheme of amnesty under the Income-tax and Wealth-tax Acts
Circular : No. 471-Income Tax Sections 54 and 54F provide that capital gains arising on transfer of a long-term capital asset shall not be charged to tax to the extent specified therein, where the amount of capital gain is invested in a residential house. In the case of purchase of a house, the benefit is available if the investment is made within a period
Circular No. 470-Income Tax Intimations have been received regarding the Legislatures of the States of Andhra Pradesh, Karnataka and Manipur having passed resolutions under article 252 of the Constitution adopting the proposals with respect to the amendments made to the Estate Duty Act, 1953 by the Estate Duty (Amendment) Act, 1984. A reference is invited in this respect to the provisions of section 5A(2C)(b).
Circular No.469 – Income Tax 4.2 In so far as (b) above is concerned, the Members of Parliament (Additional Facilities) Rules, 1975 have been repealed and have been replaced by the Members of Parliament (Constituency Allowance) Rules, 1986, with effect from January 3, 1986, under which the Members of Parliament are entitled to a constituency allowance of Rs. 1,250 per month.
Circular No. 468-Income Tax It has been observed by the Estimates Committee that a discharge certificate is not issued automatically after the assessment under the Estate Duty Act has been finalised even though no duty is found payable or the duty payable has been fully paid.
