Circular No. 444-Income Tax Attention is invited to rule 67(2)(iv) [as stood before its substitution by the Third Amendment Rules, 1986 with effect from 1-4-1986] of the Income-tax Rules, 1962 which, inter alia, provided that the recognised provident, superannuation and gratuity funds can make investment in the Central Government Special Deposit Scheme up to an amount not exceeding 30 per cent of the investible moneys
Circular No. 443-Income Tax Whereas the Central Government is of opinion that circumstances are such that relief should be given, in addition to the reliefs provided in sub-section (1) of section 33 of the Estate Duty Act, 1953 (34 of 1953), in respect of the following class of property, namely, any property in respect of which a bequest has been made in favour of a University or other educational institution
Circular No. 442-Income Tax In supersession of all the previous notices issued by this Ministry regarding appointment of valuers under section 4(3) of the Estate Duty Act, 1953, it is notified for general information that the Central Government proposes to appoint persons as valuers under section 4(3) of the Estate Duty Act, 1953, for different categories of assets and to fix a scale of charges for their remuneration.
Circular No. 441-Income Tax .Effect of higher income estimates for assessment year 1986-87 in relation to other assessments – It has been brought to the notice of the Board that despite the issue of Circular No. 423, dated 26-6-1985 [Clarification 1] and Circular No. 432 dated 15-11-1985 [Clarification 2] on the above subject, fears continue to be expressed on behalf of some existing taxpayers who may
Circular No. 440-Income Tax Effect of higher income estimates for assessment year 1986-87 in relation to other assessments – It has been brought to the notice of the Board that despite the issue of Circular No. 423, dated 26-6-1985 [Clarification 1] and Circular No. 432 dated 15-11-1985 [Clarification 2] on the above subject, fears continue to be expressed on behalf of some existing taxpayers who may declare for the
Circular No. 439-Income Tax Effect of higher returns for the assessment year 1986-87 in respect of wealth-tax assessments – The Finance Act, 1985 has rationalised the rates of personal income-tax and corporate tax and has also liberalised the provisions of the Wealth-tax Act considerably. Taxpayers liable to wealth-tax should avail of this opportunity to come forward and file returns of wealth showing their true net wealth
Circular No. 438-Income Tax Adopting States subsequently added in Schedule I – Notification under sub-section (2)
Circular No. 434-Income Tax Estate Duty (Amendment) Act, 1985 1. The Estate Duty (Amendment) Bill, 1985 as passed by Parliament received the assent of the President on September 2, 1985 and has been enacted as Act No. 52 of 1985. This circular explains the substance of the provisions contained in the Estate Duty (Amendment) Act, 1985 (hereinafter referred to as the Amendment Act).
Circular No. 433-Income Tax Under section 194C, a liability is cast on any person responsible for paying any sum to any resident for carrying out any work (including supply of labour for carrying out any work) in pursuance of a contract between him and
Circular No. 432-Income Tax Filing of return of income – New assessee – Declaration of substantial income in the initial assessment year – Effect thereof in earlier years— 1. The Finance Act, 1985 has, with the objective of securing better tax compliance, simplified the direct tax laws and rationalised the rates of personal income-tax. The department is also accepting all returns of income filed by non-corporate
