Circular : No. 165-Income Tax Under section 194B every person responsible for paying to any person, whether resident or non-resident, any income by way of winnings from any lottery or crossword puzzle, in an amount exceeding Rs. 1,000 is required to deduct income-tax thereon at the rates prescribed in this behalf in the Finance Act of the relevant year.
Circular : No. 164-Income Tax Section 18 provides that if a person making a taxable gift pays into the treasury, within fifteen days of his making the gift, the amount of tax due on the gift, he shall at the time of assessment under section 15, be given credit, in addition to the amount so paid, for an amount equal to ten per cent of the amount so paid.
Circular No. 163-Income Tax To remove any possible and misunderstanding of the legal position, the Board added the following sentences, at the end of the last para of Board Circular No. 23 of 1969
Circular : No. 162A-Income Tax Section 35D provides for the amortisation of certain preliminary expenses incurred by an Indian company or a resident assessee, other than a company, before the commencement of business or in connection with the extension of an industrial undertaking or the setting up of a new industrial unit.
Circular: No. 162-Income Tax The Direct Taxes Enquiry Committee in para 2.224 of their final report recommended that Government patronage should be denied to contractors who are found to have evaded taxes and that they should be denied opportunity to earn profits from the Government contracts. The recommendation of the Committee is reproduced hereunder
Circular : No. 161-Income Tax I am directed to invite a reference to this Ministry’s Circular No. 131 [F. No. 275/36/74-ITJ], dated 18-3-1974 on the subject of deduction of income-tax from salaries paid during the year 1974-75. The Finance Bill introduced in the Parliament on February 28, 1975, inter alia, prescribes the rates at which income-tax has to be deducted during the financial year 1975-76 from income
Circular : No. 160-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 on or after April 1, 1975. 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. 158 -Income Tax Section 10(3) was amended by the Finance Act, 1972 by which receipts of casual and non-recurring nature in excess of Rs. 1,000 would no longer be exempt from tax. A question has arisen as to whether this amendment would make receipts in the form of gifts liable to income-tax.
Circular : No. 157 -Income Tax Attention is invited to Board’s Instruction No. 45/78/66/ITJ(5), dated 24-2-1967 [printed here as Clarification 2] on the subject of assessment made under section 41(2) of the 1922 Act/section 166 of the 1961 Act. In spite of the clear instructions to the effect that neither section 41 which give an option to the department to tax either the representative assessee or the beneficial owner of the
Circular : No. 156 – Income Tax . Indians, who have been and are being repatriated from Ceylon under the Ceylon Government’s repatriation policy, cannot bring with them more than a very limited amount of their savings. The balance has to be left in Ceylon in a bank to the credit of a non-resident blocked account.
