Circular : No. 199 -Income Tax Section 194D provides for deduction of income-tax at source, at such rates as may be prescribed by Finance Act of the relevant year, from payments of income by way of insurance commission, to a resident, whether an individual, a company or any other category of person. The rates for deduction of tax at source for the financial year 1976-77
CIRCULAR NO. 197-Income Tax The Amending Act has introduced a new sub-clause (via) in clause (6) of section 10 with a view to exempting from income-tax remuneration received by individuals other than Indian citizens, from foreign philanthropic institutions, associations or bodies in certain circumstances. The exemption from income-tax will be available if the following
Circular: No. 196 -Income Tax Whether tax is not to be deducted at source from conveyance allowance where disbursing authority is satisfied that conveyance allowance is exempt under section 10(14) Reference is invited to this Department’s Circular No. 195 [F.No. 275/47/76-ITJ], dated 25-3-1976 on the above subject.
Circular : No. 195-Income Tax I am directed to invite a reference to this Ministry’s Circular Nos. 161 [F. No. 275/12/75-ITJ], dated 22-3-1975 and 176 [F. No. 275/12/75-ITJ], dated 16-8-1975 on the subject of deduction of income-tax from salaries paid during the year 1975-76. The Finance Bill introduced in the Parliament on March 15, 1976, inter alia, prescribes the rates at
Circular : No. 193 -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, 1976. 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. 194 -Income Tax The question whether contributions to family pension fund established by a scheme under the Employees’ Provident Fund and Family Pension Fund Act, 1952, will be entitled to the relief under section 80C(2)(a )(ii) has been considered by the Board
Circular : No. 192 -Income Tax The Board have considered the question of allowability under section 37(1), expenditure incurred on training of apprentices covered under the Apprentices Act, 1961. Any expenditure to qualify for deduction under section 37(1) must be laid out or expended wholly and exclusively for the purposes of the business or profession carried on by the assessee.
Circular : No. 191-Income Tax The Board have considered the question whether an Income-tax clearance certificate under section 230A is necessary in a case where the Government is a transferor. They are advised that the expression “person” appearing in section 230A has been used only in the context of those entities which are required to pay income-tax and taxes under various
Circular : No. 190 -Income Tax Reference is invited to the Board’s Circular No. 142 [F. No. 204/25/74-IT-(A-II)], dated 1-8-1974, whereby the Board had issued clarification that the amount of subsidy received under “10 per cent Central Outright Grant of Subsidy Scheme, 1971” for industrial units to be set up in certain selected backward districts/areas would constitute capital receipt in the hands of the recipient.
Circular : No. 189 -Income Tax Reference is invited to the Board’s Letter F. No. 10/49/65-IT(A-I),-dated14-10-1965 [see Sl. No. 266] which, inter alia explained the position regarding the creation of statutory reserve for allowance of development rebate as follows
