Circular No. 62-Income Tax Reference is invited to Circular No. 32 issued by the Board on 29-10-1969 [printed here as Annex II] and Departmental Circular No. 30-D(LVIII-34), dated 7-11-1966. [printed here as Annex III]
Circular No. 61-Income Tax I am directed to say that in the Finance (No. 2) Bill, 1971, introduced in Parliament on May 28, 1971, it has been proposed to amend the provisions in section 80M. Under the scheme of the said provisions, inter-corporate dividends are subjected to tax at a concessional rate, by allowing a deduction of a specified percentage
Circular No. 60-Income Tax I am directed to invite a reference to this Ministry’s letter of even number dated 16-3-1971 on the subject of deduction of income-tax from salaries paid during the year 1971-72. The Finance (No. 2) Bill introduced in the Parliament on May 28, 1971, inter alia, prescribes the rates at which income-tax has to be deducted during the financial year 1971-72
Circular No. 59-Income Tax In continuation of the Board’s Circular No. 54 [F. No. 275/37/71-ITJ], dated 16-3-1971 [Clarification 2], 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 after May 28, 1971.
Circular No. 58-Income Tax A question has arisen as to whether in the case of a company where a part of the dividend income is utilised for setting-off loss under any other head, relief under section 80M, is to be allowed on the reduced dividend income remaining after such set-off or on the total dividend income before set-off.
Circular No. 57-Income Tax A question has been raised whether a company carrying on the business of refining crude oil into motor spirit, aviation spirit, kerosene and allied articles can be said to be engaged in the manufacture or production of “mineral oil” for purposes of calculating the super tax rebate under the Finance Act, 1964 and the Finance Act, 1965.
Circular No.56 – Income tax Under the existing provisions of section 143, a regular assessment can be made on the basis of the return without hearing the assessee or examining his books of account and other evidence only where the Income-tax Officer is satisfied that the return is correct and complete. Sub-section (1) of section 143, presently, does not empower the Income-tax Officer to make any adjustment to the income or loss declared in the
Circular No. 54-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 after April 1, 1970. 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. 53-Income Tax In pursuance of regulation 42 of the Unit Trust of India General Regulations, 1964, and in supersession of the Notification No. UT/120/Secy. 52/80-81, dated January 3, 1981, and published in the Gazette of India, dated January 3, 1981, in Part III, section 4, the Board of Trustees of the Unit Trust of India
For declaration of an association as a Company u/s 2(17) of Income-tax Act, 1961, the Board laid down the following criteria :— (i) The applicant should be a legal person according to the laws of the country in which it is incorporated; and (ii) The applicant should possess the ordinary characteristics of company limited by shares.The fulfilment of any one of the following conditions will be considered adequate by the CBDT in the matter of issuing a declaration u/s 2(17).
