Circular No. 85-Income Tax The Finance Act, 1972 has made several modifications in the scheme of tax exemption of casual and non-recurring receipts. The effect of these modifications will, inter alia be that winnings from lotteries and crossword puzzles will become chargeable to income-tax from the assessment year 1973-74 onwards. Under a provision made in the new section 194B every person responsible
Circular No. 84-Income Tax Section 280ZA provides for the issue of tax credit certificates to public companies owning industrial undertakings situated in urban areas if they shift their undertakings to some other areas with the prior approval of the Board.
Circular No. 81-Income tax I am directed to invite a reference to the Board’s Circular No. 71 [F.No. 245/25/ 71-A & PAC], dated 26-3-1972 and to say that the CBDT have passed a revised order of date in supersession of their earlier order dated 28-2-1972, a copy of which was sent
Circular No. 83-Income Tax I am directed to invite a reference to this Ministry’s Circular No. 60 [F. No. 275/38/71-ITJ], dated 5-6-1971 on the subject of deduction of income-tax from salaries paid during the year 1971-72. The Finance Bill introduced in the Parliament on March 16, 1972, inter alia, prescribes the rates at which income-tax has to be deducted during the financial year 1972-73 from income
Circular No. 82-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, 1972. 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. 80-Income Tax Under section 40(c )(iii), any expenditure incurred by a company after February 29, 1964, which results directly in the provision of any benefit or amenity or perquisite, whether convertible into money or not, to an employee (including any sum paid by the company in respect of any obligation which but for such payment would have been payable by such employee) would be admissible
Circular No. 79-Income Tax Assessees, deriving profits and gains from newly established industrial undertakings or ships or hotel business, are entitled to tax relief provided under section 80J [section 84 up to the assessment year 1967-68]. When such assessees happen to be companies which declare dividend out of such profits, the shareholders too become entitled to tax relief under section 80K
Circular No. 78-Income Tax Attention of the Commissioners is invited to the enclosed handout issued by the Board to the Press Note on 21-1-1972 [printed here as Annex] under which general extension of time for filing the returns of wealth in the cases of persons owning agricultural lands or other assets related thereto has been allowed up to the end of February 1972, for the assessment years 1970-71 and 1971-72
Circular No. 76-Income Tax In exercise of the powers conferred by section 3 of the United Nations (Privileges and Immunities) Act, 1947 (46 of 1947), the Central Government hereby declares that the provisions of clause (b) of section 18 contained in article V of the Schedule to the said Act shall apply mutatis mutandis to the officials of the International Jute Orgnisation, Dhaka (Bangladesh), an International
Circular No. 75-Income Tax Attention is invited to the provisions of section 5(1)(viii) as amended by section 32 of the Finance (No. 2) Act, 1971. Under This amendment the operation of the exemption in clause (viii) has been restricted prospectively in the following respects
