Circular No. 668-Income tax According to the provisions of section 249(2)(c) an appeal has to be presented within 30 days from the date of service of the order sought to be appealed against. Also, the proviso under section 154(2)(b ) provides that if the Assessing Officer does not rectify, within a period of three months from the end of the month in which a mistake in an intimation under section 143(1)
Statements made about the performance or activities of the Portfolio Manager in the absence of necessary explanatory or qualifying statements, which may give an exaggerated picture of the performance or activities of the Portfolio Manager, than what it really is.
This is to facilitate the last purchaser, in the event of any problems of bad delivery etc., to approach the first introducing broker for rectification of defect(s). However in the absence of any indication of Stock Exchange of which the introducing broker is a member, this task is rendered rather difficult.
Circular No. 667-Income tax Sections 54 and 54F provide for a deduction in cases where an assessee has, within a period of one year before or two years after the date on which the transfer of a capital asset takes place, purchased, or has within a period of three years after that date constructed, a residential house. The quantum of deduction is itself dependent upon the cost of such new asset.
Circular No. 666-Income tax Reference is invited to the Board’s Circular No. 632, dated the 20th August, 1992 on the above subject. According to the provisions of section 194C of the Income-tax Act, 1961 any person responsible for paying any sum to any resident contractor for carrying out any work (including supply of labour for carrying out any work) in pursuance of a contract between the contractor
Circular No. 665-Income tax By Circular No. 599, dated 24-4-1991 (see clarification 2), it was clarified that securities held by banks must be regarded as their stock-in-trade and the claim of loss, if debited in the books of account, should be given the same treatment as is normally given to the stock-in-trade. It was also clarified that the interest paid for broken period on the purchase of securities
Circular No. 664-Income tax Reference is invited to the Board’s Circular No. 597, dated 27-3-1991, containing instructions regarding the use of Form Nos. 16, 16A and 16B for issuing certificates of tax deducted at source, under the various provisions of the Income-tax Act, 1961. These three forms had replaced the earlier unified Form No. 16 with effect from 28-2-1991 vide the Income-tax
Circular No. 663-Income tax Section 2(m ) of the Wealth-tax Act has been amended with effect from 1-4-1993. Under the amended clause (m) in the computation of the net wealth, the assessee is to be allowed deduction only for the debts owed by him on the valuation date which have been incurred in relation to the assets liable to the wealth-tax. Up to the assessment year 1992-93, the assessee was to be allowed deduction for all the debts owed by him excluding certain debts such as those incurred in relation
Circular No. 662-Income tax Board’s Instruction No. 133 [F. No. 40/25/69-IT(A-I), dated 10-12-1969 (Annex) provides that the taxable perquisite in the hands of the employee on account of the services of gardeners, night watchmen and sweepers provided by the employer should be calculated on the following ad hoc basis
Circular No. 661-Income tax Reference is invited to the Board’s Circular No. 631, dated 20-8-1992 on the abovementioned subject wherein the rates at which the deduction of tax under sections 194B, 194BB and 194G of the Income-tax Act, 1961 was to be made during the financial year 1992-93 from winnings from lotteries, crossword puzzles, horse races and from commission, etc., paid on sale of lottery tickets, were communicated.
