Circular No. 146-Income Tax Attention is invited to the Board’s Circular No. 47 [F. No. 9/100/69-IT(A-II), dated September 21, 1970] [Clarification 3] on the above subject. In this circular, the Board had considered the question as to whether provision made by an assessee in its accounts for estimated service gratuity payable to its employees could be allowed as a deduction even though no approved gratuity fund under the
Notification: S.O.567(E) This notification contains Amendments (Third Amendment) to Income-tax Rules carried out on 21st September, 1974 not reproduced here as it is already contained in the body of the rules itself
In pursuance of sub-clause (f) of clause (iii) of sub-section (3) of section 194A of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the Kerala State Textiles Corporation Ltd., Cochin, for the purposes of the said sub-clause
It is hereby notified for general information that the Physical Research Laboratory, Ahmedabad has been approved by the Council of Scientific and Industrial Research, the prescribed authority for the purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961. This notification is effective from 1st April, 1974.
Circular No. 145 – Income Tax Under section 10(6 )(viia), foreign technicians having specialised knowledge and experience in constructional or manufacturing operations or in mining or in the generation of electricity or any other form of power, or in agriculture, animal husbandry, dairy farming, deep sea fishing or ship building enjoy special concession in certain cases. One of the important conditions for availing of the tax concession is that the foreign technician should not have been a resident of India in any of the four financial years immediately preceding the financial year in which he arrives in India.
Circular No.144 – Income Tax Under the existing provisions in section 80T and section 115, long-term capital gains, i.e., capital gains arising from the transfer of a capital asset which is held for more than 60 months from the date of acquisition, are charged to tax on a concessional basis. In the case of taxpayers other than companies the concession is allowed by deducting a specific proportion of the long-term capital gains in computing the taxable income of the
Notification: S.O.2483 It is hereby notified for general information that the institution mentioned below has been approved by the Council of Scientific and Industrial Research, the prescribed authority
Circular : No. 143 -Income Tax . Under section 12A(b ), in the cases of charitable and religious trusts or institutions whose total income, without giving effect to the provisions of sections 11 and 12, exceeds 25,000 rupees in any previous year, the accounts of the trust or institution should have been audited by an accountant as defined in the Explanation below section 288(2) and the person in receipt of the income should furnish
Notification: S.O.2480 In exercise of the powers conferred by sub-section (2)(b) of section 80G of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies Sri Annapurna Devi Mandir,
Circular : No. 142-Income Tax The Board had occasion to consider whether the amount of subsidy received under 10 per cent Central Outright Grant of Subsidy Scheme for industrial units to be set up in certain selected backward districts/areas would constitute revenue receipt or capital receipt in the hands of the recipient for the purpose of income-tax.
