Notification: S.O.261 It is hereby notified for general information that the institution mentioned below has been approved by Indian Council of Medical Research, New Delhi, the prescribed authority for the purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961.
Circular No.98 – Income Tax In the case of Indian Aluminium Co. Ltd. v. CIT [1972] 84 ITR 736, the Supreme Court virtually overruled its earlier decision in Travancore Titanium Products Ltd. v. CIT [1966] 69 ITR 277 and held that wealth-tax paid by an assessee in respect of business assets is deductible as a business expense in computing the assesseeýÿs income from business. With a view to restoring the position in this behalf as it obtained earlier, the President was pleased to promulgate the Income-tax (Amendment) Ordinance, 1972, on
Circular No. 97-Income Tax Maintenance of conveyance – Allowance of deduction therefor when vehicle is in repair – I am directed to invite a reference to the Board’s Circular No. 15 [F. No. 40/22/69-IT(A-I)], dated 8-5-1969 and to say that in the manner of standard deduction from “salaries” under section 16(iv), a question has arisen, viz., whether an assessee who owns a conveyance and uses it for the purposes of
It is hereby notified for general information that the institution mentioned below has been approved by Council of Scientific and Industrial research, the prescribed authority for the purposes of clause (ii) of sub-secti
Notification: S.O.150 It is hereby notified for general information that the institution mentioned below has been approved by Indian Council of Medical Research, New Delhi, the prescribed authority for the purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961.
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 Ubrangala Shree Mahadeva Parvathi and Kudkuli Shri Durga Parameshwari Temples, Ubrangala Village, Kasaragod Taluk, P. O. Kumbdaje, to be places of public worship of renown throughout the State of Kerala for the purposes of the said section
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 Ram Mandir, Bajrangpuri, Lodi Road, New Delhi, to be a place of public worship of renown throughout the Delhi State for the purposes of the said section
Circular No. 96-Income Tax 5. The Amending Act has inserted a new Chapter XXA with a view to empowering the Central Government to acquire any immovable property having a fair market value exceeding Rs. 25,000 in cases where the consideration declared in the instrument of transfer is less than the fair market value of the property on the date of execution of the instrument of transfer.
Circular No. 94-Income Tax Reference is invited to this Ministry’s Circular No. 85, dated 29-5-1972, on the subject mentioned above.
Circular No. 95-Income Tax Reference is invited to this Ministry’s Circular No. 86, dated 29-5-1972, on the subject mentioned above. Rules relating to the provisions for deduction of tax at source from payments made to contractors and sub-contractors have since been made. The following instructions may please be noted for general guidance :
