Circular No. 670-Income Tax I am directed to forward herewith the order contained in F. No. 225/208/93/ITA-II, dated 12th October, 1993, passed by the CBDT in exercise of the powers conferred on it under section 119(2)(b) of the Income-tax Act. By virtue of this order the Assessing Officers can admit belated refund claims under section 237 of the Income-tax
Circular No. 669-Income tax Attention is invited to Board’s Circular No. 581, dated 28-9-1990 [Clarification 1], wherein it was, inter alia, stated that where a deduction claimed is disallowed as, prima facie, inadmissible for want of evidence in support thereof under section 143(1)(a), it cannot be subsequently allowed by a rectification order under section 154
This has reference to SEBI’s letter No. SMD-I/11087/92 dated 4th November, 1992. On receiving the comments from various stock exchanges on the norms circulated by us it has been decided that the norms as set out in the annexure shall be made applicable to the stock brokers in all the stock exchanges.
Notification No.S.O.2463 – Income Tax In pursuance of sub-clause (ii) of clause (a) of sub-section (1) of section 138 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies, for the purposes of the said sub-clause, any police officer not below the rank of Superintendent of Police or any officer specially authorised in this behalf by a police officer of or above the rank of Superintendent of Police of
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
– For the purposes of this clause the Board shall take into account whether a previous application for a certificate of any person directly or indirectly connected with the applicant has been rejected by the Board or any disciplinary action has been taken against such person under the Act or any of the Rules or any of the Regulations made under the Act]
