It has been brought to the notice of this Department that many of the companies for which maintenance of books of accounts have been made mandatory under Section 209(1)(d) of the Companies Act, 1956 and Cost Accounting Records Rules prescribed, have failed to keep such books of accounts in the manner indicated thereunder
Circular No. 650-Income tax The Board, vide Circular No. 645, dated March 15, 1993 has clarified that luxury tax and such other taxes levied by the State Governments will form part of the “room charges” for the determination of applicability of the Expenditure-tax Act to any particular hotel.
The Board may require the applicant to furnish further information or clarifications regarding activities and matters connected thereto to consider the application for grant of a certificate.
Notification No.S.O.1376 – 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 the Custodian, appointed under the Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992, Room No. 24, Jeevan Deep, Parliament Street, New Delhi, for the purposes of the said sub-clause of the Income-tax Act, 1961
Notification No.S.O.1375 – 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 the Board for Industrial and Financial Reconstruction, established under section 4 of the Sick Industrial Companies (Special Provisions) Act, 1985 (1 of 1986), for the purpose of the said sub-clause
In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satistied that it is necessary in the public interest so to do, hereby exempts capital equipments, and spare parts required for maintenance of such capital equipment not exceeding 10% of the C.I.F. value of the capital equipments actually imported, when imported into India by an importer undertaking an obligation to receive payments in freely convertible foreign currency for services rendered through the use of such capital equipment.
Please refer to the earlier correspondence on the subject resting with our letter no. SMD/SED/0049/93 dated January 1, 1993. The Board after taking into account suggestions made by various stock exchanges has decided to direct the stock exchanges.
Circular No. 649-Income tax Section 44C of the Income-tax Act, 1961, provides for deduction of Head Office expenditure in the case of non-residents. It defines “head office expenditure” to mean executive and general administrative expenditure incurred by the assessee outside India, including certain specified expenditure.
Circular No. 648-Income tax The Board in F. No. 14/9/65-IT(A-I), dated 22-9-1965 (Annex I), as subsequently modified in Instruction No. 1546, dated 6-1-1984 (Annex II), had granted, subject to conditions therein specified, the benefit ofad hoc deduction in respect of the expenses incurred by agents of the Life Insurance Corporation.
Circular No. 647-Income tax The Certificates of Deposits (CDs) and the Commercial Papers (CPs) are money-market related instruments which are traded in the secondary market. These are negotiable instruments in the nature of usance promissory notes which are issued
