Circular No. 606-Income tax Central Board of Direct Taxes have received queries from the assessees, who are to file their returns of income for the assessment year 1991-92, regarding computation of surcharge on income-tax where the total income of a person exceeds Rs. 75,000. The queries are as to whether surcharge is to be computed on the amount of income-tax before or after allowing tax
Circular No. 605-Income tax Reference is invited to Board’s Circular No. 597, dated 27-3-1991 containing detailed instructions on the use of new Form Nos. 16, 16A and 16B in lieu of the unified Form No. 16 which was in force from 1-4-1989 to 28-2-1991.
Circular No. 604-Income tax By Circular No. 590, dated 30-1-1991 (see Clarification 1), Indian nationals normally resident in Kuwait who were forced to return to India because of the Iraqi invasion, were made eligible for exemption under section 10(4)(ii ) of the Income-tax Act in respect of their NRE/FCNR accounts maintained by them up to 31st March, 1991.
Circular No. 603-Income tax In supersession of Circular No. 376, dated January 6,1984, Circular No. 445, dated December 31, 1985, Circular No. 481, dated February 20, 1987 and all other instructions on the subject, the Board have decided that the value of the perquisite arising by way of payment or reimbursement by an employer of expenditure on medical treatment
Circular No. 602-Income tax Reference is invited to Board’s order under section 9(2)(a) of the Gift-tax Act, 1958 (F. No. 143/6/91-TPL dated 30-5-1991) whereby the due date for filing of return of gifts for the assessment year 1990-91 has been extended from 30-6-1990 to 30-6-1991 in the case of those assessees who had made any gift or gifts during the period 20th March, 1990 to 31st March, 1990.
Circular No. 601-Income tax Reference is invited to Circular No. 581 dated 28-9-1990 issued by the Board in respect of prima facie adjustments under section 143(1)(a) and the scope of section 154. It was clarified in the said circular that where an evidence in support of a deduction claimed under section 43B, or in support of certain other exemptions and deductions, is required to be attached along with the return of income, but is not so attached, the said deduction/exemption shall be disallowed under section 143(1)(a)
Circular No. 600-Income tax The Board has received representations regarding problems faced by tea exporters in calculating the claim of deduction under section 80HHC of the Income-tax Act.
Circular No. 599-Income tax Clarifications on the following issues have been sought by banks from the Central Board of Direct Taxes Whether the securities held by the banks constitute their stock-in-trade or investment, and consequently whether the loss claimed by the banks on the valuation of their securities should be allowed as a deduction in computing their taxable profits ?
Notification No.S.O.254(E) – Income Tax In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (13 of 1961), the Central Government hereby specifies the ” 10-year 9 per cent. (tax-free) HUDCO Scavenger Liberation Bonds (Serious-I) ” issued by the Housing and Urban Development Corporation for the purpose of the said item
Circular No.598 – Income Tax Under the Finance (Second Amendment) Ordinance, 1990 promulgated on 15-10-1990 the rate of surcharge on income-tax in the case of domestic companies having taxable income exceeding Rs. 75,000 was increased from 8 per cent to 15 per cent. The Taxation Laws (Amendment) Bill, 1990 was introduced in the Lok Sabha on 27-12-1990, to replace the aforesaid Ordinance and also to provide for certain other matters. It was passed by both the Houses of Parliament during the Winter Session and received the
