Circular No.591- 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
Circular : No. 590 Income tax Following the invasion of Kuwait by Iraq in August 1990, Indian nationals normally resident in Kuwait have been forced to return to India. These non-resident Indians may like to go back once the situation in the gulf region stabilises.
Circular No. 589-Income tax 1. Reference is invited to Board’s Circular No. 530 [F. No. 404/82/88-ITCC], dated March 6, 1989 regarding the above-mentioned subject. 2. According to paragraph 2 of the said Circular, the Assessing Officer is, in the two situations referred to in that paragraph, bound to treat the assessee as not in default in respect of the amount in dispute in appeal. In respect of other cases, the Circular stated in paragraph 4—
Circular : No. 588 At present, customs duty is levied on the value of computer software by treating it as a commodity import. The non-resident licenser or seller is also subjected to income-tax on royalty payment for licensing of the software. To avoid this dual levy for exporters, Government has decided that lump sum payment for systems software supplied by the manufacturer along with the hardware itself would be subjected only to customs duty and not to income-tax. Application software forming part of an approved software export scheme would be subjected only to income-tax on the licenser or seller
Provided further that in the event of”the Gem and Jewellery units to whom the gold or silver has been supplied, fails to export the jewellery made out of such gold or silver within the time specified in the Export and Import Policy under the respective Scheme, the nominated agencies shall deposit duty on the quantity of the gold or silver not contained in the jewellery exported at the rate of duty of customs leviable on the gold or silver, as the case may be, as provided in the Notification No. 80/97-Customs, dated the 21st October, 1997 within seven days of the expiry of the period within which the said jewellery manufactured out of the said gold or silver was supposed to be exported.
Circular : No. 587-Income Tax The question whether the provisions of section 71 of the Income-tax Act, providing for set-off of loss from one head against income from another in an assessment year, take precedence over the provisions of section 72 (carry forward and set-off of business losses) and section 74
Circular: No. 586-Income Tax A person resident in India in any year is liable to pay tax in India on his global income. A non-resident, on the other hand, is charged to tax in India only on income which is received or is deemed to be received in India or which accrues or arises or is deemed to accrue or arise to him in India.
Circular : No. 585-Income Tax Reference is invited to Board’s Circular No. 565, dated 11-7-1990 regarding collection of income-tax at source under section 206C of the Income-tax Act in respect of profits and gains from the business of trading in alcoholic liquor, forest produce etc., as also to earlier Circulars referred to in paragraph 1 of Circular No. 565.
Circular : No. 584-Income Tax The Central Board of Direct Taxes had issued a Notification SO No. 829(E), dated 17-10-1989 under section 120 of the Income-tax Act, 1961. Under the said notification, Directors of Income-tax (Exemptions) at Delhi, Bombay, Madras and Calcutta were assigned the functions of a Commissioner of Income-tax
Circular : No. 582-Income Tax Vide Circular No. 422, dated 19th June, 1985 (Clarification 2), the Board had directed that the penalty proceedings under section 271B of the Income-tax Act, leviable for non-compliance of the provisions of section 44AB of the Act, should not be initiated for the assessment year 1985-86 in cases where
