Circular : No. 521-Income Tax Attention is invited to Board’s order under section 119(2)(b) of the Income-tax Act [F.No. 225/201/87-IT(A-II), dated 17-8-1988 whereby the Board, in exercise of the powers conferred by clause (b ) of sub-section (2) of section 119 of the Income-tax Act, 1961, have authorised the Income-tax Officer
Circular : No. 520-Income Tax Under sections 54, 54B, 54D, 54F and 54G, the capital gains earned by a taxpayer from the transfer of a long-term capital asset is exempt from tax if the taxpayer complies with certain conditions. Under section 54(1), the capital gains arising from the transfer of a residential house is exempt from tax if the taxpayer has within a period of one year before
Circular : No.519-Income Tax I am directed to invite a reference to this Department’s Circular No. 486, dated 1-6-1987 on the above subject wherein you were requested to issue necessary instructions to all the Treasury Officers, etc., for making deduction of income-tax at source from the payment of “Interest on Government Securities” for the financial year 1987-88.
Circular : No. 518-Income Tax The Government of Karnataka has introduced Karnataka State Employees’ Group Insurance Scheme at a low cost and on a wholly contributory and self-financing basis for giving the twin benefits of an insurance cover to help their nominees in the event of death in service and a lump sum payment to augment their resources on retirement.
In exercise of the powers conferred by sub-clause (iv) of clause (23C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies Institute of Animal Health And Veterinary Biologicals, Hebbal, Bangalore, for the purpose of the said sub-clause for the assessment year 1987-88 to 1988-89.
In exercise of the powers conferred by sub-clause (v) of clause (23C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies Thanthra Vidya Peedham, Alwaye, Kerala , for the purpose of the said sub-clause for the assessment years 1985-86 to 1988-89
Notification under Section 37A – In exercise of the powers conferred by clause (a) of Section 37A of the Central Excises and Salt Act, 1944 (1 of 1944), the Central Government hereby directs that the powers exercisable by the Central Board of Excise and Customs under Rules 51A
In exercise of the powers conferred by sub-clause (iv) of clause (23C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies Andhra Mahila Sabha, Hyderabad, for the purpose of the said sub-clause for the assessment year 1988-89.
In exercise of the powers conferred by sub-clause (v) of clause (23C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies Sri Madujjaini Sadharma Simahasana Sri Taralabalu Jagadguru Bruhanmath, Sirigere, Karnataka , for the purpose of the said sub-clause for the assessment year 1988-89
In exercise of the powers conferred by sub-clause (v) of clause (23C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies Shree Rama Vaikuntha Temple Trust, Pushkar (Rajasthan) , for the purpose of the said sub-clause for the assessment year 1988-89.
