That the said College will furnish annual returns of its scientific research activities to the prescribed authority for every financial year in such forms as may be laid down and intimated to them for this purpose by 30th April, each year.
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 “All India Pingalwara Society (Regd.), Amritsar” for the purpose of the said section for the period covered by the assessment years 1986-87 to 1988-89.
That the said Association will furnish annual returns of its scientific research activities to the prescribed authority for every financial year in such forms as may be laid down and intimated to them for this purpose by 30th April, each year.
That the said Association will furnish annual returns of its scientific research activities to the prescribed authority for every financial year in such forms as may be laid down and intimated to them for this purpose by 30th April, each year.
That the Man-Made Textile Research Association, Surat, will maintain a separate account of the sums received by it for scientific research.
That the said Institute will apply to the Central Board of Direct Taxes, Ministry of Finance (Department of Revenue), New Delhi, three months in advance before the expiry of the approval for further extension. Applications received after the date of expiry of approval are liable to be rejected.
That the said Association will submit to the prescribed authority by 30th June, each year, copy of their audited annual accounts showing their total income and expenditure and balance-sheet showing its assets and liabilities with a copy of each of these documents to the concerned Commissioner of Income-tax.
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 “The Nehru Trust for Cambridge University” for the purpose of the said section for the period covered by the assessment years 1985-86 to 1987-88.
Circular No. 458-Income Tax This question [as to whether the credit balance in the profit and loss account can be treated as a reserve] was considered by the Supreme Court in CIT v. Century Spg. & Mfg. Co. Ltd. [1953] 24 ITR 499 in the context of rule 2(1) of the Schedule to the Business Profits Tax Act under which the reserves were treated as forming part
Circular : No. 459-Income Tax I am directed to invite the reference to this Ministry’s Circular No. 429 [F. No. 275/35/85-IT(B)], dated 8-8-1985, wherein the rates of income-tax deductions during the financial year 1985-86 from the payment of income chargeable under the head “Salaries” under section 192 were intimated.
