CBDT Circular on deduction for expenses on commission payable to various agents

Deduction for expenses on commission payable to agents appointed under the Standardised Agency System for Government securities and the agents of Post Office Time Deposits and Unit Trust of India Circular : No. 594, dated 27-2-1991. 1. The agents of Standardised Agency System, Post Office Time Deposits and Unit Trust of India, have drawn the attention of the Board to …

CBDT Circular on allowance of benefit of ad hoc deduction to insurance agents of LIC

Whether benefit of ad hoc deduction to insurance agents of LIC, having total commission (including first year commission, renewal commission and bonus commission) of less than Rs. 60,000 for the year, and not maintaining detailed accounts for expenses incurred by them, may be allowed Circular : No. 648, dated 30-3-1993. 1. The Board in F. No. 14/9/65-IT(A-I), dated 22-9-1965 (Annex …

CBDT Circular on interest on cumulative deposit scheme of government undertakings

Interest on cumulative deposit scheme of Government undertakings – Whether should be taxed on accrual basis annually Circular : No.371 [F. No. 178/44/80-IT(A-I)], dated 21-11-1983. 1. The issue regarding taxability of interest on cumulative deposit scheme announced by Government undertakings has been considered by the Board. The point for consideration is whether interest on cumulative deposit scheme would be taxable …

CBDT Circular on interest on cumulative deposit schemes of private sector undertakings

Interest on cumulative deposit schemes of private sector undertakings – Whether should be taxed on accrual basis annually Circular : No.409 [F. No. 178/2/85-IT(A-I)], dated 12-2-1985. 1. The issue regarding taxability of interest on cumulative deposit schemes of the private sector undertakings has been considered by the Board. The point for consideration is whether interest on cumulative deposit schemes would …

CBDT Circular on clarification regarding sale of capital assets converted into stock-in-trade

Clarification regarding tax exemption under section 54E on sale of capital assets converted into stock-in-trade Circular : No. 560, dated 18-5-1990. 1. Section 2(47 ) of the Income-tax Act provides that any conversion of capital assets into stock-in-trade, shall be regarded as a transfer. This transfer arises in the year in which such conversion takes place and, accordingly, capital gain …

CBDT Circular on taxability of unutilised deposit under capital gains account scheme,1998

Taxability of unutilised deposit under the Capital Gains Accounts Scheme, 1988 in the hands of the legal heirs of the assessee Circular : No. 743, dated 6-5-1996. 1. Under sections 54, 54B, 54D, 54F and 54G of the Income-tax Act, 1961, capital gain is not chargeable to tax if the amount of capital gain or net consideration has been utilised …