Income Tax Notification & Circulars

Board Circular issued prior to amendment of IT Act and SC ruling not binding!!

IT is now an axiomatic law that Board circulars are binding on the Department, even if they are wrong or against decisions of the Supreme Court. But our Boards do not have the habit of tracking down the multitude of circulars they issue and considering whether they are relevant after the Law has bee..

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NOTIFICATION NO. 203 OF 2007, DT. 1ST JUNE, 2007

TDS SECTION 194A(3), In exercise of the powers conferred by sub-clause (c) of clause (i) of sub-section (3) of section 194A of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the Senior Citizens Savings Scheme, 2004, published vide G.S.R. number 490(E) dated 2nd A..

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Notification No 282/2007 Sec 90 DTAA

Section 90 of Income-tax Act Section 90 of the Income-tax Act, 1961 - Double taxation agreement - Agreement for Avoidance of Double Taxation and Prevention of Fiscal Evasion with Foreign Countries - With Government of the United Arab Emirates Notification No. 282/2007 - FTD [F. No. 503/5/2004-FT..

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NOTIFICATION NO. 289/2007

NOTIFICATION NO. 289/2007 DATED 13-12-2007 In exercise of the powers conferred by clause (xxi) of sub-section (2) of section 80C of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following Scheme, further to amend the Bank Term Deposit Scheme, 2006, n..

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FBT regarding Sweat Equity Shares

FBT arising on allotment or transfer of specified securities or sweat equity shares In terms of the provisions of Chapter XII-H of the Income-tax Act (hereinafter referred to as Act), an employer, being a company, is liable to pay Fringe Benefit Tax (FBT) in respect of the fringe ben..

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NABARD BONDS--Eligible u/s 80 C ::

NABARD BONDS: INCULUDED IN 80 C Section 80C (2)(xxii) of the Income-tax Act, 1961 - Deduction in respect of subscription to bonds (NOTIFICATION NO. 293/2007, DATED 31-12-2007) In exercise of the powers conferred by clause (xxii) of sub-section (2) of section 80C of the Income-tax Act, 19..

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Modification of Circular in respect of renting of immovable property service and works contract service

MODIFICATION OF CIRCULAR in respect of renting of immovable property service and works contract service CIRCULAR NO. 98/1/2008-ST, DATED 4-1-2008 In the Circular No. 96/7/2007-ST dated the 23rd August, 2007,- (i) after Reference Code 086.05 / 23.08.07, the following Reference Code..

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Section 35(1)(iii) of the Income-tax Act, 1961 - Scientific research expenditure - Approved social science or statistical research associations or institutions

Section 35(1)(iii) of the Income-tax Act, 1961 - Scientific research expenditure - Approved social science or statistical research associations or institutions NOTIFICATION NO. 1/2008, DATED 2-1-2008 It is hereby notified for general information that the organization Kripa Foundation, Mu..

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Compulsory scrutiny of returns involving refund of Rs. 5 lakhs or above - problem in selection INSTRUCTION NO. 1/2008, DATED 9-1-2008

Compulsory scrutiny of returns involving refund of Rs. 5 lakhs or above - problem in selection INSTRUCTION NO. 1/2008, DATED 9-1-2008 Kindly refer to above. 2. Your attention is drawn to the guidelines for selection of cases under scrutiny for the F. Y. 2007-08 under which claim of refu..

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Notification No. 7/2008 Dated 15-1-2008

INCOME FROM CW GAMES IS THE SPECIFIED INCOME NOTIFICATION NO. 7/2008, DATED 15-1-2008 In exercise of the powers conferred by clause (39) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies, (a) ..

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