Development rebate withdrawal required when assets sold within eight years; officers must verify and initiate withdrawal promptly. Income-tax Officers must check balance sheets for sales of machinery and verify whether development rebate was previously allowed; if an asset was disposed of within eight years of acquisition, the officer must promptly initiate withdrawal of the rebate under the reassessment provision, and if the earlier claim is pending in appeal or revision, notify the appellate/revision authority or record a note that rebate should be withdrawn if the claim is admitted.
Exemption certificate renewal for charitable trusts requires auditor certification of non infringement of disqualifying provisions and periodic renewals. Amendments to sections 11 to 13 require that initial exemption certificates to trusts be valid for one assessment year, with renewal for the next three years after scrutiny of accounts; subsequent renewals are to be granted once every three years following record scrutiny and confirmation of compliance. Each renewal must be supported by an auditor's certificate stating that the trust has not infringed the disqualifying provision in section 13 up to the date of application.
Instructions for deduction of tax at source from interest on securities during financial year 1972-73 at the rates specified in Part III of First Schedule to Finance Bill, 1972
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Tax deduction at source on interest from government securities requires prescribed withholding, certificates, exemptions, and procedural compliance. Tax must be deducted at source on interest on Government securities at prescribed withholding rates varying by payee class (persons other than companies ... Summary
Tax deduction at source on interest from government securities requires prescribed withholding, certificates, exemptions, and procedural compliance.
Tax must be deducted at source on interest on Government securities at prescribed withholding rates varying by payee class (persons other than companies and companies, with resident/non resident and domestic/non domestic distinctions). Exemption or abatement certificates under the statutory provision must be accepted if operative, and certain bonds, savings certificates, and exempt corporations are not subject to deduction where statutory declarations or notifications apply. Paying officers must follow certificate authorisations, obtain required written declarations from resident individuals claiming exemption, apply rounding rules to tax deducted, and consult the Income tax Officer when in doubt.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 9
Join Channel
TaxTMI 
