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claim is pending in appeal or revision, notify the appellate/revision authority or record a note that rebate should be withdrawn if the claim is admitted.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 salary during financial year 1972-73 at the rates specified in Part III of First Schedule to Finance Bill, 1972
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Deduction of tax at source from salary: application of prescribed slab rates, capped contribution deductions, and surcharge rules. Deduction of tax at source for financial year 1972-73 applies to salary income paid on or after April 1, 1972, at the rates in Part III of the First ... Summary
Deduction of tax at source from salary: application of prescribed slab rates, capped contribution deductions, and surcharge rules.
Deduction of tax at source for financial year 1972-73 applies to salary income paid on or after April 1, 1972, at the rates in Part III of the First Schedule to the Finance Bill, 1972; no deduction is made unless estimated salary exceeds the specified threshold. Disbursing officers must allow prescribed deductions including capped qualifying contributions for provident fund and life insurance, standard monthly travel deductions varying by conveyance status (not available where conveyance allowance is paid), and adjust for profession tax on proof; charitable donations and expenditure on books are excluded from withholding. Rounding rules, surcharge computation with marginal relief, illustrative examples, and penal liability for failure to deduct or pay are provided.
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