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of <h1>CBDT Circular on Export and Agricultural Development Allowances: Compliance Guidelines u/ss 35B and 35C of Income Tax Act 1961.</h1> The circular from January 24, 1970, issued by the Central Board of Direct Taxes, addresses the grant of export market development and agricultural development allowances under the Income Tax Act, 1961, specifically sections 35B and 35C. It mandates that associations or bodies receiving subscriptions for these purposes must be recognized by the prescribed authority and maintain detailed accounts of expenditures. The expenditures should be reviewed, and proportions calculated for weighted deductions. The circular also suggests creating a special circle within each Commissioner's charge to manage these assessments and instructs officers to ensure compliance with these guidelines.
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