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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Board Rejects Dividend Exemption Proposal; Existing Rules Provide Relief for Small Investors Under Sec 194, Rule 29.</h1> The Board has reviewed a proposal to exempt dividends up to Rs. 400 from section 194 of the Income Tax Act, 1961, to encourage small investors. However, the Board finds this suggestion unacceptable as provisions already exist under section 194 and Rule 29 of the Income Tax Rules, 1962, allowing exemption certificates for shareholders whose income is below the taxable limit. Income Tax Officers are instructed to expedite the issuance of these certificates upon application. Reference is made to previous instructions in Circulars No. 12 and No. 35 from 1960 for further guidance.
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