TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Circulars
of of All Circulars
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Income Tax Officers Alerted on Incorrect Deduction of Excess Dividends; Review Assessments by April 30, 1973, per Rule 2(i)(b).</h1> The circular addresses an issue under the Companies (Profits) Sur-tax Act, 1964, regarding the incorrect deduction of income tax on excess dividends when calculating chargeable profits. It highlights that such deductions are not permissible under Rule 2(i)(b) of the First Schedule. The Revenue Audit identified cases of under-charging sur-tax due to this error. Income-tax Officers are instructed to be informed of the correct legal position, review completed assessments, and report findings by April 30, 1973, ensuring no actions become time-barred.
TaxTMI 