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Fwd: MMM- I TAX= CIRCULAR NO 7 for Corporations set up for welfare

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  • Paras Chhajed, FCA, Rajnandgaon
    ... From: MISSION IS MORE IMPORTANT Date: Aug 5, 2008 3:28 PM Subject: MMM- I TAX= CIRCULAR NO 7 for Corporations set up for
    Message 1 of 1 , Aug 5, 2008
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      ---------- Forwarded message ----------
      From: MISSION IS MORE IMPORTANT <lucknowca_reinvented@...>
      Date: Aug 5, 2008 3:28 PM
      Subject: MMM- I TAX= CIRCULAR NO 7 for Corporations  set up for welfare
      To: lucknowca_reinvented <lucknowca_reinvented@yahoogroups.com>

      CBDT has issued Circular No. 7 through which corporations which are set up for the welfare and economic upliftment of ex-servicemen and whose income qualifies for exemption from income-tax have been exempted from TDS/TCS on their receipts.


      kind regards,
       
      Team
      lucknowca_reinvented
      MISSION IS MORE IMPORTANT THAN MAN
      Reach us at: +1-415-912-1569

      Circular No. 07/2008

      F.No.275/50/2006-IT (B)

      Government of India

      Ministry of Finance

      Department of Revenue

      Central Board of Direct Taxes

      New Delhi, the 1

      st. August,2008

      Subject:-Order under section 119(1) of the Income-tax Act, 1961 regarding exemption

      from the TDS provisions under Section 197 read in conjunction with Section

      10(26BBB) of Income Tax Act, 1961.

      In exercise of the powers conferred under sub-section (1) of section 119 of Incometax

      Act, 1961, Central Board of Direct Taxes hereby directs that corporations which are

      established by a Central, State or Provincial Act for the welfare and economic upliftment of

      ex-servicemen and whose income qualifies for exemption from Income-tax u/s. 10(26 BBB)

      of the Income Tax Act, 1961, are hereby given exemption from Tax Deduction/Collection at

      Source on their receipts..

      2. This exemption shall not absolve such organisations from their statutory obligations

      of deducting TDS on all contractual payments made by them to other parties like subcontractors

      etc.

      3. This exemption shall be valid for 5 years from the Assessment Year 2009-2010.

      4. After the end of 3 years, all the Chief Commissioners of Income-tax will send their

      feedback to the CBDT on the benefits and/or shortcomings observed in the working so as to

      enable a review and further decision by the Board in the matter.

      Director ( Budget)

      Copy to:

      1. Chairman, Members and other Officers in CBDT of the rank of Under Secretary and

      above.

      2. All Chief Commissioners and Directors General of Income-tax. Each CIT(TDS) may

      forward a copy of this order to such corporation under their charge.

      3. 100 copies to DIT(RSP&PR) for printing in the quarterly tax bulletin and for

      circulation as per their usual mailing list.

      4. DIT(TDS), DIT(Systems), DIT(Recovery), DIT(DOMS), DIT(Vigilance), DIT(IT).

      5. Comptroller and Auditor General of India (40 copies).

      6. Guard File.

      Director (Budget)



      --
      CA Paras Chhajed
      FCA, DISA (ICA)
      Azad Chowk
      Rajnandgoan
      491441Chhatisgarh
      Ph. (07744) 224246, 403903
      Mobile: 09425240246
      e-mail: paraschhajed@...
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