713/CBDT. - Income Tax - 713/CBDT

INSTRUCTION NO. 713/CBDT Dated : July 8, 1974 Reference is invited to Board's Telex F.No.380/4/74-IT(B) dated 2nd May, 1974 on the above subject. In term of the Second Report on "Classification of Government Transactions in Accounts and Plan" submitted by the Team on Reforms in the Structure of Budget and Accounts and as approved by the C AG of India, the heads of Accounts for various Government Transactions stand revised with effect from 1st April, 1974. As already intimated in Board's Telex/telegram referred to above, the Receipt head of Account for Corporation Tax is "020 Taxes Instead of "III-Corporation Tax" and 0"021" Taxes on Income other than Corporation Tax" and instead of "IV Taxes on Income other than 'Corporation Tax". The relevant Minor and detailed heads under each of the above Major heads are shown in the list enclosed. The heads mentioned in the list may please be adopted in respect of transactions for the year 1974-75 onwards. 2. It will be seen that the old heads "Surcharge Union". "Surcharge Special" and "Additional Surcharge Union" do not find a place in the list. A clarification in the matter has been sought from the Department of Economic Affairs and necessary instructions in respect of these heads will follow in due course. 3. Immediate action may please be taken to indicate the Heads of Accounts shown in the list (printed below) in the challans to be issued to the public.