723/CBDT. - Income Tax - 723/CBDT

INSTRUCTION NO. 723/CBDT Dated : July 23, 1974 Reference is invited to Board's Telex F.No.305/16/74-E.D. dated the 2nd May, 1974 on the above subject. In terms of the Second Re-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 Estate Duty is "031 Estate Duty", for Wealth-tax it is "032 Taxes" on Wealth and for Gift-tax it is "033 Gift-tax" and for Expenditure Tax it is "028 other Taxes on Income and Expenditure" under Minor Head "Expenditure 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 under the Major Head of "VIII Gift Tax", "Advance payments" was a minor head earlier. This minor head is omitted in the revised list. A clarification in the matter is being sought from the Dept. of Economic Affairs and necessary instructions in respect of this head will follow in due course. 3. Immediate action may please be taken to indicate the Heads of Accounts shown in the enclosed list in the Challans to be issued to the public.