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TMI BlogIncome-tax both on the incomes of company assessees and non-company assessees.X X X X Extracts X X X X X X X X Extracts X X X X ..... ax (Entry 85 in the seventh Schedule of the Constitution of India). The collections of this tax are accounted for under the account head "020-CORPORATION-TAX". The income-tax on incomes of non-company assessees is referred to in the Constitution as "Taxes on income other than agricultural income" (Entry 82 in the Seventh Schedule to the Constitution read with Article 270). It is commonly referred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icle 270(2) of the Constitution passed after considering the report of the Sixth Finance Commission. Interest-tax is levied under the Interest-tax Act, 1974 and like the Corporation-tax, its collections are meant entirely for the Central Government. It is accounted for under the account head "Interest-tax - Central Government 028- Other Taxes on Income and Expenditure". 2. It has been noticed by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lassification printed on the back side of the challan must be properly filled in by the Income-tax clerk. The various challan forms currently in use for the payment of various Direct Taxes are mentioned in the Annexure. 3. Immediate action is required to ensure that assessees have been supplied the appropriate form of challans for the payment of advance-tax instalments due in December, 1977 and M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... han indented. 4. It has also been notice that there is misclassification, inter se, between Income-tax and Surcharge (Union). As stated in para 1 above, while Income-tax collections are shared between the Central Government and the States, the collections of Surcharge (Union) are meant entirely for the Central Government. It is, therefore, necessary that the assessees are made aware of in importa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hallans for the payment of Direct Taxes as well as to compute and indicate in the challans the correct amount of Surcharge of Income-tax. This aspect is also being emphasised in several other Tax-Payer education programmes of the Board being devised by DI(P&PR), New Delhi. 6. As this is a very important matter, Board desires that the Commissioners of Income-tax may organise discussions with the I ..... X X X X Extracts X X X X X X X X Extracts X X X X
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