"July, 1995" Archive

Imported goods classification in consultation with technical authorities

Circular No. 87/95-Custom Duty (31/07/1995)

Please refer your D.O. letter No. VIII(12) ACU / 10/ MISC/ 6176 dated 2.6.95 addressed to Member (Customs) regarding import of Flight Computer by M/s English Book Stores, New Delhi...

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Notification No. S.O.672(E) – Income Tax Dated 27/7/1995

Notification No.S.O.672(E) - Income Tax (27/07/1995)

Notification No.S.O.672(E) - Income Tax In exercise of the powers conferred by clause (23AAA) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby notifies the following purposes for the purpose of the said clause, namely ...

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Notification No. S.O.671(E) – Income Tax Dated 27/7/1995

Notification No.S.O.671(E) - Income Tax (27/07/1995)

Notification No.S.O.671(E) - Income Tax In exercise of the powers conferred by clause (23AAA) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely ...

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Circular No. 86-95-Custom Duty Dated 27/7/1995

Circular No. 86/95-Custom Duty (27/07/1995)

In the Budget 1995-96, Notification No. 49/95-Customs was issued which inter alia prescribed concessional rate of duty on goods of heading No. 84.14 of Customs Tariff Act. However, the earlier exemption available to parts of such refrigerating and air conditioning...

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Eous, EPZ, EHTP, STP units Sale in domestic Market – Clarification on concessional duty

Circular No. 85/95-Custom Duty (26/07/1995)

I am directed to refer to Notification No. 100/ 95-CE dated 2.6.95 which amended Notification No. 2/95-CE dt. 4.1.95. prescribing the effective rates of duties applicable to goods manufactured by 100% EOUs / EPZ / EHTP / STP / units when cleared into the Domestic Tariff Area...

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Notification No. S.O.666(E) – Income Tax Dated 25/7/1995

Notification No.S.O.666(E) - Income Tax (25/07/1995)

Notification No.S.O.666(E) - Income Tax In exercise of the powers conferred by clause (iiia) of the proviso to section 193 of the Income-tax Act, 1961, (43 of 1961), the Central Government hereby specifies, for the purpose of that clause, the difference payable between the redemption value and the bid price of Zero Coupon Bonds of 5 yea...

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Detention of imported cargo needs removal of to Customs warehouse – containers need not be detained

Circular No. 84/95-Custom Duty (25/07/1995)

I am directed to say that the matter of long detention of cargo including containerised cargo at various ports by the Customs authorities leading to port congestion as well as hold up of containers has been represented at various forums. This issue has also ...

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Circular No. 712-Income Tax dated 25-7-1995

Circular No. 712-Income Tax (25/07/1995)

Circular No. 712-Income Tax Under section 10(22 ) of the Income-tax Act, any income of a University or other educational institution, existing solely for educational purposes and not for purposes of profit, is exempt from tax...

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Circular No. 710-Income Tax dated 24-7-1995

Circular No. 710-Income Tax (24/07/1995)

Circular No. 710-Income Tax Chief Commissioners and corporate assessees have been seeking clarification regarding taxability of the perquisite on shares issued to the employees at less than market price...

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Circular No. 711-Income Tax dated 24-7-1995

Circular No. 711-Income Tax (24/07/1995)

Circular No. 711-Income Tax Section 80HHB of the Income-tax Act provides for a deduction of 50 per cent of profits derived from projects abroad, in the computation of taxable income. The incentive is subject to the condition that 50 per cent of profits derived from such projects be brought into India in convertible foreign exchange...

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