"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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Analysis of revenue and MODVAT availment

Circular No. 138/49/95-CX (21/07/1995)

Circular No. 138/49/95-CX I am directed to enclose 3 proforma named A, B & C* with this letter. These 3 proformas relate to the analysis of revenue from major units and major commodities of the Commissionerate. Proforma C has been designed especially to ascertain the effect of liberalised import regime, introduction of MODVAT on the bas...

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SEBI : Settlement wise information of turnover/ delivery

SMD-I(N)/JJ/2727/95 (20/07/1995)

t is requested to furnish us with information regarding the turnover and the delivery in value terms as well as percentage delivery for every settlement form April 1, 1995 till date....

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Notification No. S.O.653(E) – Income Tax Dated 20/7/1995

Notification No.S.O.653(E) - Income Tax (20/07/1995)

Notification No.S.O.653(E) - Income Tax In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government, having regard to seventy-five per cent. of the average rise in the Consumer Price Index for urban non-manual employees, hereby specifies the Cost Infl...

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Notification No. 651(E)/1995 – Income Tax Dated 20/7/1995

Notification No. 651(E)/1995 - Income Tax (20/07/1995)

Notification No. 651(E)/1995 - Income Tax In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue),...

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Notification No. S.O.650(E) – Income Tax Dated 20/7/1995

Notification No.S.O.650(E) - Income Tax (20/07/1995)

Notification No.S.O.650(E) - Income Tax In exercise of the powers conferred by item (h) of sub-clause (iv) of Clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specified 10.5 per cent, tax-free Konkan Railway bonds of the second series bearing distinctive numbers...

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Notification No. S.O.649(E) – Income Tax Dated 20/7/1995

Notification No.S.O.649(E) - Income Tax (20/07/1995)

Notification No.S.O.649(E) - Income Tax In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue) No. S. O...

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Duty Drawback – Appraisers can sanction upto Rs. one lakh in select Customs Houses

Circular No. 83/95-Custom Duty (20/07/1995)

The Board has reconsidered the matter and it has been decided that the powers of Appraisers to sanction drawback under section 75 of the Customs Act, 1962 in the Major Custom Houses in Bombay, Calcutta, Madras and Delhi shall be enhanced to Rupees One Lakh. ...

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Circular No. 82/95-Custom Duty Dated 20/7/1995

Circular No. 82/95-Custom Duty (20/07/1995)

The Public Accounts Committee in their 91st Report on paragraph 1.22(i) relating to fraudulent drawback on Zinc Oxide have expressed unhappiness over delay in issuance of instruction for taking remedial/ corrective action. In that case two consignments declared to be Zinc Oxide were exported under claim for Drawback through Customs House,...

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Notification No. S.O.644(E) – Income Tax Dated 19/7/1995

Notification No.S.O.644(E) - Income Tax (19/07/1995)

Notification No.S.O.644(E) - Income Tax In exercise of the powers conferred by section 115K and by section 295 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. 709-Income Tax dated 19-7-1995

Circular : No. 709-Income Tax (19/07/1995)

Circular No. 709-Income Tax Board’s Circular No. 697, dated 16-12-1994 states that when the challan forms with three counterfoils are used, the taxpayer may enclose with his return of income a photocopy of the foil No. 3 in compliance with the provisions of section 139(9) of the Income-tax Act, 1961...

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Issues relating to Modvatable Invoices pertaining to Notification No. 23/95-CE (NT) and 24/95-CE (NT) both dated 30.5.1995 raised by the Trade and Industry and Principal Collector

Circular No. 137/4895-CX (18/07/1995)

Circular No. 137/4895-CX Registration of dealer should not be insisted where the dealer is indenting dealer and on his instruction goods are directly moving under rule 52A invoice of manufacturer to end use consignee....

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Circular No. 708-Income Tax dated 18-7-1995

Circular No. 708-Income Tax (18/07/1995)

Circular No. 708-Income Tax Reference is invited to the Board’s Circular No. 644, dated 15-3-1993 (see Sl. No. 371) wherein it was clarified that the expenditure on provi­sion of food or beverages by an employer to the low-paid employ­ees will not be treated as entertainment expenditure within the meaning of the Explanation under se...

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Circular No. 137/48/95-CX Dated 18/7/1995

Circular No. 137/48/95-CX (18/07/1995)

Issues relating to Modvatable Invoices pertaining to Notifications No. 23/95-CE (NT) and 24/95-CE (NT) both dated 30.5.1995 raised by the Trade and Industry and Principal Collector, Bombay - Regarding...

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SEBI : Registration of sub-brokers

Ref. SMD/STG/2652/95 (13/07/1995)

it is observed that several applications from sub-brokers received through your Exchange are pending, inter-alia, for want of confirmation of execution of agreement, etc. A list of such pending applications is enclosed for your perusal....

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Notification No. S.O.636(E) – Income Tax Dated 12/7/1995

Notification No.S.O.636(E) - Income Tax (12/07/1995)

Notification No.S.O.636(E) - Income Tax In exercise of the powers conferred by section 295 read with section 269UC 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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Notification No. S.O.635(E) – Income Tax dated 12/7/1995

Notification No.S.O.635(E) - Income Tax (12/07/1995)

Notification No.S.O.635(E) - Income Tax In exercise of the powers conferred by sub-clause (b) of clause (v) of the sub-section (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the accounts mentioned below, with effect from the first day of April, 1995, as the accounts for the purpose of...

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Circular No. 136/47/95-CX Dated 12/7/1995

Circular No. 136/47/95-CX (12/07/1995)

Circular No. 136/47/95-CX The Hon'ble Supreme Court in its judgement dated 3.5.1995 in case of U.O.I & Others etc. v. the Madras Rubber Factory Ltd. & Ors. etc. have decided the issues relating to valuation matters and a copy of the jubgement has already Customs" letter F.No. 275 / 25/ 95-CX. *A dated 25.5.1995....

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SEBI : Effective Year of Submission of Cash Flow Statement

SMD-I(N)/JJ/2621/95 (11/07/1995)

With reference to our letter no.SMD-I(N)/JJ/2331/95 dated June 26, 1995, it has been decided that the requirement of submitting Cash Flow Statement by the companies along with the Annual Report is to be made effective for the accounts prepared by the companies from the financial year 1995-96....

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Aracannuts (supari) import not permissible

Circular No. 81/95-Custom Duty (11/07/1995)

I am directed to say that the Directorate General of Foreign Trade, Ministry of Commerce has brought to the notice this Ministry that some of the customs authorities particularly at Calcutta, Madras and Imphal are permitting import of Arecanut assuming it to be falling under the category of dry fruits...

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Circular No. 707-Income Tax dated 11-7-1995

Circular No. 707-Income Tax (11/07/1995)

Circular No. 707-Income Tax References have been received by the Board in cases where non-residents are deputed to work in India and the taxes are borne by the employers. In certain cases, an employee to whom refunds are due has already left India and has no bank account here by the time the assessment orders are passed. A question has b...

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Notification No. S.O.614(E) – Income Tax Dated 6/7/1995

Notification No.S.O.614(E) - Income Tax (06/07/1995)

Notification No.S.O.614(E) - Income Tax In exercise of the powers conferred by clause (ii) of sub-section (1) of section 80L of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the XI Series Issue 13.5% (taxable) Secured Redeemable Non-Convertible Bonds bearing distinctive numbers from 1 to 6700000 of Rs. 10...

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Sealing of cargo – Tamper proof bottle seals to be used

Circular No. 80/95-Custom Duty (06/07/1995)

I am directed to say that the Board has examined the matter of sealing of containerised cargo with a view to determine the appropriate sealing mechanism which will ensure security of the cargo and the same time prevent the possibility of its tampering...

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UN Agencies Imports – Duty exemption only on goods for official use by the agency and not by individual

Circular No. 79/95-Custom Duty (06/07/1995)

I am directed to say that in the context of a reference from the Department of Economic Affairs the Board has examined the customs duty exemptions available to the United Nations and its agencies in terms of the United Nations (Privileges and Immunities) Act, 1947 ...

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SEBI : Fixing of record dates relating to rights issues

PMD/PKN/1759/95 (05/07/1995)

If the terms of offer of the rights issue are subsequently changed, it will be the lead manager’s responsibility to compensate the buyers or sellers in the market....

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Notification No. S.O.610(E) – Income Tax Dated 5/7/1995

Notification No.S.O.610(E) - Income Tax (05/07/1995)

Notification No.S.O.610(E) - Income Tax In exercise of the powers conferred by clause (c) of Explanation to clause (23F) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies all articles and things (including computer software) other than the articles or things mentioned in the Eleventh Schedule...

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Removal of tariff value for polyester filament yarn – Regarding

Circular No. 135/46/95-CX (05/07/1995)

Circular No. 135/46/95-CX I am directed to refer to notification No. 36/95-CE dated 16th March, 1995 which prescribed tariff values for polyester filament yarn. Notification No. 103/95-CE dated 4th July, 1995 has been issued rescinding Notification No. 36/95-CE with effect from 4th July, 1995. Consequently all polyester filament yarn, bo...

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High percentage of MODVAT credit taken on capital goods – Regarding

Circular No. 134/45/95-CX (04/07/1995)

Circular No.134/45/95-CX Subsequent to the issue of above instructions it has come to the notice of the Board that a substantial amount of Modvat credit has been availed on goods which are either not capital goods or which are capital goods but which have not been used for producing or processing of any goods or for bringing about any ch...

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EPZ units – Sale in DTA – Subject to excise duty

Circular No. 78/95-Custom Duty (03/07/1995)

I am directed to say that notification No. 114/95-Cus. Dated 8.6.1995 has been issued with a view to harmonise the respective customs customs exemptions notification for 100% EOU units and for similar units located in the Export Processing Zones (EPZs)...

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