"October, 1995" Archive

Toner Cartridges for Laser Printers and Ink Cartridges for Ink Jet Printers – Indicative prices for Customs Valuation

Circular No. 112/95-Custom Duty (31/10/1995)

Representations have been received that there is a gross under-invoicing of toner for Photocopiers and toner cartridges of laser printers and ink cartridges of Ink Jet Printers....

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Circular No. 728-Income Tax Dated 30-10-1995

Circular No. 728-Income Tax (30/10/1995)

Circular No. 728-Income Tax It has been represented to the Board that when making remit­tances of the nature of royalties and technical fees, tax is being deducted at source at the rates specified in the Finance Act of the relevant year, without taking into account the special rates for taxation of such income provided for under the Do...

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Export Promotion Returns by Customs -forms Prescribed

Circular No. 113/95-Custom Duty (27/10/1995)

Attention is invited to Ministry's Circular No. 609/ 106/93-DBK dated 20th October, 1993 whereby proforma for furnishing information with regard to duty forgone under various Export Promotion Schemes was prescribed....

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Circular No. 727-Income Tax Dated 27-10-1995

Circular No. 727-Income Tax (27/10/1995)

Circular No. 727-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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SEBI : (prohibitation of fraudent and unfair trade practices relating to securities market) regulation, 1995

Notification No. SEBI/LE/856(E) (25/10/1995)

These regulations may be called the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Markets) Regulations, 1995....

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Transshipment of Imported Goods – Regulations clarified

Circular No. 111/95-Custom Duty (18/10/1995)

Notification No. 61/ 95-NT- Customs dated 28th Sept., 1995, notifying the Goods Imported (Conditions of Transhipment) Regulations, 1995 has been issued on 28th Sept., 1995. This Notification replaces the earlier Regulation of 1984 viz, Imported Goods (Conditions of Transhipment) Regulations...

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Circular No. 726-Income Tax Dated 18-10-1995

Circular No. 726-Income Tax (18/10/1995)

Circular No. 726-Income Tax Representations have been received from some law and account­ancy firms that are receiving fees for professional services from foreign companies or foreign law and accountancy firms saying that the latter find it very difficult to comply with the re­quirement of tax deduction at source under section 194J of ...

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Export of goods under claims of rebate

Circular No. 155/66/95-Central Excise (17/10/1995)

Circular No. 155/66/95-CX In this regard, the Board"s Circular No. 2/75-CX.VI dated 22.1.75 permitted export of excisable goods from duty paid stocks outside the factory premises under claim for rebate of duty provided: (a) One AR-4 was generated for one gate pass. Similarly a separate AR-4 form is generated if the duty paid consignmen...

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Rounding off of Central Excise Duty in the Invoices under Rule 52A/ 57GG/ 57T

Circular No. 154/65/95-Central Excise (17/10/1995)

Circular No. 154/65/95-CX I am directed to say that instances have come to the notice of the Board wherein some unscrupulous assessees availed MODVAT credit fraudulently by tampering the duty amount shown in the input Gate Passes/ Invoices in their RG. 23A Part - II Register. The duty amounts were found to be inflated by adding additiona...

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SEBI : Revised Carry Forward System

SMD/SED/3703/95 (16/10/1995)

The stock exchanges would be allowed to introduce carry forward system after satisfying the conditions and modalities detailed above and after seeking formal approval from SEBI in that regard. ...

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DTA clearances from EOUs/ EPZ Units against payment of full duty

Circular No.110/95-Custom Duty (16/10/1995)

I am directed to refer to the provisions of Notification No. 2/95-CE dated 4.1.95, which extends a concessional rate of duty to goods cleared from EOUs/ EPZUs/ STPUSs, which are allowed to be cleared in accordance with provisions of the EXIM policy and certain specified notifications of the Ministry of Commerce. The concession is up to th...

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Circular No. 725-Income Tax Dated 16-10-1995

Circular No. 725-Income Tax (16/10/1995)

Circular No. 725-Income Tax Section 10(23C)(iv ) of the Income-tax Act, 1961, provides that any income received by a person on behalf of any fund or institu­tion established for charitable purposes is not includible in the total income if the said fund or institution is notified by the Central Government in the Official Gazette, having ...

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QBAL- Licences issued under para 62/62A of EXIM Policy will be same as under para 50 of the Policy

Circular No.109/95-Custom Duty (13/10/1995)

The Commissioner of Customs, Bombay had made a reference to the Ministry regarding the difficulty faced by the Bombay Customs House in extending benefit of the exemption Notification No. 204/ 92-Customs dated 19.5.92 on inputs imported against a Quantity based licence issued under para 62A of the Exim Policy. It was stated that the term "...

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Circular No. 108/95-Custom Duty Dated 13/10/1995

Circular No. 108/95-Custom Duty (13/10/1995)

The question of allowing benefit of exemption under notification No. 204/92- Customs dt. 19.5.92 to Advance Licences issued to a Merchant Exporter has been examined in view of doubts raised by some of the Commissioner of Customs...

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Central Excise-Admissibility on rebate when duty paid through RG 23A Part II-Regarding

Circular No. 153/64/95-Central Excise (12/10/1995)

Circular No. 153/64/95-CX I am directed to invite your attention to Circular No. 33/33/94-CX.8 dated 4.5.1994(F.No. 267/ 19/94-CX.8) whereby consolidated instructions to streamline procedures under MODVAT scheme were issued. ...

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Duty Drawback- Minimum Amount-Fresh Instructions

Circular No. 107/95-Custom Duty (11/10/1995)

Attention is invited to Ministry's telex of even number dated the 21st September, 1995 on the subject. Copy of Notification No. 53/95-Customs and Central Excises (NT) dated 18th September, 1995 was also enclosed with the post copy of the said telex...

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Drawback – Brand Rate can be got fixed for claim of drawback of anti- dumping duty paid

Circular No. 106/95-Custom Duty (11/10/1995)

The matter has been examined in the Board and it is clarified that Anti-Dumping Duty which is leviable under Section 9A of the Customs Tariff Act read with Section 12 of the Customs Act is rebatable as Drawback in terms of Section 75 of the Customs Act. Since Anti-Dumping Duty is not taken into consideration while fixing All Industry rate...

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Invoice-Abuse of Rule 52-A (6) of Central Excise Rules, 1944-Need for Preventive Steps-Regarding

Circular No. 152/63/95-Central Excise (10/10/1995)

Circular No. 152/63/95-CX I am directed to refer to Circular No. 29/29/94 issued in F.No. 212/3/94-CX.6 wherein your attention was invited to the provision of Rules 52 A vide Notification No. 4/94-CE (N.T.) dated 1.3.94....

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SEBI : Submission of Audit Reports by members

SMD/VRN/SU/3611/95 (06/10/1995)

If the reasons for non-submission are not satisfactory, you are to take stringent action against such members and sent the report thereon to us....

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Bill of Entry (Electronic Declaration) Regulations, 1995

Notification No. 62/95-Customs (N.T.) (05/10/1995)

1. Short title, extent and commencement.- (1) These regulations may be called the Bill of Entry (Electronic Declaration) Regulations, 1995. (2) They shall extend to goods imported by air at the Delhi Airport. (3) They shall come into force on the date of their publication in the Official Gazette....

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Circular No. 151/62/95-Central Excise, Dated: 04.10.1995

Circular No. 151/62/95-Central Excise (04/10/1995)

Circular No. 151/62/95-CX I am directed to refer to Board"s Circular No. 116/27/95-CX issued in F.No. 209/6/95-CX. 6 dated 6th April, 1995 on the above subject whereby it was clarified that the requisite certificates on AR -4/ AR-4A may be issued by the Range Superintendent in those cases where the manufacturer may have obtained the MOD...

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