"January, 1996" Archive

Circular No. 3/ 96-Custom Duty Dated 31/1/1996

Circular No. 3/96-Custom Duty (31/01/1996)

I am directed to refer to notification No. 8/96- Customs and 3/ 96 - Central Excise both dated 17th January, 1996. Notification No. 8/96- Customs amends notification Nos. 13/95- Cus. and 16/95- Cus. both dated the 16th March, 1995. The effect of the amending notification is to remove the spelling error in the description of a drug 'Mesna'...

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Correction of typographical error in the spellings of a drug under notification No. 13/95- Customs

Circular No. 2/96- Custom Duty (31/01/1996)

I am directed to refer to notification No. 13/ 96- Customs dated 29th January, 1996 which amend notification Nos. 13/95- Cus. dated the 16th March, 1995. The effect of the amending notification is to correct the spelling mistake in the description of 's- Fluorouracil...

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Circular No. 735-Income Tax Dated 30-1-1996

Circular No. 735-Income Tax (30/01/1996)

Circular No. 735-Income Tax The issue of deduction of income-tax at source under section 193 and section 194-I of the Income-tax Act from any income received by any person on behalf of any Regimental Fund or Non-public Fund established by the Armed Forces of Union for the welfare of past and present members of such forces or their dependa...

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Recommendations made by the PAC in 104th Report. (10th Lok Sabha-1995-96)

Circular No. 177/11/96-CX (28/01/1996)

Circular No.177/11/96-CX I am directed to say that the Public Accounts Committee in their 104th Report (10th Lok Sabha) has expressed disappointment over the actions taken by the Department where a manufacturer namely Sipani Automobiles Ltd., Bangalore took fraudulent credit to the extent of Rs. 7684 lakhs in excess of the duty paid on t...

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Notification No. S.O.69(E)-Income Tax Dated 25/1/1996

Notification No. S.O.69(E)-Income Tax (25/01/1996)

Notification No. S.O.69(E)-Income Tax In exercise of the powers conferred by sub-section (2) of section 145 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the following accounting standards to be followed by all assessees following the mercantile system of accounting, namely...

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Notification No. S.O.388-Income Tax Dated 24/1/1996

Notification No. S.O.388-Income Tax (24/01/1996)

Notification No. S.O.388-Income Tax It is notified for general information that the Home Trust Housing Finance Co. Ltd., 43, Ashutosh Chowdhuri Avenue, Calcutta-700 019, have been approved by the Central Government as a Housing Finance Company for the purposes of section 36(1)(viii) of the Income-tax Act, 1961, for the assessment years 19...

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Notification No. S.O.389-Income Tax Dated 24/1/1996

Notification No. S.O.389-Income Tax (24/01/1996)

Notification No. S.O.389-Income Tax It is notified for general information that the Global Housing Finance Corporation Ltd., A-Wing, 307-Mittal Towers, Nariman Point, Bombay-400 021, have been approved by the Central Government as a Housing Finance Company for the purposes of section 36(1)(viii) of the Income-tax Act, 1961, for the assess...

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Circular No. 734-Income Tax Dated 24-1-1996

Circular No. 734-Income Tax (24/01/1996)

Circular No. 734-Income Tax It has been represented by some Non-Resident Indians in the United Arab Emirates (UAE) that the banks and the U.T.I. have been deducting tax at source on interest and dividend incomes at rates higher than those provided in the Double Taxation Avoidance Agreement between India and the United Arab Emirates....

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Circular No. 170/4/96-CX Dated 23/1/1996

Circular No. 170/4/96-CX (23/01/1996)

Circular No. 170/4/96-CX It has been brought to the notice of the Board by Maharashtra Chambers of Commerce & Industry that there is difficulty in determination of value of patterns used in foundry industry to be added in the cost of castings for arriving at the assessable value of the castings as the quantity of casting to be made out o...

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Procedure regarding refunds claimed under Notification No. 64/93-Central Excise, as amended, by car manufacturers

Circular No. 169/3/96-CX (23/01/1996)

Circular No. 169/3/96-CX I am directed to refer to Notification No. 64/93-CE, dated 28.02.93, as amended, in terms of which saloon cars, used as taxis are effectively charged excise duty @ 30% ad valorem. Since it is not certain, at the time of clearance of a saloon car from the the factory of manufacture, whether it would be used as a t...

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