"January, 1998" Archive

Notification No. S.O. 278-Income Tax Dated 28/1/1998

Notification No. S. O. 278-Income Tax (28/01/1998)

Notification No. S.O. 278-Income Tax It is notified for general information that the D. C. M. Housing Finance Ltd., 1st Floor, Kanchenjunga, 18, Barakhamba Road, New Delhi-110 001, has 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 assessmen...

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Notification No. 46/98-Service Tax, Dated: 28.01.1998

Notification No. 46/98-Service Tax (28/01/1998)

In exercise of the powers conferred by clause (b) of section 2 of the Central Excise Act, 1944 (1 of 1944) and rule 3 of the Service Tax Rules, 1994 read with clause (4) of Section 65 of the Finance Act, 1994 (32 of 1994), the Central Board of Excise and Customs hereby appoints the Director General (Service Tax) as Central Excise Officer ...

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Duty free import of goods be accredited journalists

Circular No. 6/98-Custom Duty (23/01/1998)

It has been represented to the Board that the goods imported by the accredited journalists through Post are being denied exemption under Sl. No. 200 of the notification No. 11/97 dated 1.3.97 even if they had satisfied the conditions stipulated thereunder on the ground that an accredited journalist could import the goods only while return...

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DEPB Scheme – Imports Facility through TRA at Hyderabad

Circular No. 5/98-Custom Duty (23/01/1998)

Duty Exemption Pass-book Scheme (DEPB) allows import and export only from the port of registration. In other words, both import and export have to be made from the same port. This is also provided in para 6 of Board"s Circular No. 10/ 97-Cus. dated 17.4.97...

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Notification No. 45/98-Service Tax, Dated: 22.01.1998

Notification No. 45/98-Service Tax (22/01/1998)

In exercise of the powers conferred by section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts the taxable services provided by any advertising agency or courier agency to the United Nations or an international organisation from the whol...

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Notification No. 44/98-Service Tax, Dated: 22.01.1998

Notification No. 44/98-Service Tax (22/01/1998)

In exercise of the powers conferred by section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts the taxable services provided by any advertising agency or courier agency to the Diplomatic Missions specified in column (2) of the Schedule h...

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Circular No. 374/7/98-Central Excise, Dated: 21.01.1998

Circular No. 374/7/98-Central Excise (21/01/1998)

Circular No. 374/7/98-CX It has been brought to the notice of the Board that Central Excise Authorities are not allowing MODVAT credit of the entire CVD paid on the car kit imported in CKD/SKD condition assessed to duty as a complete car at the rate of 40% by the Customs Authorities. ...

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Circular No. 373/06/98-Central Excise, Dated: 20.01.1998

Circular No. 373/06/98-Central Excise (20/01/1998)

Circular No. 373/06/98-CX For the purpose of clarification it is mentioned that the competency to adjudicate a case is case is already defined in Board"s Circular No. 299/15/97-CX dated 27.2.97 as modified by Circular No. 348/44/97-CX dated 13.8.97 and Circular No. 362/78/97-CX dated 9.12.97. In respect of the cases investigated by the ...

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Notification No. S.O. 68(E)-Income Tax Dated 20/1/1998

Notification No. S. O. 68(E)-Income Tax (20/01/1998)

Notification No. S.O. 68(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 5-year 17 per cent. Secured, Redeemable, Non-Convertible Bonds (Taxable) (L-series) of Rs. 1,000 each for an amount of Rs. 56,35,0...

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Notification No. S.O. 69(E)-Income Tax Dated 20/1/1998

Notification No. S. O. 69(E)-Income Tax (20/01/1998)

Notification No. S.O. 69(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 specifies 7-year 10.5 per cent Secured, Redeemable, Non-Convertible Bonds (Tax-free) (L-series) of Rs. 1,000 each for an amount of Rs...

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BG for 5% of gold value (and not bond amount) obtained for nominated agencies

Circular No. 3/98-Custom Duty (20/01/1998)

I am directed to refer to Board"s Circular No. 27/ 97 dated 8th July, 1997 and Circular No. 48/97 dated 13th October, 1997 on the subject cited above...

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Notification No. S.O. 67(E)-Income Tax Dated 20/1/1998

Notification No. S. O. 67(E)-Income Tax (20/01/1998)

Notification No. S.O. 67(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 specifies 7-year 9.25 per cent. per annum (Tax-free) Rural Electrification Corporation Bonds---2004 (XXXII Series) bearing distinctiv...

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SEBI : Members of Stock Exchanges acting as sub-brokers.

SMD/Policy/CIR-/98 (16/01/1998)

All the exchanges are advised to bring the above information to the notice of their members and ensure that the members do not transact business as sub-brokers through members of other exchanges without due registration as a sub-broker from SEBI....

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Circular No. 372/5/98-Central Excise, Dated: 14.01.1998

Circular No. 372/5/98-Central Excise (14/01/1998)

Circular No. 372/5/98-CX I am directed to invite your attention to Board"s Cir. No. 177/11/96-CX dated 28.2.96 based on the recommendations in the 104th Report (10th Lok Sabha) regarding fraudulent availment of Modvat credit to the tune of Rs. 76.84 lakhs by M/s Sipani Automobiles Limited, Bangalore....

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Circular No. 371/4/98-Central Excise, Dated: 14.01.1998

Circular No. 371/4/98-Central Excise (14/01/1998)

Circular No. 371/4/98-CX I am directed to refer to Board"s Circular No. 178/12/96-CX dated 28.2.1996. Based on the recommendation of the PAC, directions were issued vide aforesaid circular of the Board for taking immediate action for launching prosecution under Central Excise & Salt Act, 1944 and the IPC 1860 with respect to unscrupulous...

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Circular No. 370/3/98-Central Excise, Dated: 14.01.1998

Circular No. 370/3/98-Central Excise (14/01/1998)

Circular No. 370/3/98-CX Public Accounts Committee in their 104 Report in Para 3.48 has observed that the surprise squads for verification of Modvat Credit in the Commissionerate are not functioning properly as a consequence, the evasion of Central Excise duty through fraudulent availment of Modvat Credit remains unchecked. In this regar...

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Circular No. 369/2/98-Central Excise, Dated: 14.01.1998

Circular No. 369/2/98-Central Excise (14/01/1998)

Circular No. 369/2/98-CX The PAC on Audit Para 3.48/ 91-92 on the report of the C & AG for the year ending 31.3.1992. (No 4 of 1993) regarding fraudulent availment of Modvat Credit by Sipani Automobiles, Bangalore has desired that the Ministry of Finance will take adequate steps to ensure that recent amendments in the Central Excise Law ...

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SEBI : E.Ds /Presidents/M.Ds. of all Stock Exchanges

SMD/POLICY/CIR- 2/98 (14/01/1998)

Any stoppage beyond five minutes will be explained and reported to the Board. The Exchange shall issue a press release specifying the reasons for the breakdown....

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Circular No. 761-Income Tax Dated 13-1-1998

Circular No. 761-Income Tax (13/01/1998)

Circular No. 761-Income Tax The attention of the Board has been drawn to certain difficulties being faced by pensioners drawing their pensions through banks where the tax deduction at source certificate in the prescribed Form No. 16 is some-time denied to them on the ground that no employee-employer relationship exists between the banks a...

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Circular No. 760-Income Tax Dated 13-1-1998

Circular No. 760-Income Tax (13/01/1998)

Circular No. 760-Income Tax Under sub-section (7)( d) of section 2 of the Finance Act, 1966, an "industrial company" means a company which is mainly engaged in the business of generation or distribution of elec­tricity or any other form of power or in the construction of ships or in the manufacture or processing of goods or in mining....

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SEBI : Introduction of Rolling Settlement in Stock Exchanges and Trading by Institutional Investors in Demat Segment

SMD/POLICY CIR-1/98 (12/01/1998)

It has also been decided that settlement of trades in the depository would be compulsory from January 15, 1998 for the institutional investors, viz., domestic financial institutions, banks, mutual funds and foreign institutional investors having a minimum portfolio of securities of Rs.10 crores as on the latest balance sheet date....

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Circular No. 368/1/98-Central Excise, Dated: 06.01.1998

Circular No. 368/1/98-Central Excise (06/01/1998)

Circular No. 368/1/98-CX Attention is invited to Board"s Circular No. 315/31/97-CX dt. 23.5.97 regarding classification of Ready Mix Concrete. It has been brought to the notice of the Board that in some cases concrete mix manufactured at the site of construction is being denied exemption under S.No. 51 of Notification No. 4/97 dt. 1.3.97...

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Customs Staff for Handling Addl. Work Load

Circular No. 2/98-Custom Duty (05/01/1998)

The Board is receiving a number of requests from the trade from time to time for allowing loading/ unloading of additional items at various customs airports or for creation of more Airports, Air Cargo Complexes (ACC) or Foreign Post Offices (FPC) in the country. One of the factors relevant to take a decision on the subject is the availabi...

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Notification No. S.O. 12(E)-Income Tax Dated 5/1/1998

Notification No. S. O. 12(E)-Income Tax (05/01/1998)

Notification No. S.O. 12(E)-Income Tax In exercise of the powers conferred by clause (6C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby declares that any income arising to the Rolls Royce Military Aero Engines Limited, a foreign company having its office at Moor Lane, Derby, DE24 8BJ, England, by wa...

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Notification No. S.O. 11(E)-Income Tax Dated 5/1/1998

Notification No. S. O. 11(E)-Income Tax (05/01/1998)

Notification No. S.O. 11(E)-Income Tax In exercise of the powers conferred by sub-section (1) of section 54EB of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby specifies the following assets, as the long term specified assets, for the purpose of the said section, ...

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Notification No. S.O. 10(E)-Income Tax Dated 5/1/1998

Notification No. S. O. 10(E)-Income Tax (05/01/1998)

Notification No. S.O. 10(E)-Income Tax In exercise of the powers conferred by sub-section (1) of section 54EA of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby specifies the following shares and debentures as specified securities for the purpose of the said section...

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Notification No. S.O. 9(E)-Income Tax Dated 5/1/1998

Notification No. S. O. 9(E)-Income Tax (05/01/1998)

Notification No. S.O. 9(E)-Income Tax Shares to be issued by Tata Petrodyne Limited, a public company registered under the Indian Companies Act, 1956, and having its registered office at Jeevan Bharti, Tower No. 1, 10th Floor, 124, Connaught Circus, New Delhi-110 001, within one year from the date of the publication of this notification,...

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Notification No. S.O. 8(E)-Income Tax Dated 5/1/1998

Notification No. S. O. 8(E)-Income Tax (05/01/1998)

Notification No. S.O. 8(E)-Income Tax Shares to be issued by Tata Petrodyne Limited, a public company registered under the Indian Companies Act, 1956, and having its registered office at Jeevan Bharti, Tower No. 1, 10th Floor, 124, Connaught Circus, New Delhi-110 001, within one year from the date of publication of this notification, of a...

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Notification No. S.O. 5(E)-Income Tax Dated 2/1/1998

Notification No. S. O. 5(E)-Income Tax (02/01/1998)

Notification No. S.O. 5(E)-Income Tax In exercise of the powers conferred by sub-section (1) of section 54EA of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby specifies the following shares and debentures as the specified securities for the purpose of the said section...

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