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Circular No. 771-Income Tax Reference is invited to Circular No. 757, dated 20th October, 1997, wherein the rates of deduction of income-tax from the payment of income under the head “Salaries” under section 192 of the Income-tax Act, 1961, during the financial year 1997-98, were intimated.
In exercise of powers conferred by section 5 of the Foreign Trade (Development and Regulation) Act, 1992 (No. 22 of 1992) read with paragraph 1.3 of the Export and Import Policy, 1997-2002 (incorporating amendment made upto 13.4.98), the Central Government hereby makes following amendments in the Export and Import Policy, 1997-2002: (incorporating amendment made upto 13.4.98).
Circular No. 429/62/98-CX It has been brought to the notice of the Central Board of Excise & Customs that field formations are denying Modvat Credit under rule 57A of the Central Excise Rules, 1944 on lubricating base oils, when used as inputs in factory for further manufacture of final product during the period 01.03.1997 to 31.08.1997.
The Expert Committee appointed by SEBI on the issue of turnover based fees of brokers had recommended that with respect to jobbing transactions identified and included in the turnover as proposed in the said report, concessional rate of fee of one two hundredth of one percent of the jobbing turnover calculated is to be computed.
