In the meeting of the derivative exchange/segments, held on August 2, 2001, it was decided that reporting of derivative transactions to the media and the newspapers should be in a uniform format.
Circular No. 12 of 2001-Income Tax The Finance Act, 2001, has substituted the existing section 92 of the Income-tax Act by new sections 92 and 92A to 92F. These new provisions lay down that income arising from an international transaction between associated enterprises shall be computed having regard to the arm’s length
In this regard, it is clarified that import of aforementioned items shall be free in case the specific item has been allowed freely in this book separately. For example, import of table fans (Exim Code No. 84145101) is freely importable. Thus, the table fans in CKD/SKD conditions or in ready to assemble sets shall also be freely importable.
Notification No.S.O.812(E) – Income Tax In exercise of the powers conferred by sub-clause (vii) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies Tax Free Municipal Bonds for an amount of rupees one hundred crore only to be issued by Municipal Corporation of Ahmedabad, Gujarat, during the financial year 2001-2002 for the purpose of said clause
In exercise of the powers conferred by sub-section (1) of section 4 of the Customs Act, 1962 (52 of 1962), the Central Government hereby appoints the Commissioner of Customs, Sahar Airport, Mumbai, to be the Commissioner of Customs (General), New Delhi, for the purpose of adjudication of the show cause notice F.No.SIIB/CUS/41/99, dated the 17th November, 2000 issued to M/s. Honda Siel Cars India Ltd. by the Commissioner of Customs (General), New Delhi.
I am directed to say that with the imposition of Service Tax on 15 new services with effect from 16.07.2001, heads of accounts for collection/ receipts/ refunds in relation to the following 15 services have been introduced by the Principal Chief Controller of Accounts, C.B.E.C.. The same are listed herein below as Annexure – I. The Serial Codes and SCCD codes allotted have been mentioned against each new Heads of Accounts.
The issue of the holidays affecting the schedule of the settlements was also discussed in the meeting of the Group on Risk Management Systems for the Equity Markets held on August 14, 2001. When a particular day is holiday for both trading and settlement.
Circular No.583/20/2001-CX I am directed to invite reference to Board”s Circular No.308/24/97-CX dated 27.3.97 whereby it was clarified that the process of putting together the duty paid articles into a container like carton, kit etc., so that a new commercially distinct product viz, “Cable Jointing Kits” comes into existence would amount to manufacture and would be appropriately classifiable under heading 85.47 of Central Excise Tariff Act, 1985.
Notification 24 (RE-2001) restricts the import of whale sharks and their products under the Export and Import Policy, 1997-2002.
ccording to Clause 10 of the Seventh Schedule of the SEBI (Mutual Funds) Regulations, 1996, a mutual fund scheme can invest upto 10% of its NAV in the equity shares or equity related instruments of any company
