Circular No. 6 of 2002-Income Tax Dividend Income from shares of Indian companies and income from units of Mutual Funds have been made taxable in the hands of share/unitholders by the Finance Act, 2002. For small investors investing in equity, a threshold limit of Rs. 1,000 was provided for the purpose of TDS. Let us for senior citizens and for investors raise the threshold limit to Rs. 2,500. Thus, no tax will be deductible in respect of dividend up to Rs. 2,500, received from each company, or a mutual fund. With the computerisation of the Income-tax Department, data on TDS will be synchronised with the income ‘returned’ by the assessee for better tax administration and compliance.
Whereas the European Commission (EC) has instructed its member countries to introduce checking operations with regard to import of fresh fruits and vegetables at their respective points of entry and, whereas the European Commission shall allow in the normal course the entry of such commodities if the checks have been carried out in the exporting country and, all relevant information is provided to them in this regard, and whereas APEDA has moved the Commission to facilitate putting in place a system of pre-export inspection and certification in India, so that Indian exports on arrival at destination are not denied entry.
2nd August, 2002 Notification No. 16/2002-Service Tax In exercise of the powers conferred by section 93 of the Finance Act, 1994 (32 of 1994), and in supersession of the notification of the Government of India, in the Ministry of Finance, Department of Revenue vide GSR 205(E), 24th April, 1998, the Central Government, being satisfied that […]
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