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Circular No. 10 of 2002-Income Tax Section 195 of the Income-tax Act, 1961 provides that any person responsible for paying to a non-resident any sum chargeable under the Act shall, at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by cheque or draft or any other mode, whichever is earlier, deduct income-tax thereon at the rates in force.
The powers delegated above will be exercised by Head of Departments under Central Board of Excise and Customs subject to availability of sanctioned budget
DEPB benefit would also be admissible on the export of composite product including assembled product having more than one constituent items for which DEPB rates are individually fixed. In such cases the DEPB entitlement would be restricted to the lowest of the rate applicable to the constituent items ignoring the rate of the constituent item(s) having weight less than 5% of the total net weight of such product. However, no DEPB benefit would be admissible on the export of such product, if any constituent item(s) is weighing more than 5% of the total net weight (of the product) and does not have any DEPB rate fixed.
The principal notification No. 21/2002-Customs, dated the 1st March 2002 was published in the Gazette of India, Extraordinary, vide G.S.R 118 (E), dated the 1st March, 2002 and was last amended by notification No 93/02- Customs, dated the 6th September 2002 vide G.S.R (E), dated the 6th September 2002.
In exercise of powers conferred by sub-sections (1), (5) and (6) of section 9A of the Customs Tariff Act, 1975 (51 of 1975), read with rule 23 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, the Central Government hereby rescinds the notification of the Government of India in the erstwhile Ministry of Finance (Department of Revenue), No. 72/2001-CUSTOMS, dated the 28th June, 2001 [G.S.R. 487 (E), dated the 28th June, 2001], except as respects things done or omitted to be done before such rescission.
For the purposes of this notification, the rate of exchange applicable for the purposes of calculation of such anti-dumping duty shall be the rate, which is specified in the notification of the Government of India in the Ministry of Finance (Department of Revenue), issued from time to time, in exercise of powers under sub-clause (i) of clause (a) of sub-section (3) of section 14 of the Customs Act, 1962 (52 of 1962) and the relevant date for determination of the rate of exchange shall be the date of presentation of the bill of entry under section 46 of the said Customs Act.
In exercise of powers conferred by sub-section (2) of section 9A of the Customs Tariff Act, 1975 (51 of 1975), read with rules 13 and 20 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, the Central Government hereby rescinds the notification of the Government of India in the erstwhile Ministry of Finance (Department of Revenue), No. 133/2001-CUSTOMS, dated the 31st December, 2001 [G.S.R. 930(E), dated the 31st December, 2001], except as respects things done or omitted to be done before such rescission.
For the purposes of this notification, rate of exchange applicable for the purposes of calculation of anti-dumping duty shall be the rate which is specified in the notification of the Government of India in the Ministry of Finance (Department of Revenue), issued from time to time, in exercise of the powers under sub-clause (i) of clause (a) of sub-section (3) of section 14 of the Customs Act, 1962 (52 of 1962) and the relevant date for the determination of the rate of exchange shall be the date of presentation of the bill of entry under section 46 of the said Customs Act.
Circular No. 671/62/2002-CX I am directed to say that vide Sl.No 3(b) of Circular No.643/34/2002-CX dt.1.7.2002 it had, inter alia, been clarified that the amount of sales tax that could be deducted from the sale price of a commodity to arrive at the assessable value would be the net sales tax i.e. after deducting the set-off admissible. The manner of calculation was also illustrated in the Circular through an example.
