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Circular No. 5 of 2003-Income Tax Rules 7A and 7B of the Income-tax Rules, 1962 inserted by the Income-tax (Second Amendment) Rules, 2001 w.e.f. 1-4-2002 provide that income from manufacture of rubber and coffee, as mentioned therein, shall be computed as if it were income derived from business and a specified percentage of such income shall be deemed to be income liable to tax
In respect of exporters who have exported in each of the preceding three licensing years and exporters falling in category (c) above, the 25% BG condition shall be imposed on the CIF value of advance licence(s) provided the CIF value does not exceed 200% of the FOB/FOR value of exports/supplies made in the preceding licensing year. Licence beyond 200% entitlement shall be subject to 100% BG on the value exceeding 200% entitlement. However, the entitlement may be re-credited on production of documentary evidence showing fulfilment of export obligation and realisation of foreign exchange.
A non DDA holder is also permitted to supply cut and polished diamonds to DDA holder, receive payment in dollars and convert same into rupees within the period of 7 days and the cut and polished diamonds and coloured gemstones so supplied by non-DDA holder will also be counted towards the discharge of his export obligation and/or entitled him to replenishment licence as the case may be.
In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act,1992 (No.22 of 1992) read with Paragraph 1.1 and 2.4 of the Export and Import Policy, 2002-2007 the Central Government hereby makes the following amendments in the “ITC(HS) Classifications of Export and Import Items, 2002-2007.
In exercise of powers conferred under paragraph 2.4 of the Export and Import Policy, 2002-2007 (RE 2003), the Director General of Foreign Trade hereby announces All Industry Rate of Duty Drawback of Rs.925/- per MT for furnace oil supplied by domestic oil companies to EOU/EPZ/SEZs under deemed export scheme as contained in Chapter 8 of the EXIM Policy for the period till further orders.
The principal notification No. 105/99-Customs, dated the 10th August, 1999 was published in the Gazette of India Extraordinary vide G.S.R 582 (E), dated the 10th August, 1999 and was last amended by notification No. 13/2003-Customs, dated the 20th January, 2003.
In order to ensure that Indian nationals entering Nepal are not inconvenienced for the reason of not carrying necessary prescribed documents (as circulated vide Circular No. 55/2002-LC, dated 28.8.2002) or for carrying such prohibited currency notes (as circulated earlier vide Circular No. 81/2000-Cus., dated 3.10.2000) inadvertently or unknowingly alongwith them, you are requested to give wide publicity to the prohibition imposed regarding possession of Indian currency notes of Rs. 1000/-denomination in Nepal under the Nepalese Gazette notification, dated 10.3.2003.
