In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy, 2004-09, the Director General of Foreign Trade hereby makes the following additions in the Handbook of Procedures.
The issue has been examined afresh based upon the representations received and it is clarified that Golf Course Resorts which may not have residencies but have catering facilities shall also be entitled to use the duty credit entitlement scrip issued under Served From India Scheme for import of food items and alcoholic beverages. However, such imports would continue to be subject to excise and tourism laws, as applicable.
07/2005 Annual Information Return (AIR) of ‘high value financial transactions’ is required to be furnished under section 285BA of the Income-tax Act, 1961 by ‘specified persons’ in respect of ‘specified transactions’ registered or recorded by them during the financial year. The due date of filing of the return is the 31st of August of the following year.
Circular No. 07/2005-Income Tax Section 285BA of the Income-tax Act, 1961 requires certain specified persons (filers) to file an Annual Information Return (AIR) in respect of specified financial transactions registered or recorded by him during a financial year. The nature of the transactions and the threshold value above which information has to be submitted in the AIR are prescribed in the Table in Rule 114E of IT Rules, 1962, a copy of which is enclosed as Annexure A. Rule 114E has been amended vide notification no.182/2005 dated 11.7.2005. The form in which the return is to be filed is Form
