The Principal Regulation was published in Part II, Section 3, Sub-section (i), of the the Gazette of India Extraordinary, vide Notification No. 419/F. No. 450/85/75-Cus. IV dated 23rd October, 1976 [G.S.R. 1548] and were last amended vide Notification No. 219/F. No. 450/68/77-Cus.IV dated 22nd October, 1977 [G.S.R. 1419].
The Principal Regulation was published in Part II, Section 3, Sub-section (i), of the the Gazette of India Extraordinary, vide Notification No. 421/F. No. 450/85/75-Cus.IV dated 23.10.1976 [G.S.R. 1550], and were last amended vide Notification No. 221/F.No.450/68/7Cus.IV dated 22.10.1977 [G.S.R. 1421].
Circular No. 8 of 2005-Income Tax The Finance Act, 2005 has introduced a new levy, namely, Fringe Benefit Tax (hereafter referred to as FBT) on the value of certain fringe benefits. The provisions relating to levy of this tax are contained in Chapter XII-H (sections 115W to 115WL) of the Income-tax Act, 1961. This circular seeks to provide a harmonious, purposive and contextual interpretation of the provisions of the Finance Act, 2005 relating to the FBT so as to further the objective of this levy
For the purpose of import of fuel under Actual User AdvanceLicence, the applicant shall indicate the name of the specific fuel sought for import in their application. Import of fuel however shall not be permitted against DFRC or under Para 4.7 of Handbook of Procedure or against Ad hoc Norms.Note:2. Stock register is to be maintained as per Appendix 23 of the Foreign Trade Policy (as amended from time to time) which will be subject to verification by customs.Note:3. The fuel obtained duty free will not be used for the manufacture ofthe items other than exported ones.
In exercise of the powers conferred by sub-clause (i) of clause (a) of sub-section (3) of section 14 of the Customs Act, 1962 (52 of 1962) and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.68/2005-NT-Customs, dated the 26th July, 2005 [S.O.1052(E), dated the 26th July, 2005], the Board hereby determines for the purposes of said section relating to export goods, that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II appended hereto into Indian currency or vice versa shall, with effect from the 1st September, 2005.
In exercise of the powers conferred by sub-clause (i) of clause (a) of sub-section (3) of section 14 of Customs Act, 1962 (52 of 1962) and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.67/2005-NT-Customs, dated the 26th July, 2005 [S.O.1051 (E) dated the 26th July, 2005], the Board hereby determines for the purposes of said section, relating to imported goods, that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II appended hereto into Indian currency or vice versa shall, with effect from the 1st September, 2005.
In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with paragraph 1.3 of the Foreign Trade Policy, 2004-2009, as amended, the Central Government hereby amends Para-3 of Notification No. 9 (RE-2005)/2004-2009 dated 21st June, 2005 to read as This will have retrospective effect from 01.09.2004
Public Notice No. 43 (RE-2005) adds Dewas, Madhya Pradesh, to the Handbook of Procedures for pharmaceuticals under the Foreign Trade Policy 2004-09.
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.
