In exercise of the powers conferred by clause (a) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance, (Department of Revenue), No. 61/94-Customs (N.T.), dated the 21st November, 1994.
I am directed to say that notification No. 43/2001-CE(NT) dated 26th June, 2001 was amended vide notification No. 10/2004-CE(NT) dated 3rd June, 2004. The said amendment added an Explanation to notification No. 43/2001-CE(NT) clarifying that goods manufactured or processed using materials procured under notification No. 43/2001-CE(NT) can only be exported in terms of sub- rule(1) of rule 19 of Central Excise Rules, 2002.
Notification No.2/2005 – Income Tax In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, namely
In exercise of the powers conferred by sub-section (1) and sub-section (2) of section 4A of the Central Excise Act, 1944 (1 of 1944), the Central Government hereby specifies the goods mentioned in column (3) of the Table below and falling under Chapter or Heading No. or Sub-heading No. of the First Schedule to the Central Excise Tariff Act, 1985
The Government of India amends the Foreign Trade Policy 2004-09, removing restrictions on importing edible oils through STC and MMTC, as per Notification No. 17.
In exercise of powers conferred under Paragraph 2.1 of the Foreign Trade Policy 2004-2009, the Director General of Foreign Trade hereby makes the following amendments in Handbook of Procedures.
Notification No. 1/2005 – Income Tax In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, namely
Circular No. 1 of 2005-Income Tax Section 10B of the Income-tax Act provides for 100% deduction of profits derived by a hundred per cent Export Oriented Undertaking, from export of articles or things or computer software manufactured or produced by it. The deduction is available for a period of ten consecutive assessment years beginning with the assessment year relevant to the previous year in which the undertaking begins to manufacture or produce articles or things or computer software. However, no deduction under section 10B is available after assessment year 2009-10
In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act,1992 read with paragraph 2.1 of the Foreign Trade Policy, 2004-2009, the Central Government hereby makes the following amendments in the Foreign Trade Policy, 2004-2009.
Under the Scheme, export of all items covered by Chapter 6, 7, 8, 9 (excluding 0901, 0902 & 0903), 20 under the ITC (HS) Classification of Export and Import items, 2004-2009 and Minor Forest Produce (to be notified separately) shall qualify for export benefits as per Para 3.8.2. However, items appearing as ‘Others’ at the 8 digit level in the ITC (HS) in the aforesaid Chapters shall not be eligible for any benefits under Para 3.8.2.
