EXPLANATORY NOTES TO THE PROVISIONS OF THE FINANCE ACT, 2008 CIRCULAR NO. 1/ 2009, DATED 27th MAR, 2009 46. Discontinuation of Banking Cash Transaction Tax 46.1 The Banking Cash Transaction Tax (BCTT) was introduced by the Finance Act, 2005. It provides for a levy at the rate of 0.1 per cent (10 basis points) on […]
The rates for deducting income-tax at source from Salaries and computing advance tax during the financial year 2008-09 have been specified in Part III of the First Schedule to the Act. These rates are also applicable for charging income-tax during the financial year 2008-09 on current incomes in cases where accelerated assessments have to be […]
This circular cannot be made use of for legal interpretation of provisions of law. If any member of the trade has any doubt, he may refer the matter to this office for clarification.
In every case in which tax is to be deducted at the rates in force under the provisions of sections 193, 194, 194A, 194B, 194BB, 194D and 195 of the Income tax Act, the rates for deduction of income-tax at source during the financial year 2008-09 have been specified in Part II of the First […]
4.1 “Agricultural income” is defined in sub-section (1A) of section 2 of the Act mean, inter-alia, income derived from land which is situated in India and is used agricultural purposes. Such agricultural income is exempt from tax under sub-section (1) of section 10 of the Income-tax Act, 1961. It has been held by judicial authorities that whether income from nursery operations constitutes agricultural income or not, will depend on the facts of each case.
The principal notification number 14/2002-Central Excise (N.T.),dated the 8th March, 2002 was published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section(i), vide number G.S.R.182 (E), dated the 8th March, 2002, and the same was subsequently amended vide notification number 22/2002-Central Excise (N.T.).
Notification No. 33/2009 – Income Tax Whereas the annexed Agreement and Protocol between the Government of the Republic of India and the Government of the Syrian Arab Republic for the Avoidance of Double Taxation and the prevention of fiscal evasion with respect to taxes on income signed in India on the 18th day of June, 2008 shall come into force on the 10th day of November, 2008, being the date of receipt of later of
Applicant shall have the option to file BG/ LUT against each application or a Revolving BG / LUT. Such a revolving BG / LUT shall be valid at least for a period as stated in the guidelines issued for the purpose. Further the revolving BG/LUT shall be limited to a specific scheme, which means that for an exporter/party filing application for different schemes under the aforesaid laid down guidelines, shall be required to file separate BG/LUT for each scheme. BG/LUT filed in one RA shall not be utilized for BG/LUT to be filed in another RA for different application.
In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy 2004-2009, the Director General of Foreign Trade hereby makes the following amendments in Appendix 2 (List of Export Promotion Councils/ Commodity Board) of the Handbook of Procedures.
This scrip has been issued without submission of Bank realisation certificate. The applicant shall furnish BRC or other documents evidencing realisation of export proceeds (as allowed under the FTP and the procedure laid thereunder) within 12 months from the date of issuance of the Scrip. Applicant shall also be required to send a ‘Statement of export proceeds realisation’ shipping bill wise, to the Regional Authority concerned against each scrip, in original, every 3 months beginning from the date of issuance of individual scrip.
