Dividend income from shares of Indian companies and income from units of mutual Funds have been made taxable in the hands of share/unitholders by the Finance Act, 2002. For small investors investing in equity, a threshold limit of Rs.1,000 was provided for the purpose of TDS. Let us for senior citizens and for investors raise the threshold limit to Rs.2500.
In exercise of powers conferred by sub-section (2) of section 9A of the Customs Tariff Act, 1975 (51 of 1975), read with rules 13 and 20 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, the Central Government hereby rescinds the notification of the Government of India in the erstwhile Ministry of Finance (Department of Revenue), No. 131/2001-CUSTOMS, dated the 27th December, 2001 [G.S.R. 923 (E), dated the 27th December, 2001], except as respects things done or omitted to be done before such rescission.
(a) the exporters from the subject countries have been exporting the subject goods below normal value resulting in dumping; (b) the Indian industry has suffered material injury; (c) the injury has been caused cumulatively by the dumped imports of the subject goods from the subject countries;
In exercise of powers conferred by sub-section (2) of section 9A of the Customs Tariff Act, 1975 (51 of 1975), read with rules 13 and 20 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, the Central Government hereby rescinds the notification of the Government of India in the erstwhile Ministry of Finance (Department of Revenue), No. 4/2002-CUSTOMS, dated the 10th January, 2002 [G.S.R. 19 (E), dated the 10th January, 2002], except as respects things done or omitted to be done before such rescission.
For the purposes of this notification, rate of exchange applicable for the purposes of calculation of anti-dumping duty shall be the rate which is specified in the notification of the Government of India in the Ministry of Finance (Department of Revenue), issued from time to time, in exercise of the powers under sub-clause (i) of clause (a) of sub-section (3) of section 14 of the Customs Act, 1962 (52 of 1962) and the relevant date for the determination of the rate of exchange shall be the date of presentation of the bill of entry under section 46 of the said Customs Act.
Circular No. 9 of 2002-Income Tax Under section 194A of the Income-tax Act, 1961 tax is deductible at source from any payment of income by way of interest other than income by way of interest on securities. Clause (v) of sub-section (3) of section 194A exempts such income credited or paid by a co-operative society to a member thereof from the requirement of TDS.
Notification No. 263-Income Tax Provided that the benefit under the said proviso shall be admissible in the case of transfer of such bonds by endorsement or delivery, only if the transferee informs the Small Industries Development Bank of India by registered post within a period of sixty days of such transfer.
Circular No. 661/52/2002-CX It has been observed that though there is a clear cut distribution of work between the various Sections of the Board, the Commissioners do not follow these guidelines and matters relating to one Section are referred to another Section thereby causing confusion and delay. This is particularly so in respect of TRU. Since TRU is flooded with a number of references on technical matters from the Commissioners, they are not able to devote adequate time and resources to their assigned items of work.
The above instructions may be brought to the notice of all concerned. Difficulties, if any, in the implementation of above instructions may be brought to the notice of the Board.
Notification No. 243-Income Tax In exercise of the powers conferred by clause (a) of sub-section (1), items (i) and (iii) of clause (b) of sub-section (1) and Explanation to sub-section (5) of section 115AC of the Income-tax Act, 1961 (43 of 1961), the Central Government specifies “the Issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipt Mechanism) Scheme, 1993” notified vide notification of the Government of India, Ministry of Finance
