Notification No. S. O. 709(E)-Income Tax In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government having regard to seventy-five per cent. of the average rise in the Consumer Price Index for urban non-manual employees, hereby specifies the Cost Inflation Index as mentioned in column (3) of the Table below for the Financial Year
Notification No. S. O. 710(E)-Income Tax In exercise of the powers conferred by the second proviso to sub-section (1) of section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies following classes of persons to whom the provisions of the first proviso shall not apply
Notification No. S. O. 711(E)-Income Tax In exercise of the powers conferred under Explanation 4 to sub-section (1) of section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby specifies the following places as the place of pilgrimage for the purposes of the aforesaid sub-section and travel to such places shall not be regarded as travel to any foreign country for the purposes of sub-section (1) of section 139
Notification No. S. O. 712(E)-Income Tax In exercise of the powers conferred under Explanation 4 to sub-section (1) of section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby specifies that the expression “travel to any foreign country” used in this sub-section shall not include travel to following neighbouring countries
It has now come to SEBI’s notice that some of the registrars are not aware of the said amendment though it was notified in the Government gazette.
Kind attention is invited to Paragraph 6.5 (v) of the EXIM Policy, 1997-2002, which stipulate that the export obligation shall be over and above the average level of exports of the same product achieved by him in the preceding three licensing years. Some exporters have requested this office to clarify whether the average level of exports of the same product to be achieved by them in the preceding three licensing years is to be determined taking into account the licensing year in which the EPCG application is filed or the licensing year on which the EPCG licence was issued. In this context, it is clarified that average of preceding three licensing years should be taken after taking into account the licensing year in which the EPCG application is filed.
Representations have been received from individual exporters as well as clarifications sought by different regional licensing authorities with regard to availibility of deemed exports benefits for supply of goods/services to Civil Constructions projects. The issue whether supply of goods/services to Civil Construction project should be entitled for deemed export benefits or not has been examined in detail in this office. It is clarified that supply of goods under para 10.2(d) of Exim Policy are entitled for deemed exports benefits.
In Schedule XIV to’the Companies Act, 1956, under the heading PLANT AND MACHINERY”, under item (ii) relating to special rates, after sub-item D. 4, relating to Glass manufacturing concern–Direct fire glass melting furnaces, the following shall be inserted, namely
In Appendix 32A of the Handbook of Procedures the list of Inspection and Certification agencies have been listed. These agencies have been recognised to issue Inspection Certificate under Paragraphs 5.3, 5.4 and 6.3 of the Handbook of Procedures, Vol. 1, l997-2002 (incorporating amendments made upto l3th April, 1998). These certificates issued by the said Inspection and Certification Agencies are valid for import of metal scrap under Paragraph 5.3, second-hand capital goods under Paragraph 5.4 and under EPCG under Paragraph 6.3 of the Handbook of Procedures.
Subsequently, in the meeting of the heads of Stock Exchanges held in December 17, 1997, it was clarified that the 25% is only a threshold limit and it should not be treated as an exemption limit. This was conveyed vide SMD/POLICY/Cir-2/98 dated January 14, 1998. In this connection, the Stock Exchanges have submitted to SEBI to reconsider the above decision on treatment of 25% threshold limit.
