Circular No.559 – Income Tax Foreign companies, which provide technical assistance in accordance with agreements entered into with the Government of India, are taxable in India in respect of fees for technical services received by them. The tax leviable is 30% of the gross fees for technical services received by them. Accordingly, foreign companies providing technical assistance in connection with defence
1. Short title and commencement.- (1) These regulations may be called the ATA Carnet (Form of Bill of Entry arid Shipping Bill) Regulations, 1990. 2. They shall come into force on the 1st day of May, 1990.
The petitioner is in the service of the Bank of Baroda. He purchased a flat in Suvarnadeep Co-operative Housing Society Limited (for short “Surnadeep”), Santacruz, Bombay, on March 21, 1973, for a sum of Rs. 49,140 for the purpose of his residence. He was residing in that flat On October 24, 1979, he sold the flat for Rs. 1,25,000
Circular : No. 558-Income Tax According to the provisions of section 194C any person responsible for paying any sum of any resident for carrying out any work in pursuance of a contract between the contractor and the bodies specified therein shall, at the time of credit of such sum to the account of the contractor or payment thereof in cash, etc.,
In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts the goods described in Schedule I annexed hereto, when imported into India for display or use at any event specified in Schedule II or Schedule III, from the whole of the duty of customs leviable thereon which is specified in the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) and from the whole of the additional duty leviable thereon under section 3 of the said Customs Tariff Act, subject to the conditions that.
In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts the goods specified in column (2) of the Table annexed hereto, falling under Heading No. 98.03 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975).
In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), and in suppression of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 58-Customs, dated the 1st March, 1983, the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts articles falling under Heading No. 98.03 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) specified in column (1) of the Table hereto annexed, when imported into India by a passenger or a member of a crew as baggage, from so much of the duty of customs leviable thereon which is specified in the said First Schedule, as is in excess of the amount calculated at the rate specified in the corresponding entry in column (2) of the said Table.
Circular : No. 557-Income Tax The Board have received a number of representations seeking clarifications in respect of various columns of Form No. 56 prescribed for grant of exemption under section 10(23C)(iv) and (v). The clarifications are as under
directed to refer to your letter no. PD/69/90 dated 19.2.90 on the subject mentioned above and to say that the cost auditor shall be deemed to have concluded his appointment as soon as he renders a report to the Central Government in accordance with the Cost Audit Report Rules. The specified number of companies for the purpose of section 23 3B (2) of the Act
directed to refer to your letter no. CLC/79/89 dated 8th January, 1990 on the subject mentioned above and to say that while giving a certificate in terms of provision to sub-section 224 of the Companies Act, 1956, the auditor or auditors will not take into account the actual appointments as auditors in the companies but also their proposed appointment in companies for which they have given their consent.
