Circular No. 730 -Income Tax Section 172 of the Income-tax Act, 1961, deals with shipping business of non-residents. The scheme of section 172 is that every time a ship belonging to or chartered by a non-resident makes a voyage from a port in India, carrying passengers, live stock, mail or goods, shipped at the airport, 7½ per cent of the amount paid or payable on account of the carriage of the passengers, etc., is taken as the income and tax levied on such income at the rate applicable to a foreign company. The rate, at present, is 55 per cent
Circular No. 163/74/95-CX Some Commissioner have referred to difficulties in provisional release of goods/ vehicles before issue of S.C.N. particularly in Commissionerates which are having two Commissioners. It has also been brought to the notice of the Board that while in some Commissionerates, provisional release of the goods is granted by Commissioner-I, in other Commissionerates such release is granted by Commissioner -II and that, therefore, there is no uniform practice.
Circular No. 162/73/95-CX Kindly refer to the instructions contained in the Board”s D.O. letter F.No. 101/2/92-CX.2 dated 4th March, 1992 directing that a case should be transferred to the Call Book with the approval of Commissioner/ Commissioner (Judicial) / DG etc. as the case may be . It is further stated the Board”s Circular No. 53/90-CX.3 dated 6.9.1990, specifies the circumstances under which a pending case can be transferred to Call Book.
Circular No. 161/72/96-CX I am directed to say that doubts have been expressed regarding correct classification of PVC leather cloth also known as Rexine Cloth as to whether it will fall under Heading No. 39.21 or 59.03 of the Central Excise Tariff. Attention has been drawn to Section Note 1(d) of Section XI of Central Excise Tariff, Chapter Note 2(a)(5) of Chapter 59 and Chapter note 2(k) of Chapter 39.
Attention is invited to Ministry’s telex of even number dated the 21st Sept, 1995 whereby amendments made to Notifications under Duty Exemption Scheme and Export Promotion Capital Goods (EPGG) Scheme were communicated. Copies of the Notification Nos. 140/95-Csutoms to 147/95-Csutoms all dated 19th September, 1995 have also been forwarded with post copy of the said telex. These
I am directed to say that the Board has examined various representations from the associations of officers both from Customs and Central Excise side of the Department of officers both from Customs and Central Excise side of the Department regarding the administrative control ever the 100% EOUs / EPZs, set up under export promotion schemes.
Kindly recall the time frame committed to, by your stock exchange in the meeting of Executive Directors held on July 18, 1995. Please let us know the progress in the following activities relating to computerisation :
I am directed to state that the Central Government has operationalised the SAARC Preferential Trading Arrangement (SAPTA) with effect from 7.12.95 with the issue of notification No. 165/95- Cus, dated 7.12.95 (copy enclosed)
Your attention is invited to Notification No. 149/95-Cus dated the 19th September, 1995 and instruction issued vide circular No. 101/95-Customs dated the 21st September, 1995. Notification No. 149/95-Customs dated the 19th September 1995 which permits import of materials free of both basic duty of Customs and additional duty of Customs imported against Quantity Based Advance
It is also proposed that some further changes in the system of share certification, rectification of bad delivery etc., could be introduced in the stock exchanges on the lines as under :b) It will be mandatory for the introducing member-broker to countersign the seller’s signature.
