Circular No. 709-Income Tax Board’s Circular No. 697, dated 16-12-1994 states that when the challan forms with three counterfoils are used, the taxpayer may enclose with his return of income a photocopy of the foil No. 3 in compliance with the provisions of section 139(9) of the Income-tax Act, 1961
Circular No. 137/4895-CX Registration of dealer should not be insisted where the dealer is indenting dealer and on his instruction goods are directly moving under rule 52A invoice of manufacturer to end use consignee.
Circular No. 708-Income Tax Reference is invited to the Board’s Circular No. 644, dated 15-3-1993 (see Sl. No. 371) wherein it was clarified that the expenditure on provision of food or beverages by an employer to the low-paid employees will not be treated as entertainment expenditure within the meaning of the Explanation under section 37(2) of the Income-tax Act, 1961 even if the facility is provided in places other than the place of work provided the same is provided during the working hours and the expenditure is genuine
Issues relating to Modvatable Invoices pertaining to Notifications No. 23/95-CE (NT) and 24/95-CE (NT) both dated 30.5.1995 raised by the Trade and Industry and Principal Collector, Bombay – Regarding
it is observed that several applications from sub-brokers received through your Exchange are pending, inter-alia, for want of confirmation of execution of agreement, etc. A list of such pending applications is enclosed for your perusal.
Circular No. 136/47/95-CX The Hon’ble Supreme Court in its judgement dated 3.5.1995 in case of U.O.I & Others etc. v. the Madras Rubber Factory Ltd. & Ors. etc. have decided the issues relating to valuation matters and a copy of the jubgement has already Customs” letter F.No. 275 / 25/ 95-CX. *A dated 25.5.1995.
With reference to our letter no.SMD-I(N)/JJ/2331/95 dated June 26, 1995, it has been decided that the requirement of submitting Cash Flow Statement by the companies along with the Annual Report is to be made effective for the accounts prepared by the companies from the financial year 1995-96.
I am directed to say that the Directorate General of Foreign Trade, Ministry of Commerce has brought to the notice this Ministry that some of the customs authorities particularly at Calcutta, Madras and Imphal are permitting import of Arecanut assuming it to be falling under the category of dry fruits
Circular No. 707-Income Tax References have been received by the Board in cases where non-residents are deputed to work in India and the taxes are borne by the employers. In certain cases, an employee to whom refunds are due has already left India and has no bank account here by the time the assessment orders are passed. A question has been raised whether in such cases, the refund can be issued to the employer as the tax has been borne by it
I am directed to say that the Board has examined the matter of sealing of containerised cargo with a view to determine the appropriate sealing mechanism which will ensure security of the cargo and the same time prevent the possibility of its tampering
