Doubts are raised as to whether EOUs can file applications for deemed export benefits with RAs. Similar doubts have also been expressed regarding filing of deemed export drawback and TED refund applications by DTA suppliers with Development Commissioners.
Circular No. 1/2009 – Income Tax 10.1 In order to encourage the outsourcing of scientific research, a new clause (iia) in sub-section (1) of section 35 of the Income-tax Act has been inserted to allow a weighted deduction of 125 per cent of the amount paid by a person to an approved company to be used for scientific research subject to prescribed conditions. To avoid multiple claims of deduction by a company approved to receive such
Circular No.1/2009 – Income Tax 12.1 As per the provisions of sub-clause (ia) of clause (a) of section 40, any interest, commission, brokerage, fees for professional services, fees for technical service payable to a resident, or amounts payable to a contractor or sub-contractor, being resident, for carrying out any work, rent and royalty on which tax is deductible at source and such tax has not been deducted or, after deduction
Circular No. 1/2009 – Income Tax 11.1 Section 35D provides for deduction of certain specified preliminary expenses. After the commencement of business, the deduction was being allowed to only an industrial undertaking or unit. In order to provide a level playing field to the services sector, the section has been amended to provide the benefit of amortization to all assessees after commencement of his business, in connection with the
I am directed to refer to Board’s Circular No. 581/18/2001-CX dated 29th June, 2001 which inter alia, specifies conditions, procedures, class of exporters and places under sub-rule (2) of rule 20 of Central Excise Rules, 2002 for warehousing of excisable goods for the purpose of export. In paragraph 2(2) of the said Circular, the Board has specified places where warehouses may be established.
.It is observed from the information provided by the depositories that the companies listed in Annexure ‘A’ have established connectivity with both the depositories during the months of December 2008 and January 2009
Thus, EOUs have no route available for DTA sale of marble. It has been pointed out by Association of marble exporters / importers that in spite of provisions as mentioned above, clandestine DTA sale of imported marble from EOUs still takes place.
In Policy Circular No. 68(RE-08)/2004-2009 dated 2nd March, 2009, in last line of Para 2, Policy Circular No. 13(RE-08)/2004-2009 dated 30.6.08” shall be read as Policy Circular No. 12(RE-08)/2004-2009 dated 27.6.08
It is clarified that the position limits shall be specific to an Exchange and not to the Exchange Traded Currency Derivatives market as a whole
The matter was examined in detail and it has been decided to clarify to all concerned that since the objective of SION is to allow duty free import of the inputs which are actually used or are capable of being used in the export product, the exporter has the flexibility to import the alternative input / product mentioned in the SION.
