Circular No. 6 of 2008-Income Tax The Central Board of Direct Taxes, vide notification S.O. No. 752(E), dated 28.3.2008 have notified return forms for the assessment year 2008-09. With a view to enabling tax payers to file returns in the electronic mode, these returns (except ITR-7) have been made annexure-less.
The matter has been considered in this Directorate and it has been decided to inform all concerned that the ITC(HS) Code endorsement by Regional Authority against each input under the aforesaid Schemes shall continue. It is the responsibility of the exporters to declare the correct ITC(HS) Code. Corrections in ITC(HS) Code, even subsequent to issuance of these scrips/ endorsement of transferability, can be examined and allowed by RAs based on the representation of Authorization Holder(s).
Travel agents / Tour Operators shall not be eligible to count such Foreign Exchange i.e, Foreign Exchange earnings disclaimed in favour of Tourist Transport Operator(Service Provider), against fulfillment of EO for their own EPCG Authorizations
With regard to calculation of indigenous sales turnover, it is further clarified that the turnover will include the net sales after deducting the sales returns from the gross sales. It is also clarified that the turnover of the applicant only shall be taken into consideration and the turnover of group concerns/ sister concerns/ subsidiaries etc. shall not be counted for calculating the turnover.
The matter has been examined in this Directorate in the aforesaid background and it has been decided that the restrictions imposed vide Public Notice No. 52 dated 27.9.2007 shall be made effective for exports on or after 27.9.07. Regional Authorities (RAs) shall process and dispose off all such pending cases accordingly.
Circular No. 5 of 2008-Income Tax The Central Board of Direct Taxes, vide notification S.O. No. 493(E), dated 13.3.2008 have notified the categories of taxpayers who are mandatorily required to electronically pay taxes on or after the 1st day of April, 2008.
The Central Board of Direct Taxes, vide notification S.O.No.493(E) dated 13.3.2008 have notified the categories of taxpayers who are mandatorily required to electronically pay taxes on or after the 1st day of April, 2008. The taxpayers who are required to pay taxes by the prescribed mode are – (i) a company; and (ii) a person (other than a company), to whom provisions of section 44AB of the inco9me-tax Act, 1961 are applicable. Circular No.5/2008
Attention is invited to Notification No 22 dated 3.7.2008 vide which export of maize has been prohibited till 15.10.2008. Exports under Transitional Arrangements under Para 1.5 of Foreign Trade Policy 2004-09 have also been prohibited under the above Notification.
In order to facilitate the above, all registered intermediaries are required to create a designated email id for regulatory communications.
A copy of this circular is available at the web page “F.I.I.” on our website www.sebi.gov.in. The custodians are requested to bring the contents of this circular to the notice of their respective clients.
