Circular No. 11/2006-Income Tax Reference is invited to Circular No.9/2005, dated 30-11-2005 wherein the rates of deduction of income-tax from the payment of income under the head “Salaries” under section 192 of the Income-tax Act, 1961, during the financial year 2005-06, were intimated. The present Circular contains the rates of deduction
At least 50% of non-promoter holdings as per clause 35 of Listing Agreement are in demat mode before shifting the trading in the securities of the company from TFTS to Rolling settlement. For this purpose.
Ministry of Health & Family Welfare further observes that in the instant case food article in question, have been imported in the country and not found to be conforming to the prescribed standards. No order of release and reprocessing has been passed by the Court in the said interim order. The Customs Authority suo moto would not be in a position to release the food article for reprocessing.
The e-payment of service tax has been made mandatory w.e.f . 1.10.2006, for all assesses who has paid Rs 50 lakh or more in the preceding financial year or in the current financial year
It has been brought to the notice of the Board that certain doubts have arisen in respect to activities undertaken by authorized motor vehicle dealers and service stations
Kind attention is invited to paragraph 3.6.4.5 of the Foreign Trade Policy, 2004-09 dealing with imports under Served from India Scheme (SFIS). In terms of this paragraph, duty credit scrip issued under SFIS can be used for import of any capital goods including spares, office equipment, professional equipment, office furniture and consumables that are otherwise freely importable under ITC(HS) Classification of Export and Import Items.
Educational institutes like IITs and IIMs charge a fee from prospective employers like corporate houses / MNCs, who come to these institutes for recruiting candidates through campus interviews. A doubt has arisen as to whether these educational institutes fall in the category of ‘manpower recruitment or supply agency’ and accordingly, whether service tax is leviable on this fee.
Attention is invited to Notification No. 23/2006-Central Excise (NT), dated 12.10.2006, wherein revised format of ER-1 & ER-3 returns has been prescribed for all central excise assessees. The revision of the formats has been necessitated following the setting up of the first Large Taxpayer Unit (LTU) in Bangalore. It may, however, be noted that the revised ER 1 return form is applicable for all assessees (large taxpayers and others), although the additional details to be provided by a large taxpayer,
The issuer company shall make prompt, true and fair disclosure of all material developments taking place during the period mentioned hereunder, relating to its business and securities and also relating to the business and securities of its subsidiaries.
The Venture Capital Funds are advised to confirm compliance of the above as early as possible but not later than 2 months from the date of this circular.
