directed to forward herewith a copy of the following Notification published in the Gazette of India (Extraordinary) for your information and necessary action
Circular No. 653/44/2002-CX I am directed to say that doubts have been raised about classification of “Link Cartridge Metallic Belt” and “Charger”, whether under sub-heading 9305.00 or 9306.00 or under heading 7320.00. Link Cartridge Metallic Belt holds the cartridges in a belt form, feeding a medium machine gun. A “charger” is used to hold a number of rounds of ammunition for filling the magazine of a rifle
Circular No.652/43/2002-CX.6 I am directed to refer to Board’s Circular No.593/30/2001-CX dated 19.10.2001 relating to allotment of PAN based Registration Numbers wherein it was prescribed that Range Officers would themselves allot the said numbers for multi unit companies. Attention is also drawn to Board’s Circular No.493/59/99-CX, dated 12.11.99 wherein it was stipulated that in respect of multi unit companies the 15 digit ECC Number (now converted to 15 digit PAN based Registration Number)
Circular No.651/42/2002-CX
Circular No.650/41/2002-CX In this regard Board’s attention has been drawn to a decision of CEGAT in the case of M/s. KIRLOSKAR ELECTRIC Co. Vs. CCE , Bangalore. In this case, CEGAT has held that the assessee is entitled to Modvat credit on the inputs used in the finished products which were destroyed due to circumstances beyond their control and on which duty remission has been granted by the Department. While delivering this judgement
Circular No. 6 of 2002-Income Tax Dividend Income from shares of Indian companies and income from units of Mutual Funds have been made taxable in the hands of share/unitholders by the Finance Act, 2002. For small investors investing in equity, a threshold limit of Rs. 1,000 was provided for the purpose of TDS. Let us for senior citizens and for investors raise the threshold limit to Rs. 2,500. Thus, no tax will be deductible in respect of dividend up to Rs. 2,500, received from each company, or a mutual fund. With the computerisation of the Income-tax Department, data on TDS will be synchronised with the income ‘returned’ by the assessee for better tax administration and compliance.
Section 69 of Chapter V of the Finance Act, 1994 (as amended by the Finance Act. 1997, 1998, 1999, 2000 and 2001) pertaining to registration goes as under: “Every person liable to pay the service tax under this chapter or the rules made there under shall, with in such time in such manner and in such form as may be prescribed, make an application for registration to the Superintendent of Central Excise.
Circular No. 5 of 2002-Income Tax The Finance Act, 1995, has enlarged the scope of income-tax deduction at source by making various amendments. In regard to the changes introduced through the Finance Act, 1995, a number of queries have been received from the various associations and professional bodies on the scope of tax deduction at source.
I am directed to say that the monthly revenue figures of service tax are routinely required by the Board for taking policy decisions. A software for capturing the total service tax revenue from each Commissionerate for each month has been developed by Directorate of Systems and is installed at website – http.//sermon nic.in. This website can be of help only if all commissionerates post data on service tax regularly
It may be clarified here that though the powers under statute now vest with Chief Commissioner of Customs, the above guidelines are warranted in order to have uniform approach throughout the country.
