Difficulties, if any, faced in the implementation of the above instructions, may also be brought to notice of the Board at an early date.
Circular No. 13 of 2001-Income Tax The Government has proposed to levy a Minimum Alternate Tax (MAT) on companies, which was announced by the Finance Minister in the Budget Speech on 22nd July, 1996. A new section 115JA is being inserted in the Income-tax Act, 1961 for this purpose. The salient features of the proposed MAT are as follows
Circular No. 14-Income Tax Amendments at a glance Rate Structure Amendments to Wealth-tax Act Amendments to Expenditure-tax Act Amendments to National Bank for Agriculture and Rural Development act, 1981 Amendments to National Banking Housing Act, 1987
Circular No.598/35/2001-CX I am directed to say that the Board has decided that all audits by Central Excise Officers shall be conducted under EA-2000 using new Audit Manual, Standard Audit Programme [As contained in Audit Manual as on 1st September, 2001) and Working Papers. The traditional audit using old Audit Manual [1998 Edition] will be phased out. Thus there will be only one type of audit with effect from 1st January, 2002. 2.
The Stock Exchanges are required to submit Monthly Development Reports within seven days from the close of each month as per SEBI circular No. SMD/1688/96 dated April 30, 1996.
In view of the above, it has been decided that CD-Rom drives designed for working in conjunction with an ADP machine and which satisfy note 5 to Chapter 84, would merit classification under 8471.70 as storage units. Pending provisional assessments may be finalised accordingly.
Circular No. 597/34/2001-CX It has come to the notice of the Board that in a number of cases, the Commissioners of Customs & Central Excise have been filing applications before the CEGAT for out of turn hearing. However, it has been brought to Board’s notice that in most of the cases, these applications do not mention any reason for seeking an early hearing, and as a result, these applications for early hearing are being dismissed by the Tribunal.
Circular No. 596/33/2001-CX It has been brought to the notice of the Board that the field Commissioners both in Customs as well as in Central Excise, in spite of Board’s Circular No. 453/19/99-CX, dated 9-4-1999 [1999 (107) E.L.T. T41] issued vide F. No. 390/48/90-JC are neither filing Cross Objections under Section 35B(4) of the Central Excise Act or Section 129A(4) of the Customs Act against appeals filed by the assessees
Circular No. 595/32/2001-CX I am directed to draw you attention to the Board’s Circular No. 507/03/2000-CX dated 10th January and Circular No.468/34/99-CX dated 5th July, 1999 on the above subject and to say that that the progress in Central Excise Computerisation has been further reviewed by the Board. There have been considerable progresses in the capturing of profiles (ECC_MAST) and the monthly returns (RT-12/E.R.1) data, including its quality, by the Commissionerates and in sending this data to the Directorate of Systems
In order to maintain symmetry between Futures and Options Contract on the same underlying, the lot size of the option contract and the multiplier for the futures contract shall remain the same for the given underlying.
