Circular No. 784-Income Tax Section 273A(4) of the Income-tax Act, 1961 provides that the Commissioner of Income-tax may, on an application by an assessee, and after recording his reasons for so doing, reduce or waive the amount of any penalty payable by the assessee under the Income-tax Act or stay or compound any
Circular No. 783-Income Tax The Board by an order [ vide F.No. 400/234/95-IT(B)] dated 23-5-1996, indicated the class of income or class of cases in which reduction or waiver of interest under section 234A, B & C would be considered by the Chief Commissioner of Income-tax and Director General of Income-tax. Prior to
Some of the companies, whose scrips were included in the above list, could not sign agreement and establish connectivity with both the depositories well on time or are in the process of doing so. The effective date for compulsory trading in dematerialized form for these scrips would be announced at a later date.
The last paragraph of the circular with regard to export of onion against NOCs already issued on or before 31.5.99 shall be allowed for a period of 15 days up to 18th November, 1999 may be read as 19th November,99.
In partial modification of the Policy Circular No. 41 dated 9.11.1999, it has been decided to allow shipments against 56 such NOCs issued during 4.11.1999 to 9.11.1999 for a quantity of 3039 MT of Bangalore Rose Onion. Exporters holding such NOCs shall be allowed to make shipments till 7.12.1999.
Circular No. 782-Income tax In view of the occurrence of unforeseen national calamities of immense magnitude like the Orissa Cyclone, employees of the Central Government, State Government, Public Sector Undertakings, Private Sector Companies and Corporations, and local authorities are making donations to the Prime
Circular No. 494/60/99-CX A reference is invited to CEGAT Final Order No. C-II/2999/98/WRB, dated 28-12-1998 passed by West Regional Bench, Mumbai in the case of Reliance Industries Ltd. v. Commissioner of Customs, Mumbai reported at 1999 (108) E.L.T. 236 (Tribunal). The brief issue involved in this case was whether Dowtherm Heat Transfer medium, required for heat transfer application in the plant can be treated as “material” for manufacture of the Polyester Staple Fibre / Polyester Filament yarn and entitled for duty exemption under Notification No. 116/88-Cus. dated 29/3/1988
Circular No. 493/59/99-CX-6 I am directed to say that Ministry of Finance, in consultation with the Ministry of Commerce, has decided that all persons dealing with various regulatory agencies, such as the Central Excise and Customs Department (including Service Tax Administration), Income tax Department, Offices of Director General of Foreign Trade etc. should be identified with reference to a common identification number.
Notification No.32 dated 4.11.99 has extended the time limit for export of Bangalore rose onion from 7.9.99 to 7.12.99. Shipments may be allowed against NOCs issued on or before 7.9.99 by KAPPEC till 7.12.99. Shipments may also be allowed for export of 2000 MT of Bangalore rose onion by M/s Karnataka State Co-operative Marketing Federation Limited against the NOCs already issued by KAPPEC on or before 7.9.99 within the overall ceiling of 10000MT allocated to KAPPEC vide Notification No.19 dated 8.7.99.
Circular No. 781-Income Tax Reference is invited to Circular No. 771 dated 3rd November, 1998 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 1998-99, were intimated. The present Circular
