Circular No. 779-Income Tax 4.2 Rates for deduction of income-tax at source during the financial year 1999-2000 from income other than Salaries 4.2-1 The rates for deduction of income-tax at source during the financial year 1999-2000 from income other than Salaries, have been specified in Part II of the First Schedule to the Act. These rates apply to income by way of interest on securities, interest other than interest on securities, insurance commission, winnings from lotteries or crossword puzzles, winnings from horse races and income of non-residents (including non-resident Indians).
Circular No. 484/50/99-CX I am directed to draw your attention to Board”s Circular No. 284/118/96-CX dated 31.12.96 as modified by Board”s Circular No. 304/20/97-CX dated 18.3.97, whereas instructions were issued, inter-alia, that in case where bonds have to be furnished under rule 13 and 14,
It has been brought to the notice of the Board by the Ministry of Commerce that EOU/EPZ/EHTP/STP units are facing difficulties in sending replacement of goods exported and found defective, damaged or otherwise unfit for use and in getting replacement of goods imported & found defective / damaged or unfit for use
Circular No. 483/49/99-CX I am directed to say that a doubt has arisen in respect of the formula prescribed under Notification No. 11/99-CE (N.T.) to No. 13/99-CE(N.T.) dated 16.2.99 and Notification No. 30/99-CE (N.T.) dated 11.5.99 for calculating rebate of excise duty paid on processed textile fabrics manufactured by independent processors to the extent that the formula in question does not take into consideration the abatement to be allowed
After issued of the said circular, References have been received, both from trade and the Ministry of Commerce, on the issue of furnishing of Bank Guarantee / Cash Deposit. It has been stated that the requirement of cash deposit or Bank Guarantee equal to 50% of the duty liability along with the Bond as security is not conductive to export growth of the Indian diamond industry
Accordingly, all mutual funds will henceforth be permitted to invest in ADRs/GDRs initially within overall limit of US$500 mn. with a sub-ceiling for individual mutual fund which should not exceed 10% of the net assets managed by them as on the date of the last audited balance sheet,.
It is clarified that provision incorporated under Public Notice No. 53(RE-98)/97-2002 dated 6th Nov, 1998 relating to surrender of SIL for valuewise shortfall as stated above shall be applicable to the licences issued prior to 1.4.97 relating to any Policy period where cases are still pending for regularisation.
It has come to the notice of the Board that capital goods imported & cleared under EPCG Scheme at concessional / zero rate of duty were later on permitted re-export by Customs without recovery of duty on merits. Such re-export was inter-alia allowed on the ground that the imported machinery wa defective/damaged & needed replacement
On perusal of DEPB-cum-Drawback shipping bills, it has been noticed that in certain shipping bills the exporters had made a declaration that they would be claiming drawback against such exports in the main body of that shipping bill, and on the other side they/their agents inadvertently signed the shipping bills with the shipping bill that exporter shall not claim duty drawback in respect
In terms of the proviso to General Note 11 of the Drawback Table, the Exporters of Handicrafts of Brass/Iron under the Duty Drawback Scheme are not required to produce a certificate regarding non-availment of MODVAT facility as Handicrafts are unconditionally exempted from Central Excise duty. However, in gases of export the exporters are required to produce a certificate
