I am directed to refer to notification No. 13/ 96- Customs dated 29th January, 1996 which amend notification Nos. 13/95- Cus. dated the 16th March, 1995. The effect of the amending notification is to correct the spelling mistake in the description of ‘s- Fluorouracil
Circular No. 735-Income Tax The issue of deduction of income-tax at source under section 193 and section 194-I of the Income-tax Act from any income received by any person on behalf of any Regimental Fund or Non-public Fund established by the Armed Forces of Union for the welfare of past and present members of such forces or their dependants, has been brought to the notice of the Board.
Circular No.177/11/96-CX I am directed to say that the Public Accounts Committee in their 104th Report (10th Lok Sabha) has expressed disappointment over the actions taken by the Department where a manufacturer namely Sipani Automobiles Ltd., Bangalore took fraudulent credit to the extent of Rs. 7684 lakhs in excess of the duty paid on the inputs by availing the credit on forged duty paying documents.
Circular No. 734-Income Tax It has been represented by some Non-Resident Indians in the United Arab Emirates (UAE) that the banks and the U.T.I. have been deducting tax at source on interest and dividend incomes at rates higher than those provided in the Double Taxation Avoidance Agreement between India and the United Arab Emirates.
Circular No. 170/4/96-CX It has been brought to the notice of the Board by Maharashtra Chambers of Commerce & Industry that there is difficulty in determination of value of patterns used in foundry industry to be added in the cost of castings for arriving at the assessable value of the castings as the quantity of casting to be made out of a pattern cannot be anticipated and sometimes some modifications or repairs are also made in the pattern after some period of use.
Circular No. 169/3/96-CX I am directed to refer to Notification No. 64/93-CE, dated 28.02.93, as amended, in terms of which saloon cars, used as taxis are effectively charged excise duty @ 30% ad valorem. Since it is not certain, at the time of clearance of a saloon car from the the factory of manufacture, whether it would be used as a taxi, or otherwise
Circular No. 168/2/96-CX Certain doubts regarding the dutiability of sewing thread falling under heading No. 55.04 of the erstwhile CET (prior to its amendment before Finance Act, 1995) during the period 1994-95 have been raised on the grounds that heading No. 55.04 was not included in note 3 of section XI of the CETA, 1985. Doubts have also been raised in respect of duty liability on sewing thread manufactured by rewinders on the ground that exemption to duty paid yarn subjected to rewinding, reeling etc.
The decisions above are to be implemented immediately. The status of implementation should be reported in the monthly D.O. letters and also through separate letters to the Division Chief, Market Intelligence Division of SEBI.
he stock exchanges are required to double their existing base minimum capital requirement for their members from Rs. 5 lakhs to Rs. 10 lakhs in the case of Bombay and Calcutta Stock Exchange, from Rs. 3.5 lakhs to Rs. 7 lakhs in the case of Delhi and Ahmedabad Stock Exchange and from Rs. 2 lakhs to Rs. 4 lakhs in the case of other stock exchanges.
Needless to mention that automation of stock exchanges is on priority agenda of SEBI. It is advised that all efforts are made to adhere to the schedule above for introduction of on-line trading system by the respective stock exchanges.
