Circular No. 727-Income Tax Reference is invited to the Board’s Circular No. 644, dated 15-3-1993 (see Sl. No. 371) wherein it was clarified that the expenditure on provision of food or beverages by an employer to the low-paid employees will not be treated as entertainment expenditure within the meaning of the Explanation under section 37(2) of the Income-tax Act, 1961 even if the facility is provided in places other than the place of work provided the same is provided during the working hours and the expenditure is genuine
Notification No. 61/ 95-NT- Customs dated 28th Sept., 1995, notifying the Goods Imported (Conditions of Transhipment) Regulations, 1995 has been issued on 28th Sept., 1995. This Notification replaces the earlier Regulation of 1984 viz, Imported Goods (Conditions of Transhipment) Regulations
Circular No. 726-Income Tax Representations have been received from some law and accountancy firms that are receiving fees for professional services from foreign companies or foreign law and accountancy firms saying that the latter find it very difficult to comply with the requirement of tax deduction at source under section 194J of the Income-tax Act and its payment to Central Government in the prescribed manner and within the prescribed time in the absence of any agent or business connection or permanent
Circular No. 155/66/95-CX In this regard, the Board”s Circular No. 2/75-CX.VI dated 22.1.75 permitted export of excisable goods from duty paid stocks outside the factory premises under claim for rebate of duty provided: (a) One AR-4 was generated for one gate pass. Similarly a separate AR-4 form is generated if the duty paid consignments have been cleared from different factories.
Circular No. 154/65/95-CX I am directed to say that instances have come to the notice of the Board wherein some unscrupulous assessees availed MODVAT credit fraudulently by tampering the duty amount shown in the input Gate Passes/ Invoices in their RG. 23A Part – II Register. The duty amounts were found to be inflated by adding additional zeros.
The stock exchanges would be allowed to introduce carry forward system after satisfying the conditions and modalities detailed above and after seeking formal approval from SEBI in that regard.
I am directed to refer to the provisions of Notification No. 2/95-CE dated 4.1.95, which extends a concessional rate of duty to goods cleared from EOUs/ EPZUs/ STPUSs, which are allowed to be cleared in accordance with provisions of the EXIM policy and certain specified notifications of the Ministry of Commerce. The concession is up to the extent of 50% of each of the duties of customs leviable
Circular No. 725-Income Tax Section 10(23C)(iv ) of the Income-tax Act, 1961, provides that any income received by a person on behalf of any fund or institution established for charitable purposes is not includible in the total income if the said fund or institution is notified by the Central Government in the Official Gazette, having regard to the objects of the fund or institution and its importance throughout India or throughout any State or States
The Commissioner of Customs, Bombay had made a reference to the Ministry regarding the difficulty faced by the Bombay Customs House in extending benefit of the exemption Notification No. 204/ 92-Customs dated 19.5.92 on inputs imported against a Quantity based licence issued under para 62A of the Exim Policy. It was stated that the term “Advance Licence” in Notfn. No. 204/92-Cus. has
The question of allowing benefit of exemption under notification No. 204/92- Customs dt. 19.5.92 to Advance Licences issued to a Merchant Exporter has been examined in view of doubts raised by some of the Commissioner of Customs
