Circular No. 10/2006-Income Tax Reference is invited to Board’s Circular No. 10/2003 dated 24th December, 2003 which provided that an individual deriving income from growing and curing of coffee who is not covered by the first proviso to section 139(1) of the I.T. Act, would not be required to file a return of his income if his income from growing and curing of coffee was Rs. 2 lakhs or less.
Convertible Instruments shall be deemed to be fully paid up for the purpose of clause (I), if the entire amount payable thereon has been paid and no further payment is envisaged to be made at the time of their conversion.
The matter has been examined by the Ministry in consultation with the Ministry of Law & Justice. In response to the query as to whether rule 3 of CENVAT Credit Rules should be amended to allow CENVAT credit of CVD paid through DFCE scrips, the Ministry of Law has observed that “it is more a matter of policy and legal administration instead of interpretation, on which views may differ. However, it would be preferable to have scheme-specific concessions in the relevant specific notification as against general amendment to the rules.
G.S.R 638 (E).- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), read with sub-section (3) of section 3 of the Additional Duties of Excise (Goods of Special Importance) Act, 1957 (58 of 1957) and sub-section (3) of section 3 of Additional Duties of Excise.
The Stock Exchanges are advised to report to SEBI, the action taken in this regard in Section II, item no. 13 of the Monthly/Quarterly Development Report.
G.S.R.(E). – In exercise of the powers conferred by rule 12 of the Central Excise Rules, 2002 and sub-rule (7) of rule 9 of CENVAT Credit Rules, 2004, and in supersession of the notification of the Government of India in the Ministry of Finance.
In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2004-09, the Director General of Foreign Trade hereby makes the following amendments in Handbook of Procedures.
In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2004 – 09 and Paragraph 1.1 of Handbook of Procedures (Vol.I), the Director General of Foreign Trade hereby makes the following amendments in Public Notice No. 46 (RE-2006)/2004-2009 dated 25th August, 2006.
this notification will not apply in relation to any income being profits and gains of business, unless the business is incidental to the attainment of the objectives of the Institution and separate books of account are maintained in respect of such business
The trustees’ reports shall contain a declaration on whether the trustees are satisfied with the systems and procedures of the mutual fund designed for the purpose of compliance with these Guidelines.
