Notification No. S.O. 67(E)-Income Tax In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies 7-year 9.25 per cent. per annum (Tax-free) Rural Electrification Corporation Bonds—2004 (XXXII Series) bearing distinctive numbers
All the exchanges are advised to bring the above information to the notice of their members and ensure that the members do not transact business as sub-brokers through members of other exchanges without due registration as a sub-broker from SEBI.
Circular No. 372/5/98-CX I am directed to invite your attention to Board”s Cir. No. 177/11/96-CX dated 28.2.96 based on the recommendations in the 104th Report (10th Lok Sabha) regarding fraudulent availment of Modvat credit to the tune of Rs. 76.84 lakhs by M/s Sipani Automobiles Limited, Bangalore.
Circular No. 371/4/98-CX I am directed to refer to Board”s Circular No. 178/12/96-CX dated 28.2.1996. Based on the recommendation of the PAC, directions were issued vide aforesaid circular of the Board for taking immediate action for launching prosecution under Central Excise & Salt Act, 1944 and the IPC 1860 with respect to unscrupulous cases indulging in fraudulent/ naked evasion of excise duty.
Circular No. 370/3/98-CX Public Accounts Committee in their 104 Report in Para 3.48 has observed that the surprise squads for verification of Modvat Credit in the Commissionerate are not functioning properly as a consequence, the evasion of Central Excise duty through fraudulent availment of Modvat Credit remains unchecked. In this regard, I am directed to reiterate the instructions of the Board contained in F.No. B.22/32.86-TRU dated 16.7.86.
Circular No. 369/2/98-CX The PAC on Audit Para 3.48/ 91-92 on the report of the C & AG for the year ending 31.3.1992. (No 4 of 1993) regarding fraudulent availment of Modvat Credit by Sipani Automobiles, Bangalore has desired that the Ministry of Finance will take adequate steps to ensure that recent amendments in the Central Excise Law
Any stoppage beyond five minutes will be explained and reported to the Board. The Exchange shall issue a press release specifying the reasons for the breakdown.
Circular No. 761-Income Tax The attention of the Board has been drawn to certain difficulties being faced by pensioners drawing their pensions through banks where the tax deduction at source certificate in the prescribed Form No. 16 is some-time denied to them on the ground that no employee-employer relationship exists between the banks and the pensioner.
Circular No. 760-Income Tax Under sub-section (7)( d) of section 2 of the Finance Act, 1966, an “industrial company” means a company which is mainly engaged in the business of generation or distribution of electricity or any other form of power or in the construction of ships or in the manufacture or processing of goods or in mining.
It has also been decided that settlement of trades in the depository would be compulsory from January 15, 1998 for the institutional investors, viz., domestic financial institutions, banks, mutual funds and foreign institutional investors having a minimum portfolio of securities of Rs.10 crores as on the latest balance sheet date.
