Circular No.753-Income Tax The Finance Act, 1997 as passed by the Parliament received the assent of the President on the 14th May, 1997 and has been enacted as Act No. 26 of 1997. Sections 62 to 78 of the Finance Act, 1997 relate to the Voluntary Disclosure of Income Scheme, 1997. This circular explains the substance of the provisions of the Disclosure Scheme
Circular No. 754-Income Tax The Finance Act, 1997 has introduced a Voluntary Disclosure of Income Scheme, 1997. In regard to the Scheme a number of queries have been received from the public about the scope of the scheme and the procedure to be followed. The Board has considered the same and decided to clarify the points raised by issue of Circular in the form of questions and answers as per Annexure
In terms of Sr. No. 105 to Notification No. 11 / 97 – Cus. dated 01.3.97 Cold rolled coils falling under Chapter 72 of the Customs tariff are liable to basic duty of Customs @ 25% ad valorem. In this context it has been further clarified vide Board’s Telex F.No. B-31/ 2/ 97
The expression Custom House Agent has been defined to mean a person licensed, temporarily or otherwise, under the regulations made under sub-section (2) of Section 146 of the Custom Act, 1962. A person is permitted to operate as a Custom House Agent, temporarily under regulation 8(1) and permanently Regulations, 1984
It has come to the notice that there is no uniformity in regard to interpretation of General note 11 of Notification No. 22/ 97-Cus. (N.T.) dated 30.5.1997 (erstwhile Notification No. 49/ 96-Customs (N.T.) dated 20.10.1996) regarding All Industry Rates of Drawback. It also appears that declarations by the Merchant.
In terms of Sl.No. 1 to Notification No. 148 / 94-Cus. dated 13.7.94, foodstuffs, medicines, medical stores of perishable nature, clothing’s and blankets imported by a charitable organisation, as free gift, are exempted from payment of Customs duty subject to condition mentioned therein. Clause (III) (a) of the said conditions requires the importer to produce a certificate to the Asstt.
rovided that both supplying and receiving unit shall maintain account for the quantity of consumables and raw materials used in generation of each unit of power so transferred as quantified on the basis of norms approved by the said Board, for the purpose of calculation of Net Foreign Exchange earning as a Percentage of Export.
Attention is invited to Circular No. 10/ 97-Cus dated 17th April, 1997 whereby detailed guidelines for operation of Duty Entitlement Pass-Book Scheme were issued. The said Circular provides for the exporters to declare in the Shipping Bill, the Serial No. of the export products in the Public Notice issued by the DGFT and the rate claimed. It was further provided that correctness of this declaration
I am directed to refer to notification No. 158 / 95 Customs dated 14.11.1995 for exemption from the whole of duties of Customs on goods manufactured in India, when reimported into India for the purpose of repairs, reconditioning, reprocessing, refining, remaking or similar other process and to say that doubt has arisen whether the period of six months shall be calculated from the date of filling
Circular No. 316/32/97-CX In the aforesaid regard, reference is invited to the Board”s instructions under Circular No. 27/27/94-CX dated 2.3.94 issued from F.No. 390/P/253/95-JC In the circular No. 27/27/94-dated 2.3.94, it was pointed out that on receipt of reference of dispute by COD; the operation of the order of proceeding under challenge should be suspended till the COD resolves the dispute or gives clearance to the litigation. In other words, dues cannot be enforced while the reference is pending before COD.
