Circular No. 167/1/1996-CX The amendment has been made so as to provide that in respect of capital goods, other than those which are covered under sub-cluse (1) or items (ix) and (x) of sub-clause (d) of clause (1) of explanation to sub-rule (1) of rule 57Q and which are received in the factory of a manufacturer of final products on or after 1.1.1996, the credit shall not be taken in RG 23C, Part II until such capital goods have been installed or used in the factory of the manufacturer.
Circular No. 733-Income Tax The Finance Act, 1995 has introduced sub-section (4A) in section 80-IA of the Income-tax Act, 1961 providing for a five-year tax holiday and a deduction of 30 per cent in the subsequent five years within a period of twelve assessment years beginning with the assessment year in which an enterprise (which may be owned by a company or a Consortium of companies) begins operating and maintaining an infrastructure facility on Build-Operate-Transfer (BOT) or on Build-Own-Operate-Transfer (BOOT) basis, subject to
I am directed to refer to the instructions issued by the Board vide letter of even number dated 15th June, 1995 (Customs Circular No. 68/95) and to say that a doubt has arisen whether a “no objection” is required from Public Bonded Warehouse for availability of space there before granting licence for Private Bonded Warehouse (in the same area where the Public Bonded Warehouse exists) under
The undersigned is directed to refer to the Board’s instructions contained in its earlier Circular No. 116/95- Customs, dated 16.11.95. As already stated therein, the First Schedule to the Customs Tariff Act undergoes various changes effected through the proposals contained in the Third Schedule (Parts I & II) to the Finance Act, 1995. The changes come into effect from 1.1.96, as already notified by
Circular No. 166/77/95-CX In para 9 of the said Circular it has been, inter alia, clarified that if the containers bear labels/ literature etc. indicating that it is meant for application of hair, as specified under Note 2 of Chapter 33 and/ or if the coconut oil has additives (other than BHA) or has undergone processes which make it a “preparation for use on hair” as mentioned in Chapter Note 6 of Chapter Note 6 of Chapter 33, then the coconut oil may merit classification under Chapter 33.
It is, therefore, requested that out of the scrips listed in your Exchange, thinly traded scrips (i.e. scrips which have not been traded at all for the past two years or more along with the date of the last trade) are identified.
I am directed to refer to the various instructions and circulars issued from time to time regarding setting up of ICDs / CFSs by the Public Sector Undertakings as well as by the Private Sector Undertakings. In view of growing demand for setting ICDs /CFSs in hinterland and to keep pace with fast growing import / export, it has been decided to simplify the procedure for setting up ICDs/ CFSs
I am directed to state that a review of the existing policy with regard to grant of in-bond Manufacture facility under section 65 of the Customs Act, 1962 has been conducted by the Board. Consequent to the review, it has been decided that the requests for grant of in-bond Manufacture facility under section 65 of the Act will henceforth be considered and decided at the level of the Commissioners
Circular No. 732-Income Tax Under the provisions of section 172 of the Income-tax Act, 1961 seven and a half per cent of the amount paid or payable to the owner or charterer of a ship on account of carriage of passengers, livestock, mail or goods shipped at a port in India, is deemed to be income accruing in India to the owner or the charterer. The port clearance is granted only after the return of the full amount to be
Circular No. 731-Income Tax Under the provisions of section 80-O of the Income-tax Act, 1961 an Indian company or a non-corporate assessee, who is resident in India, is entitled to a deduction of fifty per cent of the income received by way of royalty, commission, fees, etc., from a foreign Government or foreign enterprise for the use outside India of any patent, invention, model, design, secret formula or process, etc., or in consideration of technical or professional services rendered by the resident. The deduction is available if such income is
