Circular No. 148/59/95-CX I am directed to refer to Board”s Circular of even number dated 22nd September, 1994 on the subject mentioned above wherein the field formations were advised to safeguard revenue by issue of demand notices and not to take any precipitatory action.
Circular No. 147/58/95-CX I am directed to refer to notification No. 103/95-CE, dated 4th July, 1995 withdrawing the tariff values prescribed for polyester filament yarns. Consequent to removal of tariff values for polyester filament yarns, the excise duty on value addition on account of dyeing, bleaching, etc. carried out on polyester filament yarns is required to be paid on the basis of section 4 value.
Circular No. 146/57/95-CX Representations have been received from the manufacturers that some of their inputs on which modvat credit is taken by them have to be initially sent to another manufacture (job workers) for a part of process and then return the same to the manufacturers. For this purpose, the manufacturers clear the goods under Rule 57F(1) (ii) on payment of duty.
Circular No. 145/56/95-CX I am directed to say that doubts have been expressed regarding correct classification of coconut oil packed in small containers as to whether the same is classification of coconut oil packed in small containers as to whether the same is classifiable as a fixed vegetable oil under chapter 15 or as a cosmetic preparation under Central Excise Tariff Act, 1985.
Circular No. 720-Income Tax It has been brought to the notice of the Board that in some cases persons responsible for deducting tax at source are deducting such tax by applying more than one provision for the same payment. In particular, it has been pointed out that the sums paid for carrying out work of advertising are being subjected to deduction of tax at source under section 194C as payment for work contract as also under section 194J as payments of fees for professional services
Notification No.S.O.748(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 9.25% (Tax-free) HUDCO Bonds (Series IV-A) bearing distinctive numbers from 94000001 to 95740000 of Rs. 1,000 each aggregating to an amount of Rs. 174 crores (Rupees one hundred seventy four crores only) issued by the Housing and Urban Development Corporation Limited, for the purpose of the said item
The undersigned is directed to refer to the Commissioner of Customs, Delhi’s D.O. letter No. VII/ 12/ ACU/ 7-Cars/ 165/ Ch. 87/ 75 dated 9-6-1995, addressed to Jt. Director General of Foreign Trade, seeking clarification on the subject of
In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts components required for the manufacture of capital goods when imported into India by a manufacturer of such capital goods for supply to a person holding a licence under the Export Promotion Capital Goods (E.P.C.G.) Scheme in terms of the Export and Import Policy for import of capital goods at zero rate of duty in terms of notification of the Government of India in the Ministry of Finance, No. 111 /95-Customs, dated the 5th June, 1995.
Circular No. 144/55/95-CX I am directed to invite your attention to the enclosed copy of Chart showing delegation of powers under various rules relating to New Export Procedure for information
Notification No.S.O.736(E) – Income Tax In exercise of the powers conferred by clause (iii) of sub-section (2) of section 194K of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the following Schemes of the Unit Trust of India as the Schemes having regard to the plan of payment of income to the unitholders for the purpose of the said clause, namely
