A reference has been received from some of the Commissioners of Customs pointing out that the procedure laid down in Para 2.4 of Ministry’s Customs House is to accept the Bond/ Bank Guarantee which is to be executed by the importer for goods imported under the Exemption Notification Nos. 79/95 and 80/95 dated 31.3.95. Different Custom Houses are reported to be following different
The undersigned is directed to refer to Ministry’s letter of even number dated 31st August, 1994, on the above subject, and to say that the Department of Economic Affairs have now informed that they have re-examined the matter in consultation with the Reserve Bank
Circular No. 706-Income Tax Section 80Q inserted by the Finance (No. 2) Act, 1991, with effect from 1-4-1992 provides that where in the case of an assessee the gross total income of the previous year relevant to the assessment year commencing on the 1st day of April, 1992 or to any one of the four assessment years next following that assessment year, includes any profits and gains derived from a business carried on in
I am directed to invite your attention to Ministry’s circular of even number dated 25.8.94 raising the free allowance of operating airlines crew members from Rs. 30 /- to Rs. 300/- and to say that it is very clearly mentioned in that circular that this free allowance is
A number of references have been received from the field formations enquiring whether Multi-modal Transport Operators (MTOs) or their Agents appointed by the Ministry of Surface Transport have to be granted Custom House Agents licence or appointed as Steamer Agents for the purposes of Customs Act, 1962. In this context I am directed to say that the Mult-modal Transportation of Goods Act
Some representations have been received from the exporters exporting goods to Russia (erstwhile soviet Union) that some Custom Houses are not accepting shipping bills under the DEEC Scheme on the grounds that the shipping bills do not indicate the value of the
Customs & Import facilities to experts assigned to India under the various Aid Schemes viz. UN and its Specialised Agencies (Regular) Programme, UNDP, Colombo Plan, India French Programme and other Bilateral Technical Cooperation Agreements with Foreign Countries
Circular No. 705-Income Tax Section 80RRA of the Income-tax Act, 1961 provides, inter alia, for deduction from the gross total income, in respect of remuneration received in foreign currency by a technician for services rendered outside India. The deduction is at the rate of 50 per cent of the remuneration or 75 per cent of the remuneration as is brought into India, whichever is higher. The terms and conditions of services outside India of such technician are to be approved for the purposes of claiming the deduction
Several cases of misuse of DEEC Scheme have been reported to the Board by the Custom Houses/ Collectorates. A gist of the mire important cases of abuse especially where modus operandi adopted could be repeated are indicated below
I am directed to state that a review of the existing policy with regard to appointment of public bonded warehouses and licensing of private bonded warehouses has been conducted by the Board. Consequently, it has been decided to liberalise the procedure on the
