TIOL-DDT 262 · the untouched capture
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<html> <head> <title>Untitled Document</title> <meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1"> </head> <body bgcolor="#FFFFFF"> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#6633CC" size="3">TIOL-DDT 262</font><br> 15 12 2005<br> Thursday</b></font></p> <p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Vishesh Krishi Upadhya Yojana Credit can be used for imports</b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The DGFT has clarified that the duty credits issued under Vishesh Krishi Upadhya Yojana can be used for payment of Customs duty on import of inputs and freely importable goods. It appears that Customs authorities are not permitting such use. DGFT has further clarified that as of now these scraps cannot be used for payment of duty on imported Capital goods.<br> <br> <a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=46&filename=notification/dgft/2005/dgft05cir040.htm">DGFT circular no. 40/2005/09 Dt. December 8, 2005</a></font></p> <p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Import of all types of approved and un-approved drugs under the Advance Licensing Scheme – Re export</b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">With regard to re-export of the material imported from an unregistered source in the event of failure to export the resultant product, the DGFT clarifies that </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">· In any case if the material is imported from unregistered sources and the licence holder has failed to export the goods, then the advance licence cannot be regularized even on payment of applicable customs duty.<br> <br> · unregistered raw material under any circumstances shall not allowed to be diverted for domestic consumption within India.<br> <br> · However, the licensee has the option either to use the imported raw material for production of other export products for export or to re-export the imported raw material and the advance licence obligation shall be deemed to have discharged to that extent.<br> <br> · The Customs Authorities shall ensure that the raw material so exported should be the same raw material, which was imported earlier against the particular licence.<br> <br> · In addition, the facility would be available irrespective of the foreign buyer and can be exported to any other foreign buyer.<br> <br> · If the export obligation period is not valid at the time of export of other finished product/re-export of raw material, then the licensee shall be required to pay necessary composition fee for extension in export obligation period as per provisions of Policy</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> <a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=46&filename=notification/dgft/2005/dgft05cir041.htm">DGFT CIRCULAR NO. 41/2005-09, Dated: December 12, 2005</a></font></p> <p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Equity Linked Savings Scheme – eligible for benefit under Section 80 C</b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Investments in Equity Linked Savings Scheme, 1992 (ELSS), as amended in 1998, were eligible for tax rebate under section 88 of the Income-tax Act, 1961, if such investments were made on or before 31.3.2005.<br> <br> Section 88 has been replaced by section 80C vide Finance Act, 2005 and the Equity Linked Savings Scheme, 2005 has been notified vide S.O. No. 1563(E) dt. 3.11.2005. CBDT clarifies that tax benefit under section 80C of the Income-tax Act will be available to the investments made on or after 1.4.2005 in the units of a mutual fund or the Unit Trust if such units are issued under any plan formulated in accordance with the three schemes viz., ELSS, 1992; ELSS, 1992 as modified in 1998 and ELSS, 2005.<br> <br> <a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=35&filename=notification/cbdt/2005/it05not259.htm">NOTIFICATION NO. 259/2005, Dated : December 13, 2005</a></font></p> <p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>No frills bank accounts - RBI issues instructions</b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> As per the annual policy statement of April, 2005 the RBI recognised the fact that Banks tend to exclude rather than attract vast sections of the population from opening bank accounts by the requirement of minimum balance and charges levied. With the view to achieve greater financial inclusion Banks were directed to make available a basic “No frills” bank account with either Nil or very low minimum balance. Now the RBI in its circular dated 13-12-2005 has advised the Banks to give wide publicity to the ‘No frills’ accounts scheme indicating the facilities and charges in a transparent manner. RBI has clarified that the nature and number of transactions in such accounts could be restricted but should be made known to the Customers in advance in a transparent manner. Banks are required to send compliance reports within a month.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=wnew/rbicir.htm">RBI circular 233/2005-06 Dt. 13-12-2005.</a><br> <br> <font color="#663399"><b>Quantum of evasion is not relevant – He that steals an egg will steal an ox</b></font><br> <br> <font color="#FF6666"><b>Until tomorrow with more DDT<br> <br> Have a nice day.<br> <br> Mail your comments to</b></font> <a href="vijaywrite@taxindiaonline.com">vijaywrite@taxindiaonline.com </a></font></p> </body> </html>