Which section 194 H or 194C for TDS on payment to Clearing & Forwarding Agents ?

Tax at source is one of the most interpreted provisions under I T Act and therefore when it comes to deduction of tax at source on payments to Clearing & Forwarding Agents , popularly known as C & F agents , confusion remain high. One reader , Ms : Heena S. Jesani of Ahmedabad asks One…

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Duty drawback claim time limit extended !

Duty drawback rules allows exporters to claim back  duties paid on imported goods upon their re-export in the same form. The rules mandated filing the drawback claim within three months from the date of ‘let export’ order by the Customs. The latest amendment allows a further period of nine months for filing the claim, subject to payment of a nominal fee. Now , the finance ministry has made amendments to the Duty Drawback Rules, allowing longer period will be available for the exporters to claim  duty drawback.

A time limit of 60 days from the date of export for filing the brand rate and special brand rate application with the jurisdictional Central Excise authorities was prescribed earlier. This time limit is now extended to three months and can be further extended by 15 months, subject to the payment of a nominal fee.

Further, rules allowed filing a supplementary claim within three months of export, which could be extended by nine months. Now, further extension of six months can be granted and all extensions will be subject to payment of nominal fee.

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