Dear Sir,
We being 100% EOU are exporting under Bond and self Sealing without availing any benefit as we were availing benefit of Section 10B of Income Tax, hence Declaration of Intent to avail benefit of Chapter 3 of FTP not mentioned on Shipping Bills. Now we have decided not to avail the benefit of Direct Tax and we are entitled to take the benefit of Chapter 3.
How can i incorporate Declaration of Intent on Shipping Bill and to whom i should apply for the same. Is there any time limit for the same.
Please guide me
regards
ashok chopra
EOU Seeks Guidance on Incorporating Declaration of Intent on Shipping Bills for FTP Chapter 3 Benefits; Tax Benefits Ended 2011. A company operating as a 100% Export-Oriented Unit (EOU) inquired about incorporating a Declaration of Intent on Shipping Bills to avail benefits under Chapter 3 of the Foreign Trade Policy (FTP), having previously benefited from Section 10B of the Income Tax Act. They sought guidance on the application process and any time constraints. The response clarified that as of April 1, 2011, income tax benefits for EOUs were discontinued. It advised including the declaration on the Shipping Bill and submitting a Chartered Accountant's certificate confirming that direct tax benefits were not availed. (AI Summary)