Affidavit verification requirement: income tax authorities to assess discrepancies in candidates' asset declarations and report concealment.
The Election Commission instructed Income Tax investigation authorities to examine and classify candidates' 2014 affidavits for Jharkhand and Jammu & Kashmir into prescribed categories-specific cases, exceptional asset growth, winners compared with income tax returns, absence of PAN with high-value assets, and additions of immovable assets-requesting a six month report estimating additional concealment and requiring a statewise report on political parties' annual return filing and audit status via the annexed proforma.

Importer Exporter Code modifications now require online application and payment of a prescribed application fee for changes.
Amendments revise Part V of the Detailed Guidelines for issuance and modification of Importer Exporter Code Number (IEC), adding entity-specific documentary requirements (photograph, PAN, identity proof of signatory, premises evidence, bank certificate/cancelled cheque; incorporation or registration documents where applicable). Applicants requesting IEC modifications (name/address, partners/directors, nature or type of concern, activity change, addition of branches/factories) must submit an online application and pay the prescribed application fee.

24x7 Customs clearance expanded to additional ports and air cargo complexes, enabling round the clock clearance of specified imports and exports.
The Board expands the 24x7 Customs clearance facility effective 31.12.2014 to specified imports via facilitated Bills of Entry and specified/all exports via Shipping Bills, listing 18 sea ports and 17 air cargo complexes. Chief Commissioners must deploy officers on a 24x7 basis, coordinate with custodians, customs brokers and other agencies, issue Public Notices or Standing Orders, and report operational difficulties to the Board; implementation will be closely monitored.

Online IEC applications mandatory; require digital signatures or signed printouts, two-day processing and specified document verification.
From 1 January 2015 all IEC applications must be filed online and IECs issued digitally; applicants with digital signatures submit online, otherwise they must print, sign and submit the application. RAs must process applications within two working days and either issue a digitally signed e-IEC or a rejection with reasons; there is no provision for deficiency letters. RAs shall verify PAN and identity details via the Income Tax portal, cross-check LLPIN/CIN on the MCA website, verify address against sale deed/rental agreement/utility bill, and confirm bank details from a cancelled cheque or bank certificate.

Authentication of supply invoices and ARE-3 documents supports deemed export benefit claims and requires strict compliance with circulated instructions.
Authentication of supply invoices or ARE-3 documents by Central Excise authorities is addressed as a requirement connected with claims for deemed export benefits. The notice circulates Customs instructions for necessary action and directs trade members and clearing agents to comply strictly. Difficulties in compliance may be reported to the Customs office.

FATCA registration: Model One FFIs must obtain a GIIN to avoid withholding; indicate "GIIN applied for" if pending.
SEBI directs intermediaries with US reportable accounts under the Model One IGA to register with the IRS and obtain a Global Intermediary Identification Number (GIIN) for FATCA certification; intermediaries that have applied but not yet received a GIIN must inform withholding agents the GIIN is "applied for," enabling the withholding agent the prescribed period to obtain and verify the GIIN to avoid withholding.

Single registration for depository participants permits initial and permanent registration through any depository subject to prescribed due diligence.
One certificate of initial registration and one permanent registration obtained through any depository will enable an entity to act as a participant across depositories. New entities apply to SEBI for initial registration through a depository; entities already registered with one depository apply to another depository for approval. Approvals require due diligence confirming Fit and Proper status, corrective action for prior deficiencies, recovery of pending dues, and payment of prescribed registration fees. Depositories must share participant information, report approvals monthly to SEBI, amend bye laws, and publicise the changes.

Round-the-clock customs clearance for free shipping bill and factory-stuffed export consignments to expedite LEO issuance.
Implementation of 24X7 Customs Facilities extends round-the-clock clearance to consignments covered by Free Shipping Bills and factory-stuffed export containers where no examination is required; officers at designated locations will register shipping bills in the EDI system, verify documents, supervise stuffing when necessary, and issue the Let Export Order only after all prescribed documentation, endorsements and mandatory inter-agency clearances are produced.

Charge on overseas shares permitted under automatic route, subject to compliance and prior central bank approval on invocation.
Creation of a charge on shares of an overseas joint venture, wholly owned subsidiary or step down subsidiary by an Indian investor is permitted under the automatic route subject to regulatory financial commitment compliance and other notification requirements. Overseas assets charged must not be securitised; charge periods should align with end use; loans from domestic lenders must fund core overseas activities and not investments back into India; an auditor's certificate confirming non utilisation for India must be retained; and invocation leading to domestic acquisition of overseas assets requires prior central bank approval.

Line of Credit conditions for project exports: local content requirement, LC/disbursement timelines, and FEMA compliance.
Exim Bank's Line of Credit to the Republic of Congo finances the Ketende Hydroelectric Project, requiring at least 75 per cent of contract value for goods and services to be supplied from India and eligible under India's Foreign Trade Policy; specified timelines govern opening of Letters of Credit and disbursement for project and supply contracts, shipments must be declared on GR/SDF forms, agency commission is not payable under the LOC though exporters may remit commission from their own resources or EEFC balances after realization, and AD Category I banks must inform exporters and obtain LOC details, with directions issued under FEMA.

Line of Credit terms require majority India sourced exports and specified timelines for Letters of Credit and disbursement.
Line of Credit extended by Exim Bank to the Government of Rwanda finances targeted agricultural projects and supply contracts subject to eligibility under the Foreign Trade Policy, with at least 75 percent of contract value sourced from India and defined timelines for opening Letters of Credit and disbursement. Shipments must be declared on GR/SDF forms, no agency commission is payable under the LOC though exporters may use their own funds or EEFC balances for commissions subject to realization and remittance rules, and Authorised Dealer Category-I banks must inform exporters while recognizing other legal permissions may be required.

Reasonable cause defenses in TDS/TCS defaults now to be considered before prosecution; compounding prioritized for prompt disposal.
Instruction requires that before initiating prosecution for TDS/TCS defaults under 276B/276BB authorities must consider the defence of reasonable cause under 278AA, including voluntary remittance with interest prior to detection. Compounding applications must be prioritised and disposed within CAP timeframes, and senior commissioners and directors must disseminate the clarifications and monitor prosecution and compounding processes to ensure timely and judicious action.

Monetary limits for appeals: departmental appeals below prescribed thresholds should not be filed except in specified exclusions.
Monetary limits prescribed by the Board continue to govern filing of departmental appeals: appeals should not be filed where the disputed amount in a case falls below the prescribed thresholds, except for matters within the two exclusion categories. This rule applies to recurring matters and to each appeal arising from a composite order, with every contemplated appeal treated as an individual case subject to the threshold. The monetary limits remain unchanged.

Inclusion of Settlement Commission cases in call-book allowed; transfer limited to admitted noticees and removed after settlement.
Cases admitted by the Settlement Commission may be transferred to the Call-Book under the existing injunction-related category; only noticees admitted by the Settlement Commission may be so transferred, and cases must be removed from the Call-Book after a Settlement Order is issued or if the matter is reverted to adjudication.

Compounding of offences: structured discretionary regime for direct tax offences with eligibility, exclusions, and fee schedule.
Guidelines provide a discretionary compounding regime for Chapter XXII offences under the Income-tax Act, classifying offences into Category 'A' and 'B', setting eligibility conditions (prescribed application, payment of outstanding tax/interest/penalty, undertaking to pay compounding charges and to withdraw or modify appeals), listing exclusions (such as repeated prior compounding, earlier prosecutions, involvement in specified investigations or convictions), designating CCIT/DGIT as competent authority with enhanced committee review for high-value Category 'B' matters, prescribing procedural timelines for processing, payment and orders, and establishing a detailed compounding charge structure including fees, prosecution establishment expenses and litigation costs; the framework applies similarly to other direct tax laws.

Compounding of tax offences permits administrative settlement subject to eligibility, prescribed fees, procedural limits and exclusions.
Compounding under the Income-tax Act permits the CCIT/DGIT to compound certain Chapter XXII offences classified as Category 'A' or 'B' when prescribed eligibility conditions are met, including payment of outstanding tax and an undertaking to pay compounding charges. The competent CCIT/DGIT must follow a prescribed procedure-processing by the Assessing Officer, disposal by speaking order within set time limits, communication and collection of compounding charges with limited extensions, and issuance of the compounding order after payment-subject to exclusions for specified classes of offenders and situations and to prescribed fee formulas and minimums; the Finance Minister may relax exclusions in exceptional cases.

Ex-Bond Bills of Entry processing moved online under EDI, with warehouse linkage, automated value capture and standard assessment and clearance procedures.
Ex-Bond Bills of Entry at Air Cargo Export New Delhi must be processed online under ICES 1.5 when the related warehousing Bill of Entry was recorded at the same station. Entry of Type 'X' and warehouse B/E details enables the system to import warehousing item data, allow tariff/notification edits, proportionately compute assessable value, generate checklists and B/E numbers; assessment, bond debit endorsement, duty payment and out-of-charge clearance follow standard EDI procedures with re-assessment where tariff or exemption changes affect liability.

Bond security requirements for export removals require manufacturers to submit prescribed bond or LUT with supporting documents.
Manufacturers seeking removal of excisable goods for export without payment of duty must execute either a General Bond With Surety or a Letter Of Undertaking on non judicial stamp paper in prescribed CBEC formats, signed by the authorized signatory with identity proof and board resolution, and submit Central Excise registration, Import Export Code, VAT registration, and supporting export documentation; bonds must include a computation of duty liability and, unless exempt, be backed by a bank guarantee or fixed deposit receipt valid for two years with auto renewal.

Accredited Clients Programme restoration allowed after specified compliance, with graduated exclusion periods for repeat violations.
Conditional restoration of ACP status is permitted where an entity pays the disputed duty with interest and a penalty within a short period or proceeds via the Settlement Commission, or where duty with interest alone is paid yielding restoration after a longer interval; repeat bookings within the initial restoration interval extend exclusion to one year and further repeat bookings extend exclusion to three years.

Admissions under coercion: CBDT directs that coerced disclosures during searches be avoided and will be viewed adversely.
Admissions of undisclosed income obtained under coercion or undue influence during Searches and Surveys are prohibited and will be viewed adversely by the Board. The CBDT emphasises prioritising independent evidence-gathering over recorded admissions, avoiding pressure on taxpayers to make disclosures, and directing senior officers to circulate guidelines regionally and closely oversee conducting officers so that statements and disclosures are free from coercion and supported by credible evidence.