Special Currency Basket revision: AD Category I banks must apply the revised rupee valuation under FEMA directions.
The circular notifies Authorised Dealer Category I banks of a revision to the Rupee value of the Special Currency Basket under the Deferred Payment Protocols, specifies the new rupee value and its effective date, directs banks to inform their constituents, and states that the directions are issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999, without prejudice to other statutory permissions.

Restoration of registration: zone-wise verification and certification enable reinstatement after payment of due tax and penalties.
Restoration is allowed for dealers cancelled for nil turnover or non-filing where verification shows the dealer is functioning, PAN and identity are verified, premises and firm constitution remain unchanged, and all due tax and penalties for non-filing are paid. VATO must conduct field inspection and telephonic enquiries, and the Zonal Officer must certify the dealer's genuineness; lists recommended by Addl./Jt. Commissioner are forwarded to the Commissioner through Policy Branch under the DVAT Act procedural provision for restoration.

New taxpayer target allocation requires transfer of taxpayers to current jurisdictions and allows target adjustments before completion deadline.
Pr.CIT offices receive region-wise targets for adding new taxpayers based on tax-base, prior-year additions, and identified non-filer cases; a Pr.CIT-wise target workbook is available on i-taxnet with an 'Old AOs' sheet listing taxpayers shown under old Assessing Officers. Pr.CCsIT must transfer those taxpayers to new jurisdictions and may adjust targets for migration and local factors, completing the task within the prescribed timeline under Chairperson CBDT approval.

Due-date extension for e-filing returns: deadline moved to early September after nationwide e-service disruption for taxpayers.
The Central Board of Direct Taxes, invoking section 119 of the Income tax Act, extended the due date for E Filing Income tax Returns for taxpayers required to file by 31st August, 2015, to 7th September, 2015, in response to nationwide e filing service slowdowns and hardship.

Minimum Alternate Tax inapplicability for foreign portfolio investors suspended pending legislative amendment and administrative stay.
A committee recommended amending Section 115JB to clarify that MAT does not apply to FIIs/FPIs without a place of business or permanent establishment in India for the prior period; the Government accepted this recommendation and will amend the Act. Field authorities are directed to keep related assessment proceedings in abeyance and not to pursue recovery of outstanding demands pending the legislative amendment.

Applicability of EPCG third-party exports clarified, para now governs third-party shipments made on or after policy effective date.
Para 5.10(d) of the Handbook of Procedure, 2015 20 applies to third party exports effected on or after the policy effective date, including exports under EPCG authorisations issued before that date; third party exports effected prior to the effective date remain governed by the antecedent policy/procedure applicable at the time.

Specified health warning requirement mandates monitoring to prevent clearance of tobacco packaging without prescribed warnings.
Every package of cigarettes and other tobacco products produced, manufactured or imported after the prescribed date must bear the specified health warning in the manner prescribed; Central Excise formations are directed to monitor and prevent clearance of tobacco products from registered premises unless packages comply with the prescribed health warnings and other labelling requisites, and to circulate prior instructions to subordinate formations for necessary compliance.

Clearance of in-transit motor vehicles on their own power allowed with inspection and insurance or bank guarantee conditions.
Amendment allows in-transit motor vehicles destined for Nepal to move on their own power provided Indian Customs examine them to confirm conformity with the Customs Transit Declaration, import licences and letters of credit; vehicles are treated as sensitive goods and must be covered by an insurance policy or bank guarantee for the difference between market and c.i.f. value, assigned to and payable to the Commissioner of Customs if goods do not reach Nepal, and movement is permitted only through specified Land Customs Stations with consequential changes to permitted transit conveyances.

Pre-condition deposits for tax objections allowed for later tax periods; earlier-period objections may proceed without such deposits.
Objections for tax periods after 01/10/2011 may be entertained by the Objection Hearing Authority only after dealers deposit part of the disputed tax as a pre-condition, whereas objections for periods up to 30/09/2011 require no such pre-condition. The Systems Branch shall remove electronic checks only for dealers who filed objections online and also submitted a hard copy to the Objection Hearing Authority for matters relating to periods prior to 01/10/2011.

Matched transactions hard coding protects input tax credit, with reopening allowed only on seller admission and authority verification.
Sale-purchase entries mutually matched for a tax period are treated as hard coded after filing so seller revisions will not alter matched transactions or cause buyer ITC mismatches. If both buyer and seller erred in reporting, the buyer may approach the Assessing Authority with the seller's admission; upon verification the Authority may allow both parties to reopen and revise the relevant hard coded entries within the prescribed DVAT revision period.

Extension of time for filing cost audit report: deadline extended to 30th September 2015 to avoid penalty.
Extension of time granted for submission of the cost audit report (Form CRA-4) for the financial year 2014-2015: the period for filing the CRA-4 return with the Central Government without incurring any penalty or late fee is extended until 30th September, 2015.

Automatic exchange of financial account information: RFIs must identify reportable accounts and file Form 61B under Rules 114F-114H.
The Guidance Note implements CRS and FATCA obligations by defining Reporting Financial Institutions, specifying which Financial Accounts are Reportable Accounts, and prescribing tiered due diligence procedures (pre existing vs new; lower value vs high value; entity vs individual) under Rules 114F-114H. RFIs must collect self certifications, identify controlling persons of Passive NFEs using AML records, aggregate account balances where systems permit, and electronically file Form 61B with prescribed data elements and timelines; GIIN registration and statutory penalties for non compliance are required.

Extension of due date for income tax return filing in Gujarat shifts deadline to aid affected assessees after disruptions.
Administrative extension of the filing due date for income tax returns in Gujarat shifts the deadline for assessees originally required to file by 31 August 2015 to 7 September 2015, invoking powers under the Income tax Act in response to reported disruptions to normal life.

Authorised Officer appointment under food safety law enables imported food clearance and compliance at Kandla Port.
Pursuant to the Food Safety and Standards Act and the CEO's order, Shri B.H. Waghela (Superintendent), Customs Kandla Commissionerate, is notified as the Authorised Officer for Kandla Port with immediate effect and until further orders to oversee imported food clearance; the notice provides the officer's contact details for operational coordination and compliance.

Manual scrutiny selection requires compulsory identification of specified tax cases for detailed assessment and quality reporting.
Compulsory manual selection for scrutiny in FY 2015-2016 mandates selection of specified categories of cases: substantial recurring additions (including transfer pricing), survey cases with impounded records or retracted disclosures, search and seizure assessments, reassessment returns, claims of exemption despite refusal/cancellation of registration or withdrawal of approval, and cases based on verifiable information of tax evasion with prior supervisory approval. CASS-selected cases are separate. All scrutiny orders must be completed via the AST system and authorities must monitor assessment quality and report selected quality assessment orders to zonal members.

Non-PAN AIR data dissemination now online to enable authorised users to access, assign and populate PAN for records.
Board mandates online dissemination of Non-PAN AIR data via a Directorate of Income Tax (Systems) functionality accessible to authorised roles, enabling access to Non PAN/Invalid PAN transactions, filtering and sorting, Excel download, assignment between officers, on screen PAN population and automatic transfer of populated PANs into ITS, with MIS generation for supervisory monitoring and instructional materials placed on i-taxnet.

Valuation of second-hand machinery: importer must obtain certified Chartered Engineer valuation; customs may re-determine declared value.
Imported second-hand machinery must be accompanied by an independent Chartered Engineer or equivalent certificate detailing new-machine price at manufacture year, current CIF of a new machine, manufacture year, supplier sale price, present condition, reconditioning/repair works and costs, and expected residual life. Where no load-port certificate exists, a certificate from a Ministry-recognized Chartered Engineer/Inspection and Certification Agency listed in FTP Appendix 5 or the empanelled local agencies is acceptable. Local inspections must be supervised and countersigned by an Import Shed Appraising Officer/Superintendent; only such attested certificates will be accepted, and the Assessing Officer will evaluate documents and NIDB data to accept or re-determine value under Rule 12 of the Customs Valuation Rules, 2007.

Co-developer lease period capped, with state-specific exception; approvals subject to tax, compliance and verification rights preserved.
The Board granted time-bound extensions for formal, in-principle and Letter of Permission approvals where land possession and State recommendations met thresholds, and approved multiple co-developer arrangements subject to SEZ Act and Rules, with a general requirement to limit lease tenures to a period not exceeding thirty years (renewable) except for a confined State-specific exception. All co-developer and ownership-change approvals were conditioned on continuity of SEZ obligations, fulfilment of eligibility and security clearances, disclosure to revenue authorities, and preservation of tax assessment rights; cancellations and appeal outcomes were driven by non performance, expired LOAs, arrears or failure to meet Rule-based conditions.

Retrospective application of monetary limits disallowed; departmental authorities must file review petitions to restore affected appeals.
Requires authorities to identify appellate cases dismissed solely due to the monetary limit Instruction's retrospective application and, where appropriate, to file Review Petitions or Miscellaneous Applications in consultation with senior/standing counsels, bringing the Supreme Court order to the attention of High Courts/ITATs so the ratio and intent may be applied; the order is hosted on the NJRS website.

Import controls on metallic scrap require certified inspection and prescribed security measures before customs clearance.
Import of metallic waste and scrap at JNCH requires a Pre Shipment Inspection Certificate in Appendix 2H format from agencies listed in Appendix 2G and all documents mandated by Para 2.54 of the HBP 2015 20; for specified processed scrap at JNPT until its Radiological Detection Facility is operational, importers must instead obtain a Post Shipment Inspection Certificate, submit DGFT Public Notice documents, furnish a one time bank guarantee in the prescribed format, ensure 100% container scanning proof before out of charge, and face adjudication, re export and enforcement actions for false declarations.