Extension of filing deadline for fourth-quarter VAT returns allows extra time to submit specified DVAT forms while payment timing remains unchanged.
The Commissioner extends the last date for online or hard-copy submission of fourth-quarter VAT returns for 2014-15 in Forms DVAT-16, DVAT-17 and DVAT-48 with required annexures; tax payment timing remains governed by existing payment provisions; dealers filing with digital signature are exempted from filing the hard copy of the return/Form DVAT-56.

SEZ cargo electronic integration with customs EDI enables automated filing, tagging and transshipment approvals for import and export movements.
Integration establishes an electronic interface between the SEZ online system and ICES 1.5 to automate IGM tagging, Bills of Entry filing, removal messaging and transshipment approvals. Steamer agents must supply correct SEZ codes and cargo nature; importers/customs brokers file BEs in SEZ online, obtain transshipment approval in ICES 1.5 and follow a triplicate Transshipment Permit regime with Preventive Officer verification of marks, numbers, containers and seals. Re-warehousing messages close IGM lines.

Integration of SEZ online with Customs EDI: electronic filing and transhipment controls for SEZ import and export cargo.
Integration of SEZ online with Customs EDI Systems creates an electronic flow for SEZ cargo at ACC Cochin from 1.6.2015: IGMs must include correct SEZ code and TI marking; SEZ online files Bills of Entry which trigger ICES 1.5 transshipment numbers and goods removal messages; authorized representatives present SEZ attested BE numbers to Superintendent (Bonds) and Preventive Officers verify marks and numbers and issue transhipment permits; SEZ re warehousing messages via ICEGATE will close IGM lines. For exports, Shipping Bills are filed in SEZ online, LEO granted there, and arrival/EGM data are exchanged with ICES 1.5 with hard copy endorsements to continue until full electronic implementation.

Range concept for arm's length price: median used where transfer price falls outside prescribed percentile range.
The draft rules propose computing Arm's Length Price using a range concept limited to TNMM, RPM and CPM: select at least nine comparables matched on FAR, use three years' data with weighted averages of the chosen profit level indicator by aggregating numerator and denominator, and treat the 40th-60th percentile as the range. If the tested party's transfer price lies outside that range, the median of the range is taken as ALP; if within the range, no adjustment is made. Multiple-year data is mandatory for these methods, with limited two-year exceptions and use of current-year data permitted at audit.

Document Management System implementation mandates digital storage and coupon-based charges; EDI coupon attachment mandatory effective now.
Implementation of a Document Management System at New Custom House will store Bills of Entry and Shipping Bills in electronic and physical form; Newgen Software Technology Ltd will implement the system and scanning will be performed into locally hosted servers. The Service Centre will collect a DMS fee by issuing two coupon sets (normal documentation and DMS), purchasable in bulk, and the EDI copy of the coupon must be attached to Bills of Entry and Shipping Bills when handed to officers after LEO/Out of Charge, effective from system commencement.

ECB in Indian Rupees mobilisation via back-to-back swaps enables overseas lenders to fund INR loans; AD banks must verify documentation.
Recognised non-resident lenders may extend INR denominated ECBs by mobilising INR through a swap: the lender approaches an overseas bank which enters a back to back swap with an AD Category I bank in India. AD banks must obtain documentation (scanned acceptable) to verify the underlying INR ECB, take a one time KYC certification on the end client, retain records for RBI verification, ensure the swap continues only while the underlying ECB exists, and permit maturity settlement via the overseas bank's vostro account.

Rupee Drawing Arrangement: increased trade remittance cap and conditional regularisation subject to enhanced KYC and FATF compliance.
The circular increases the per transaction trade remittance limit under the Rupee Drawing Arrangement and permits Authorised Dealer Category I banks to regularise payments exceeding the prescribed limit if satisfied of the transaction's bonafides. Regularisation is subject to conditions: remittances must be from FATF compliant countries, banks must complete KYC/AML/CFT and other due diligence, review and report frequent high value senders, obtain additional information from correspondents, retain records for scrutiny, and ensure export proceeds received through RDA are applied to outstanding export finance with an exporter declaration.

SEZ approval extensions continue subject to operational progress and developer compliance with tax and eligibility obligations.
The Board granted time-limited extensions of formal approvals, in-principle approvals and Letters of Permission for numerous SEZ developers and units, often conditioned on demonstrable project progress, state clarifications or condonation of delay. Multiple co-developer proposals were approved subject to SEZ Act and Rules and a recurring requirement that lease periods be reduced to not exceed 30 years (renewable). Change-of-ownership, name-change and merger approvals were conditioned on continuity of SEZ obligations, fulfillment of eligibility and security clearances, submission of full financial details to Revenue/CBDT and preservation of the Assessing Officer's rights to examine taxability.

Finance Act 2015 implementation: officers must apply enacted amendments when issuing show-cause notices and adjudication orders.
Field officers and adjudicating officers must implement legislative changes enacted by the Finance Act, 2015 from its date of assent and specifically apply amendments to Section 11A and Section 11AC of the Central Excise Act, 1944, and the specified provisions of the Finance Act, 1994 when issuing show-cause notices or passing adjudication orders.

Service tax rate increase takes effect, broadening taxable services to amusement admissions, alcohol contract manufacturing, and lottery services.
The Finance Act, 2015 increases the Service Tax rate effective 1 June 2015 and simultaneously withdraws the Education Cess and Secondary and Higher Education Cess from that date; concomitant rule amendments revise alternative rates for specified services. Amendments remove Negative List exclusions for admission to entertainment events and access to amusement facilities, and exclude alcoholic liquor production from the Negative List, thereby making admission/access services, contract manufacturing of potable liquor, and certain lottery-related distributor services subject to service tax. Government-to-business service taxation and the Swachh Bharat Cess are enabled but await notified commencement dates.

Simplified transit procedure for relief supplies enables sealed truck transit to Nepal with advance CTD filing and no security requirements.
A simplified transit regime permits certified relief consignments to Nepal, sent by foreign governments or multilateral agencies, to transit from specified Indian ports, airports, ICDs and land customs stations under an expedited Simplified Customs Transit Declaration (SCTD). Advance CTD filing is allowed, no bond or security will be required, goods must be sealed with a customs seal and truck/seal details recorded, and CTDs are to be endorsed by Nepal Customs, fax reconciled weekly between Commissioners, with unreconciled cases escalated to the Board; customs may examine goods with Commissioner approval.

Seniority fixation under N.R. Parmar: adopt bottom-to-top refixation with monitoring and mandatory compliance reporting.
Adopt a bottom-to-top methodology for implementing N.R. Parmar: re-fix seniority lists in lower grades first, then conduct review DPCs progressively upward; count seniority by date of requisition (not exam year); exclude Sports and Compassionate quota appointments from the decision; reconstruct missing requisition records from candidate dossiers or SSC offices; Directorate of HRD to monitor progress and require compliance reports.

Foreign exchange declaration requirement integrated into Shipping Bill; exporters must include prescribed undertaking in export documentation.
The SDF requirement for exports through EDI ports has been dispensed with and replaced by a mandatory declaration incorporated into the Shipping Bill by Notification No. 46/2015-Customs (N.T.). Exporters must include an undertaking to comply with the Foreign Exchange Management Act, 1999, including realization and repatriation of foreign exchange, as part of the Shipping Bill declaration; customs authorities must issue Public/Trade Notices and report implementation difficulties to the Board.

Pre shipment inspection agency recognition: new procedural, documentation and liability requirements govern issuance and evidence of inspection.
The amendments set a revised recognition regime for Pre shipment Inspection Agencies requiring ANF 2L applications by e mail and post, payment of an application fee, inter ministerial committee consideration, and time limited notification. PSIAs must issue PSICs in the prescribed format with a uniquely numbered hologram, upload or e mail scanned PSICs and inspection photographs/videos to the authority, and give prior intimation for inspections in countries without full time branches. PSIAs, importers and exporters bear specified liabilities for mis declaration, and technical, documentary, and bank guarantee conditions for recognition are prescribed.

Mandatory pre-deposit requirement for customs appeals changes filing process; Review Cell to process payments and monitor orders.
A Review Cell is created to centrally receive appellate orders, put them to the Appraising Officer (Review)/Superintendent (Review) for acceptance, maintain consolidated registers and monthly pendency extracts, and monitor stay orders; the AO/Superintendent in the Review Cell is designated to certify TR 6 challans and record mandatory pre deposits in a separate register following the statutory pre deposit requirement for appeals.

Monetary threshold for appeals: SLPs below the prescribed limit should not be pursued, except for constitutional or ultra vires issues.
Proposals to file Special Leave Petitions should comply with the Board's prescribed monetary limits and be fully completed before submission; however, SLPs may be forwarded irrespective of amount where (a) constitutional validity of an Act or Rule is challenged, or (b) a Notification, Instruction, Order or Circular has been held illegal or ultra vires, and such proposals must be sent to the Commissioner (Legal).

Extension of filing deadline: fourth-quarter VAT returns permitted later; tax payment obligations remain unchanged.
The filing deadline for fourth-quarter 2014-15 VAT returns in Form DVAT-16, DVAT-17 and DVAT-48, with required annexures/enclosures, is extended to 22/05/2015; tax payment obligations remain unchanged and must be paid as usual. Dealers using digital signatures are not required to submit hard copies of returns or Form DVAT-56.

SEZ online-ICES integration enables automated customs tagging and transshipment approvals to streamline port to SEZ cargo movement.
Integration of SEZ online with ICES 1.5 establishes an electronic workflow whereby IGMs must include correct SEZ codes and cargo nature, SEZ online filed Bills of Entry are auto tagged to IGM particulars and trigger messages to ICES for goods removal; ICES will generate a transshipment reference and Approval Order to replace the manual TSA register, with Preventive Officer verification at Port/CFS and ICEGATE messaging to SEZ online for release and re warehousing closure.

Audit target increase for Additional CIT/JCIT raises monthly audit workload; wording clarified for IAP corporate or non-corporate targets.
Annual internal audit norms have been revised: the minimum annual auditable-case target for Additional Commissioner of Income Tax (Audit)/Joint Commissioner (Audit) is increased to raise monthly audit workload, with Pr.CCIT empowered to adjust targets where posts are held in additional charge. The Instruction replaces the conjunctive wording in IAP targets with an exclusive "or" so that an IAP's annual target is either the corporate case figure or the non corporate case figure. The amendment modifies Instruction No.3 of 2007 and the Audit Manual paragraph and is effective immediately.

Auction session settlement timing revised to allow clearing corporations flexibility to conduct settlement on or before the next scheduled day.
The circular permits Clearing Corporations discretion to schedule settlement of auction trades on or before the previously prescribed close-out day to accelerate delivery; it preserves the auction/close-out sequencing and leaves other provisions unchanged. Recognized Stock Exchanges, Clearing Corporations and Depositories must update systems, amend bye-laws, notify members and intimate SEBI. The circular is issued under Section 11(1) of the SEBI Act read with Section 10 of the Securities Contracts (Regulation) Act to protect investors and regulate the securities market.