Mutual fund disclosure requirements: expanded CAS, commission and expense transparency, executive pay and in house credit risk checks.
SEBI requires Consolidated Account Statements to include each scheme's cost and, for half-yearly CASs, actual distributor commissions (monetary and non-monetary) and scheme average Total Expense Ratio for direct and regular plans. Offer documents and AMC websites must disclose fund manager tenure and names, top ten holdings, sector allocations, portfolio turnover, FoF underlying expense ratios, aggregate investments by key persons, and an illustrative impact of expense ratios. AMCs must publish executive remuneration, adopt in-house credit risk assessment policies, restrict and disclose soft-dollar benefits, permit limited NFO proceeds deployment in CBLO without charging fees, and comply with a revised MCR submission date.

Special Valuation Branch investigations streamlined: provisional assessments without extra duty deposit, new timelines and reporting requirements.
Streamlined procedure directs that SVBs investigate imports involving related-party relationships or payments affecting assessable value, while remaining under jurisdictional Chief Commissioner supervision and supported by DGoV. Provisional assessment under section 18 continues but routine Extra Duty Deposit is discontinued; failure to furnish information within 60 days permits a 5% security for up to three months with a further 60-day compliance extension. SVBs issue an Investigation Report to enable finalisation of provisional assessments; targeted timelines (two months standard, escalation at four months) and Central Registry reporting are mandated.

Book profit computation for MAT: use Ind AS net profit excluding other comprehensive income, with timing rules for unrealised items.
The MAT book profit for Ind AS-compliant companies should, as a general rule, be the net profit excluding net other comprehensive income, subject only to the adjustments already specified in section 115JB. Permanent OCI items that will never be reclassified to profit or loss should be included in book profit at specified times (revaluation and fair-value equity gains on realisation; defined benefit plan remeasurements annually). Transition adjustments on first-time adoption should be included in book profit according to whether and when they are reclassified or realised.

Focus Product Scheme correction: FPS incentives allowed for 'Other Brakes and Servo Brakes' exports despite prior HS code mismatch.
The notice corrects the ITC(HS) code for "Other - Brakes and Servo Brakes and Part thereof" in Appendix 37D and provides that FPS incentives will be treated as valid for exports described as that item even if reported under the earlier incorrect HS code for shipments prior to the correction's issuance. From the correction onward, description and ITC(HS) code must match for incentive entitlement, and Regional Authorities must review and recover incentives wrongly granted where the description did not correspond.

Custodian appointment extension at a customs CFS requires bond compliance, procedural adherence, and periodic review.
Extension of custodian appointment for CONCOR at the CFS in Kolkata under section 45(1) of the Customs Act, 1962, for a further five years from 01.03.2016, subject to periodic review by the Commissioner of Customs (Port). CONCOR must execute a bond of Rupees Twenty Crores with surety for the safety, storage and transhipment of goods before commencing import or export operations, and must continue to follow the earlier public notice conditions, prescribed procedures and Board instructions.

Brand rate drawback claims must use a specified identifier plus tariff code to obtain provisional customs-component payment.
Exporters claiming brand rate must declare a specified identifier followed by the AIR Schedule Drawback Tariff Item number and the character B on the shipping bill; Customs will process such bills for provisional drawback equal to the Customs component (B column of the AIR Schedule) subject to AIR conditions. After export, exporters apply to Central Excise for brand-rate fixation; timely applications may yield provisional or final brand-rate letters and Customs will adjust payments accounting for amounts already paid. Amendments or notifications are permitted for earlier-filed shipping bills to enable provisional Customs-component payments.

Consolidation of TDS entries at TAN level streamlines matching and allows later rectification of newly reported credits.
Consolidation groups TDS claims in the assessee's ITR and 26AS at the TAN level for assessees with over one thousand entries, matching them in advance to reduce rows shown to assessing officers and simplify computation; any fresh TDS credits reported after consolidation may be allowed later by rectification, and a list of consolidated cases is published on i-taxnet with instructions for early completion of assessments.

Review powers are confined to designated committees; orders must not be reviewed twice and revenue must be verified before appeal.
Review authority over orders in appeal is vested in the Committee of Commissioners and the Committee of Chief Commissioners, and there is no provision for reviewing the same order twice; field formations must adhere to this statutory review framework and counter-check disputed revenue figures before deciding to prefer an appeal.

Power of review vested in committees requires only a single review; field formations must verify revenue before appeal.
Power of review under the customs, central excise and service tax statutes is vested in Committees of Commissioners and Committees of Chief Commissioners respectively, and there is no provision permitting the same order to be reviewed more than once; field formations must strictly follow these statutory limits and verify revenue figures in disputed demands before deciding on preferring an appeal.

March residual transactions: require segregated scrolls and separate reporting to secure correct year end accounting.
Nodal/Focal Point branches must segregate March transactions from April transactions during the initial April reporting period by preparing distinct main scrolls and daily summaries: one set marked as March Residual for transactions effected in March or earlier, serially numbered and reported separately via Daily Memos to the Link Cell for separate settlement with central accounts, and another set for current April transactions. Cheques realized on or before the last day of March are treated as March Residual even if reported in April; cheques realized after are treated as next year transactions.

March residual transactions: banks must segregate and report year end receipts separately to secure accounting in the prior year.
Banks must treat receipts realised on or before the financial year end as March Residual Transactions and ensure these are accounted in the prior year even if reported in April; receiving branches should use special messenger/courier arrangements to forward challans to Nodal/Focal Point branches. From April 1 to April 10 Nodal/Focal Point branches shall segregate and serially label March Residual main scrolls, prepare separate daily summaries and Daily Memos for March Residual and April transactions, forward March Residual advices for settlement with the Reserve Bank, and submit two sets of submissions to departmental accounts officers.

Commodity derivatives eligibility clarified as tradable securities in IFSCs, permitting IFSC stock exchanges to permit dealing.
The circular specifies Commodity Derivatives as eligible securities for trading in International Financial Services Centres, notes that recognised commodity derivatives associations are deemed recognised stock exchanges, and directs that stock exchanges operating in IFSCs may permit dealing in commodity derivatives under SEBI's regulatory powers to protect investors and promote securities market development.

Customs One Time Seal procedure: affix OTS on containers lacking or with broken seals, then complete CFS examination.
Terminal operators must notify the Superintendent (Wharf), Superintendent (CMFC), AC/DC (Docks) in writing and the steamer agent when import containers arrive without or with damaged load port seals; the Superintendent (Wharf) may act during holidays and report later. A Customs One Time Seal (OTS) shall be affixed, the container moved to a CFS designated by the steamer agent and subjected to complete examination by the Superintendent at the CFS. Discovery of objectionable goods must be reported to the Assistant/Deputy Commissioner (Docks). Escorting to CFS/ICD is decided case by case by the Deputy/Assistant Commissioner (Docks).

Remedial action clarified: accept valid audit objections and restrict appeals where first instance orders are justified.
Modification directs that correct audit objections on fact or law must be accepted and remedial action initiated; officers must initiate remedial measures promptly and complete orders within administrative timeframes. If the PCIT/CIT does not accept an objection, they must record reasons and inform the audit authority, and no remedial action is required. Adverse first appellate orders involving audit objections must be scrutinised and appeals should not be preferred where the order is justified, with reasons recorded for not filing appeal.

Customs sealing of import containers requires officers to affix One Time Bottle seals before movement to CFS/ICD.
Customs requires officers to affix a One Time Bottle seal on each import container before movement to CFS/ICD and to record the seal number in a separate register and on the EIR copy. Custodians of the CFS/ICD must bear the cost as part of their responsibility for secure transport. The measure is temporary until electronic seal systems like CODEX/Barcoding/RFID e-seals are introduced.

Standard Input Output Norms notified for chemical exports, defining input allowances and export product SIONs under trade policy.
Notification of Standard Input Output Norms for specified chemical and allied export products under the Foreign Trade Policy and Handbook of Procedures. The Directorate General of Foreign Trade issues SION entries identifying export items and corresponding input materials and allowed quantities per export unit, to be applied as operative input-output standards for the listed pharmaceutical and injectable products.

Advance Authorization debit to be made only via EDI, ending manual debits and enabling Advice Letter procedure.
Manual debiting of Advance Authorization licences is discontinued and debits will be effected only through the EDI system to avoid duplication and clearance delays. For issuance of ARO or invalidation letters by the Regional Authority for domestic sourcing, holders must obtain an Advice Letter from the Group AC/DC, who will update records and issue it the same day; thereafter the holder may apply to the Regional Authority. Officers must re check system debits. This notice supersedes the earlier public notice.

Manual debit of EPCG licence discontinued; electronic EDI debit mandatory with Advice Letter route for ARO requests.
Manual debit of EPCG licences will be discontinued and debits will be effected only through the EDI system; officers must verify the electronic debit at the time of out of charge. If a licence holder requires an ARO or invalidation letter for domestic sourcing, the holder must first obtain an Advice Letter from the Group AC/DC specifying intended quantity and value, which will be used to apply to the Regional Authority; Advice Letters are to be processed and issued promptly.

Brand rate identifier change requires exporters to declare new identifier and tariff item B for provisional customs component drawback.
Exporters claiming brand rate under Rule 7 must declare identifier "9807" followed by the AIR Schedule tariff item number and "B" on shipping bills filed on or after 23.11.2015; Customs will process provisional drawback equal to the Customs component ("B" column rate and cap) subject to AIR conditions and EDI validation. Exporters may thereafter apply to Central Excise for fixation of brand rate; timely complete applications can lead to additional payments or adjustments, while rejections must be accompanied by eligibility details for Customs to finalise claims.

Penny stock transactions: uploaded investigation data must inform assessments and consideration of reopening of assessments under tax rules.
Investigation data on manipulated penny stock transactions, including a Kolkata report, has been uploaded to the Individual Transaction Screen via a new 'Penny Stock' button; Assessing Officers and their supervisors must access and consider this information when finalizing assessments and when considering reopening of assessments, with technical support contact provided for access issues.