Tariff valuation update sets new customs valuation benchmarks for specified edible oils, metals, and agricultural imports.
Under authority of sub section (2) of section 14 of the Customs Act, 1962, the Central Board of Excise & Customs substitutes new TABLE 1, TABLE 2 and TABLE 3 in Notification No. 36/2001 Customs (N.T.), fixing updated tariff valuation benchmarks in US dollars for specified imported goods including edible oils, certain agricultural products, brass scrap, and gold and silver when relevant notification benefits are availed.

External debt increase driven by long term liabilities and NRI deposits, altering debt composition and currency exposure.
India's external debt rose at end December 2013 compared with end March 2013, driven mainly by an increase in long term debt-particularly NRI deposits mobilised under a swap scheme-while short term debt declined; commercial borrowings, NRI deposits and multilateral loans were the largest components, sovereign debt fell as a share, and US dollar denominated obligations constituted the largest currency exposure.

Bilateral economic cooperation expanded as high-level Qatar delegation and India commit to follow up on multi-sector investment and trade talks.
A high-level Qatari delegation led by the Under Secretary, Ministry of Economy and Commerce, visited New Delhi on 25-26 March 2014 for cordial and productive bilateral and counterpart-level meetings with Indian officials led by the Secretary, Department of Economic Affairs, to discuss proposals in investment; banking and finance; energy; petrochemicals and fertilizers; civil aviation and tourism, and agreed to actively follow up on measures to strengthen cooperation; the delegation also met Indian corporate representatives at industry-organized business events.

Administrative direction under Section 119: tax offices to remain open for year-end filings and facilitate return submissions.
The Central Board of Direct Taxes, exercising powers under Section 119(1) of the Income tax Act, directed field Income Tax Offices to remain open and keep receipts counters working during normal office hours on the year end days that would otherwise be non working, and authorised special arrangements including opening additional receipt counters to facilitate filing of returns and related taxpayer work, with instructions to give the measures wide publicity.

Exchange rate determination under Customs Act: prescribed import and export currency rates set for customs valuation, effective immediately.
Determination of exchange rates under the Customs Act prescribes specified conversion rates for listed foreign currencies for import and export goods, distinguishes import and export columns, organizes rates in Schedule I (per unit) and Schedule II (per 100 units), and supersedes the prior notification with effect from 21 March 2014 for customs valuation and related processing.

ITR-V submission requirement: taxpayers must mail e-filed return acknowledgements to CPC Bengaluru to enable processing.
E-filed returns submitted without digital signature must be regularized by mailing the ITR-V by ordinary or speed post exclusively to CPC, Bengaluru at the specified Post Bag address; only mailed submissions to that address will be accepted. Taxpayers who filed ITR-V with local offices or who previously mailed without receiving CPC acknowledgement should re-mail the ITR-V. Without CPC acknowledgement returns will not be processed nor refunds issued.

Tariff value change for specified edible oils and metals alters customs valuation and import duty assessment.
Amendment under the Customs Act by the Central Board of Excise & Customs substitutes TABLE-1, TABLE-2 and TABLE-3 of Notification No. 36/2001 Customs (N.T.), prescribing revised tariff values in US dollars for specified commodities including edible oils and fractions, brass scrap, poppy seeds, areca nuts, and unit values for gold and silver for application in import valuation and customs duty assessment.

Tax Deduction at Source (TDS) seminar clarifying compliance, procedural and cross border withholding issues with registration details.
The seminar focuses on practical and procedural challenges under Tax Deduction at Source (TDS), including payer obligations and recipient rights, cash flow and litigation consequences, refund processing and TRACES, and cross border withholding problems affecting non residents and treaty relief. Program topics include TDS on salary, contractors, rent, commission and professional fees, Sections on salary and immovable property with recent procedural changes, software income and royalty, transfer pricing interactions, ESOPs, and administrative and e filing mechanics, together with registration and fee details.

Exchange rate determination for customs: distinct notified import and export currency rates to apply for goods valuation.
Pursuant to section 14 of the Customs Act, 1962, the Central Board of Excise and Customs fixes distinct conversion rates for specified foreign currencies into Indian rupees for imported and export goods, effective from 7th March, 2014, and prescribes two schedules: per unit rates for major currencies and per 100 unit rates for certain currencies, replacing the immediately prior notification.

TDS/TCS due-date extension for government deductors results in automatic waiver of fees under section 234E.
The CBDT granted an ex post facto due date extension to 31.03.2014 for filing TDS/TCS statements by Government deductors for specified quarters of FY 2012 13 and FY 2013 14, and this extension effects an automatic waiver of the fee payable under Section 234E for those periods, while specifying that any fee already paid by a Government deductor will not be refunded.

Public private partnership pilot projects catalyse private investment and model replicable structures for infrastructure service delivery.
The Department of Economic Affairs launched three public private partnership pilot projects across waste management and water sectors to commence PPP bid processes, using innovative structuring and targeted government support to act as model projects. Government funding aims to improve project bankability and leverage substantial private sector investment, while DEA provides policy guidance, capacity building, project conceptualisation and structuring, risk appraisal, bid process management, and project viability funding to facilitate replication and efficient service delivery.

Viability Gap Funding supports PPP approvals for road, power transmission and food storage projects to proceed.
An empowered approval body authorised five PPP projects: two in principle approvals for 50,000 MT modern food silos at Indore and Bhopal, and three final approvals-two road upgrades and a 400 kV double circuit transmission line-cleared with Viability Gap Funding to enable implementation under PPP procurement and concession arrangements.

Change in Tariff Value: amendment updates notified tariff benchmarks for specified oils, metals, seeds and nuts under Customs law.
Amendment to the notified tariff valuation substitutes TABLES 1-3 of Notification No. 36/2001 Customs (N.T.), revising unit tariff value benchmarks under the authority of section 14(2) of the Customs Act, 1962 for specified commodities including palm oils and derivatives, crude soybean oil, brass scrap, poppy seeds, areca nuts, and separate unit values for gold and silver where specified notification benefits apply.