SEZ and EOU policy: awards recognise export performance while highlighting scheme benefits and outstanding fiscal challenges to address.
Presentation of EPCES export awards recognised EOUs and SEZ units for outstanding export performance and noted that the SEZ Scheme attracts investment, technology and managerial practices while contributing to exports, manufacturing, employment and value addition. The EOU Scheme is under review after withdrawal of an income tax benefit, and the Ministry highlighted fiscal challenges such as the imposition of Minimum Alternate Tax and Dividend Distribution Tax. EPCES committed to stakeholder consultations and Open House meetings to resolve operational issues and continue recognising strong performers.

Uniform price auction of government stocks allows reserved non-competitive bids and mandates electronic E Kuber submission for participants.
Sale and re-issue of multiple Central Government stocks will be conducted by the Reserve Bank of India through price-based auctions using the uniform price method. Up to five percent of each notified amount is reserved for eligible individuals and institutions under a Non-Competitive Bidding Facility. Competitive and non-competitive bids must be submitted electronically on the Reserve Bank's Core Banking Solution (E Kuber) within specified submission windows, with auction results announced and payment obligations set by the issuing authority. The stocks are eligible for when issued trading under existing RBI guidelines.

Due-date extension for filing income tax returns: deadline moved for affected assessees after heavy rains and floods disrupted filings.
The Central Board of Direct Taxes has extended the due-date for filing Returns of Income for Income Tax assessees in the affected State, moving the previously prescribed September filing deadline to a later date in October 2013 as administrative relief in view of heavy rains and floods that disrupted normal life and filing processes.

International tax conference addresses APAs, safe harbour rules, transfer pricing, dispute management and cross-border indirect tax challenges.
The conference focuses on practical and policy responses to international taxation issues, centring on Advance Pricing Agreements (APA), Safe Harbour Rules, transfer pricing controversies and attribution of profits, alongside panels on emerging international tax developments and tax controversy management; separate sessions examine contentious indirect tax rules, cross-border service tax challenges and audits, and the event convenes government revenue officials and private sector tax practitioners to facilitate dialogue and technical exchange.

Unlisted companies permitted to list abroad on a pilot basis subject to jurisdiction, disclosure, FDI and use of proceeds rules.
Unlisted Indian companies may, on a pilot basis, list and raise capital abroad without prior or subsequent Indian listing, limited to exchanges in IOSCO/FATF compliant or SEBI agreement jurisdictions; they must submit to SEBI the returns filed with the foreign regulator for PMLA, meet SEBI disclosure norms, comply with the FDI Policy, use proceeds for specified overseas purposes or repatriate unused funds promptly into RBI recognised AD banks, with implementation via notifications from the MoF, DIPP and RBI.

Willful TDS non-deposit triggers criminal liability and imprisonment plus fines under income tax penal provisions.
Willful failure to remit tax deducted at source and failure to furnish TDS certificates constitute criminal offences under the Income Tax Act. The company deducted tax from salaries, dividends and contractor payments but did not deposit the amounts within the prescribed time and failed to issue required certificates. The managing director, as the responsible officer, was prosecuted under the penal provisions for TDS non-deposit and failure to provide certificates and was sentenced to imprisonment and fined for those offences.

Electronic audit report filing deadline extended; manual audit report still due by prescribed due date.
Extension allows electronic transmission of the report of audit under the proviso to sub rule (2) of Rule 12 of the IT Rules until October 31, 2013 to address uploading difficulties; assessees must nevertheless file the report manually with the jurisdictional Assessing Officer and file income tax returns electronically by the prescribed due date.

Composite development-based fund allocation: fixed basic share plus need and performance components to determine state funding.
The report recommends a Composite Development Index to allocate central funds by granting each State a fixed basic allocation supplemented by additional shares determined by measured need and performance using multidimensional indicators such as per capita consumption and poverty ratios; States are classified by index thresholds into development tiers and certain States are identified as highest-need under this framework, with the methodology intended to subsume existing special-category treatment.

Exchange rate corrigendum revises Schedule I exchange entries in a customs notification, correcting two decimal values.
Corrigendum corrects two numerical entries in Schedule I against serial number 7, column (3): in sub column (a) "74.40" is replaced by "0.7440" and in sub column (b) "70.25" is replaced by "0.7225", as published by the Ministry of Finance (Department of Revenue) in the Gazette of India to amend Notification No. 100/2013 CUSTOMS (N.T.).

Tax amnesty scheme permits declaration and staged payment of past VAT/CST liabilities with limited immunities and reassessment safeguards.
The Delhi VAT amnesty authorises eligible dealers, unregistered persons and TDS deductors to declare and pay historical tax dues under DVAT, CST and specified repealed Delhi statutes for covered periods; where no assessment notice exists tax is computed commodity wise at applicable schedule rates, while where an assessment exists the declarant pays the tax and interest stated (less amounts paid) and obtains waiver of related penalties and prosecution. Works contractors and builders follow prescribed lump sum or valuation rules for land, labour and services. Declarations require registration if needed, staged electronic payment, prescribed acknowledgements, and yield a conclusive discharge on full payment; materially false declarations may be reassessed and penalised, with amounts paid credited against any resulting liability.

Exchange rate determination for customs: notified foreign currency conversion rates set for import and export goods.
The Central Board of Excise and Customs, exercising statutory authority under the Customs Act, notifies distinct import and export conversion rates for listed foreign currencies (including a per-100-unit rate for Japanese yen) and supersedes the prior notification to the extent inconsistent, thereby fixing official benchmarks for customs valuation and duty assessment.

Double taxation avoidance: treaty limits source taxation to permanent establishments and reduces withholding to spur cross-border investment.
The agreement allocates taxation of business profits to the source state only where activities constitute a Permanent Establishment, specifies PE categories, incorporates an Associated Enterprises Article to enhance transfer pricing relief through the Mutual Agreement Procedure, provides for taxation of dividends, interest and royalties in both residence and source with reduced withholding to promote investment, and modernises administrative cooperation through effective exchange of information, assistance in collection and an anti-abuse limitation of benefits clause.

Net direct tax collections growth driven by corporate and personal income tax increases and stronger advance tax receipts this fiscal.
Net direct tax collections through 17 September 2013 rose 12.5% year-on-year, driven primarily by corporate tax and personal income tax increases, with separate contributions from Securities Transaction Tax and Wealth Tax. Advance tax receipts for the September quarter grew overall, led by corporate advance tax, and the largest advance taxpayers are identified, reflecting concentrated contributions to near-term revenue.

Double taxation rules: PE-based source taxation and reduced withholding to boost cross-border investment and technology flows.
The India-Latvia Agreement allocates taxing rights by taxing business profits in the source state when activities create a permanent establishment, defines multiple PE types, and includes an Associated Enterprises rule to enhance the mutual agreement procedure for transfer pricing. It taxes dividends, interest, royalties and technical service fees in residence and source states with reduced withholding to encourage investment, and establishes enhanced exchange of information, assistance in tax collection, conservancy measures and an anti-abuse limitation of benefits clause to ensure benefits for genuine residents.

Safe harbour rules for transfer pricing permit a multi year opt in with eligibility, reporting and time bound review safeguards.
The finalized safe harbour rules under section 92CB allow assessees to opt into a multi year transfer pricing regime by filing Form 3CEFA; the option, once validated, remains for the chosen period unless withdrawn. Availability depends on eligibility conditions and applies only to specified international transactions with reporting obligations on transaction amount, nature and operative margins or rates. The rules adjust margins and ceilings for routine ITES/ITS, KPO and corporate guarantees, set credit rating conditions for large guarantees, and prescribe time bound procedures and reasoned orders after hearing for determination and objection by the Commissioner.

Financial inclusion as central policy: integrate microfinance clients into formal banking to enable urban microenterprise growth.
The address advocates financial inclusion as central to alleviating urban poverty, urging integration of microfinance clients into formal banking through cluster-based lending, SHG-bank linkages, targeted MSE-focused branches, and lead bank coordination; it stresses banks' comparative advantages but calls for tailored methodologies, operational autonomy, specialized staff and capacity building to make microfinance scalable and sustainable.

Electoral Trust application deadline extended; approval filings permitted until the late-November cutoff for the relevant assessment year.
Extension permits Electoral Trusts to submit applications for approval under the Electoral Trusts Scheme within an extended filing cutoff in late November of the calendar year preceding the assessment year, allowing additional time to comply with the Scheme's application and approval process.

Exchange rate notification sets customs import and export rupee equivalents for specified foreign currencies under the Customs Act.
An amendment under Section 14 of the Customs Act substitutes specified entries in Schedule I of Notification No.95/2013 CUSTOMS (N.T.), fixing rupee equivalents for designated foreign currencies for import and export purposes. The substituted Schedule lists Bahrain Dinar, Hong Kong Dollar, Kenya Shilling, Kuwait Dinar, Saudi Arabian Riyal, UAE Dirham and US Dollar with separate rates to be applied for imported goods and for exported goods.

Record Management Standard certification affirms CPC's international compliance for records lifecycle practices and secure archival governance.
CPC Bengaluru's records management system received ISO 15489 certification, recognizing its records lifecycle framework for creation, registration, classification, storage, security, retrieval and disposition, applied to large-scale processing and archiving of tax return materials within a centralized processing facility.

Tax compliance enforcement using data driven notices to prompt non filers to file returns and address unpaid taxes.
The tax authority is conducting a data driven campaign targeting high risk non filers by issuing notices, equipping assessing officers with monitored taxpayer details and seeking field assistance to contact unreachable taxpayers to secure filing and payment. The initiative has produced returns and voluntary tax payments, will be expanded to include high value transaction parties, and will be supported by an e filing portal module showing individual non filing indicators and allowing taxpayer comments to enhance transparency.