E filing portal migration temporarily suspends access, then restores expanded electronic filing and enhanced user support.
A new centralized e filing project will expand online submission to ITRs and other income tax forms. Portal and data migration from the legacy system will require temporary suspension of taxpayer access to the existing e filing portal from 3 November to 8 November 2012, after which the service will resume with multiple e filing modes, online and offline forms, pre filled data, and help desk support.

Financial Regulation and Inclusion discussions drive ministerial coordination on global economy and international financial architecture.
Participation in the G-20 Finance Ministers' and Central Bank Governors' meeting to address coordinated policy responses. The Finance Minister will attend sessions on Global Economy and Framework, Financial Regulation and Financial Inclusion, sessions on Energy, Commodities, Climate Finance and Disaster Risk, and on International Financial Architecture, and will engage with private sector leaders and the G-20 Chair press conference. Prior bilateral engagement in a Korea India Finance Ministers' meeting will cover fiscal cooperation and infrastructure sectoral collaboration.

Double taxation treaty amendments expand information exchange, introduce assistance in tax collection and anti abuse rules, and extend partnership benefits.
The Protocol amends the double taxation convention to extend treaty benefits to partners of UK partnerships where partnership income is taxed in their hands, revise dividend withholding arrangements applicable in both jurisdictions, incorporate exchange of information provisions including banking information and supply irrespective of domestic interest, permit sharing with other agencies subject to consent, create an article on assistance in collection including conservancy measures, and add anti abuse limitation of benefits rules alongside MOUs to expedite cooperation.

SEZ approvals and regulatory conditions clarified, with permissions, refusals and conditional extensions subject to compliance and revenue safeguards.
The Board recorded approvals, deferrals and rejections relating to SEZ formal approvals, co developer consents, authorized operations, area increases/decreases, de notifications and extensions, imposing conditions such as DC certification of refund of tax/duty benefits, adherence to development guidelines, local planning norms, and preserving revenue authorities' rights to examine lease/transfer receipts; specific operational permissions and refusals were granted for processing and non processing activities, with several matters remanded for site inspection or further departmental reports.

ITR V filing deadline extended: taxpayers may submit ITR V by 31 December 2012 or within 120 days.
Extension granted for filing ITR-V forms for electronically filed returns (without digital signature) for AY 2010-11 and AY 2011-12: taxpayers may file ITR-V up to 31 December 2012 or within 120 days from the date of uploading of the electronic return data, whichever is later. Taxpayers may verify receipt status and download the ITR-V from the income tax e-filing portal and must send physical ITR-V forms by ordinary post or speed post to the designated centralized processing centre address.

SEZ approvals and conditional authorisations: state concurrence, lease scrutiny and tax treatment govern new and amended SEZ permissions.
The Board recorded approvals, deferrals and conditional decisions on SEZ proposals, co-developer requests, authorised operations, area and sector changes, denotifications, and extensions of approvals. Approvals were granted where state recommendations and land possession were in order; many items were deferred pending State Government recommendations or post election consideration. Co-developer approvals carried a uniform tax treatment condition permitting Assessing Officer review; lease agreements were to be examined where transactions risked constituting prohibited land sale. Authorised operations, import permissions and unit activities were approved or rejected with conditions, monitoring obligations and several decisions declared non precedential.

SEZ approvals and compliance safeguards: Board authorised selective approvals, deferrals, denotifications and conditional extensions with oversight
The Board granted, deferred or rejected multiple SEZ proposals, approving certain formal approvals and authorized operations while deferring others pending DC comments or technical scrutiny. Co developer approvals were conditioned by concerns about tax treatment and potential NFE circumvention, prompting constitution of a committee with CBDT and CBEC to devise ring fencing arrangements. De notifications and withdrawals were approved subject to DC certification of refund of tax/duty benefits. Extensions of approvals and LoPs were routinely granted or refused based on implementation progress, and operational permissions were issued with strict conditions on DTA transactions, export obligations and re export of repaired goods.

Co developer status guidance clarifies ring fencing and separate entity requirements for SEZ approvals, affecting lease and tax treatment.
The Board of Approval issued and managed SEZ approvals and modifications, establishing co developer principles requiring separate legal entities or strict ring fencing with separate accounts and prohibition on cross charging; all co developer approvals remain subject to tax assessment. The BoA granted, deferred or rejected specific co developer and authorized operations requests pending revised lease deeds, state reports, contiguity plans, or financial details; approved certain sector changes and multiple extensions of formal and in principle approvals, and conditioned withdrawals and de notifications on refund of duty/tax benefits.

SEZ approvals and regulatory conditions govern formal approvals, co-developer tax treatment, area changes, and LoP extensions.
The Board recorded multiple formal approvals for SEZs and FTWZs where developers held land and state recommendations existed, while deferring or rejecting proposals lacking timely state concurrence, contiguity, or requisite permissions. Co-developer approvals were conditioned so lease terms do not determine tax treatment and assessing officers retain rights to examine taxability. Extensions of formal and in principle approvals and LoPs were granted, deferred or rejected based on implementation, pending litigation, or state recommendations. De-notifications and area changes were approved subject to contiguity and DC certification of refund of tax/duty benefits.

SEZ approvals and co developer conditions: approvals, conditional extensions and tax scrutiny required before finalisation.
The Board granted formal approvals for multiple SEZ proposals where land possession and state recommendations existed, approved numerous co-developer applications subject to co-developer agreements and lease deeds detailing financial arrangements, and emphasized that tax treatment of lease rentals, premiums and down payments remains subject to examination under Income Tax provisions. It granted authorized operations and extensions of in-principle and formal approvals or LoPs in many cases while rejecting or deferring requests lacking implementation, state recommendation, lease documentation, financial details, or environmental clearances. Equity transfers and name changes were approved subject to continuity, compliance and furnishing of full financial details to tax authorities.

Co-developer approvals and conditions clarify tax examination rights and compliance requirements for SEZ operations and imports.
The SEZ Board recorded approvals, deferrals and conditions across proposals for formal SEZ approvals, co-developer recognitions, authorized operations, area adjustments, validity and LoP extensions, de-notifications and imports of restricted items. Approvals were granted where land possession and state recommendations existed; co-developer status and authorized activities were approved subject to compliance with co-developer agreements, documentation, DC certification and regulatory clearances. The Board emphasised that lease/co-developer agreement terms do not determine tax treatment and that the Assessing Officer may examine taxability under applicable law.

Special Economic Zone approvals and co developer tax treatment conditioned on lease documentation and Assessing Officer review.
The Board granted formal approvals for several IT/ITES sector SEZ proposals where developers possessed land and state recommendations existed; deferred or rejected proposals lacking possession or contravening policy. It imposed a uniform condition on co developer approvals that lease/co developer agreement terms shall not determine tax treatment of lease rentals/down payments/premiums and required draft lease deeds with financial details. The Board approved, deferred or extended validity of various formal and in principle approvals, LoPs and operational permissions subject to documentation, state reports or policy constraints, and circulated a draft plastics recycling policy while extending existing permissions temporarily.

Tariff value adjustment for specified commodities alters customs valuation and import duty calculation under Customs Act powers.
Amendment notifies revised tariff value declarations for specified imported commodities under sub-section (2) of section 14 of the Customs Act, 1962, substituting prior tables with new Table 1 and Table 2 that set US dollar tariff values for vegetable oils, brass scrap, poppy seeds and unit measures for gold and silver, thereby establishing reference valuations for customs assessment and import duty calculation.

SEZ approvals and regulatory conditions: co-developer admissions, authorized operations and extensions governed with tax safeguards.
The Board approved and regulated SEZ proposals, co-developer admissions and authorized operations with conditions: co-developers must maintain separate accounts and no transfers of lease/service charges between co-developer and units; Assessing Officers retain the right to examine taxability under SEZ and Income Tax rules. Authorized operations in non-processing areas were scrutinised and some deferred for justification. Extensions, de-notifications and area adjustments were granted subject to DC certification of refund of tax/duty benefits and maintenance of contiguity. Name and equity changes were approved with conditions safeguarding continuity, eligibility and revenue reporting; appeals were variably allowed, deferred or remanded.

Contiguity requirement in SEZ approvals conditioned on certification and protection of tax revenue rights of assessing officers.
The Board approved, deferred or rejected a range of SEZ proposals while emphasising maintenance of contiguity for notified SEZs and conditioning denotification/addition approvals on DC certification that tax/duty benefits for the area were not availed or have been refunded. Co-developer status and equity/name changes were approved only subject to continuity of SEZ activities, fulfilment of eligibility criteria, compliance with revenue/company laws, provision of full financial details to revenue authorities, and reservation of the Assessing Officer's right to assess taxability under the Income Tax Act.

Debt sustainability requires fiscal consolidation and capital inflows to contain fiscal and current account deficits.
The government will pursue fiscal consolidation by maximising revenue mobilisation and controlling expenditure under a fiscal consolidation road map, with a challenging but attainable fiscal deficit target. Current account deficit reduction will rely on capital inflows-FDI, portfolio investment and external commercial borrowings-with FDI deemed imperative to avoid greater external borrowing. Consultative recommendations include a formal debt and fiscal management policy, maintaining a low debt to GDP ratio, improving subsidy delivery, reviewing central sponsored schemes, expanding rural banking to mobilise savings, and seeking cross party support for these measures.

Cash reserve ratio cut boosts liquidity to support credit while keeping inflation containment central and guiding markets.
The Reserve Bank adopts a calibrated monetary stance prioritising inflation containment while facilitating growth via liquidity support. It reduces the Cash Reserve Ratio to inject primary liquidity, retains the policy repo and standing facility spreads, and provides conditional guidance for possible further easing. The statement revises growth and inflation projections downward and upward respectively in light of global and domestic risks, identifies liquidity and credit flow constraints, and announces a suite of regulatory and supervisory measures-ranging from prudential provisioning and mandated information sharing to market infrastructure reforms and financial inclusion initiatives-to strengthen financial stability and improve credit delivery.

Capital gain exemption for residential property enabled by amendment to the Capital Gains Accounts Scheme under section 54GB.
Capital gain on transfer of residential property is not to be charged in certain cases under 54GB, and the Capital Gains Accounts Scheme, 1988 was amended by notification dated 25-10-2012 to provide the deposit, withdrawal and utilisation mechanisms necessary to implement the reinvestment and compliance requirements for claiming that relief.

Government securities auction: re-issues offered via uniform-price method with non-competitive allocation and e-bidding on RBI platform.
Announcement of a Government securities auction re-issuing three stocks by uniform-price auction on the reserve bank electronic platform, permitting both competitive and non-competitive electronic bids with up to five percent reserved for eligible individuals and institutions under the Non-Competitive Bidding scheme; submission windows, result announcement and payment schedule are set, and the stocks are eligible for when-issued trading under central bank guidelines.

SLP against vacation of stay of recovery proceedings to restore tax recovery, with service tax dues detailed for filing.
A decision was taken to file a Special Leave Petition challenging the vacation of a stay on recovery proceedings that resulted in lifting attachments on the taxpayer's bank accounts so recovery can be restored. The SLP is to be moved by the CCIT(CCA) Bangalore and must include details of outstanding service tax dues obtained from the revenue department; a report on actions taken is to be submitted to the Board.