Companies cost records and audit rules amended: specified sectors now require cost records from companies with Rs.35 crore turnover.
The amendment prescribes a Table of regulated and non regulated sectors for which companies (including foreign companies) must maintain cost records where overall turnover in the preceding year is Rs. 35 crore or more, defines the Central Excise Tariff Act Heading for classification, and excludes micro and small enterprises and liaison only foreign offices from certain entries.

Dispute Resolution Panel rules reorganise panel locations and membership, enabling administrative transfers after hearing and reasons.
The amendment authorises the Board to constitute Dispute Resolution Panel headquarters at specified locations with defined territorial jurisdictions, assigns three Commissioners of Income-tax to each panel, permits transfer of cases between panels or jurisdictions by the Principal Chief Commissioner or Chief Commissioner of Income-tax (International Taxation) after giving the eligible assessee an opportunity of being heard and recording reasons, and requires the Principal Chief Commissioner or Chief Commissioner where the panel headquarters is located to constitute the panel secretariat.

Anti-dumping duty on pentaerythritol from Chinese Taipei imposed for five years, payable in national currency under customs exchange rules.
Imposition of Anti-Dumping Duty on pentaerythritol (sub-heading 2905 42) originating in or exported from Chinese Taipei for five years following a review finding continued dumping and likely continuation/intensification of injury. Duty applies under three origin/export scenarios, is specified per unit and currency in the notification Table, is payable in Indian currency, and uses the government exchange rate applicable on the bill of entry date for conversion.

Extension of zero customs duty on chickpeas by amendment to the exemption notification, delaying its expiry to a later date.
Amendment substitutes the expiry date in the proviso to clause (ab) of Notification No. 12/2012 Customs, thereby extending the zero customs duty exemption on chickpeas; effected by Notification No. 39/2014 Customs issued under section 25(1) of the Customs Act, 1962, which replaces the earlier specified expiry with a later date and records the amending notification reference.

Tariff value fixation for specified imported goods updated, substituting prior tables to set customs valuation benchmarks.
The Central Board amends Notification No. 36/2001-Customs (N.T.) by substituting TABLE-1, TABLE-2 and TABLE-3 with revised schedules that fix tariff values in US dollars for specified imported goods. TABLE-1 prescribes per-metric-tonne values for commodities such as palm oils, palmoleins, soya-bean oil, brass scrap and poppy seeds; TABLE-2 sets unit values for gold and silver in relation to specified notification benefits; and TABLE-3 fixes a per-metric-tonne value for areca nuts-thereby establishing benchmark unit values for customs valuation and related non-tariff purposes.

Export permission for buffalo tallow now allowed subject to APEDA-registered plants and compulsory pre-shipment biochemical testing.
Export of buffalo tallow is authorised by inserting Sl. No. 91A in Chapter 15 of ITC(HS) Schedule 2, designating Buffalo Tallow as 'Free'. Exports are permitted only from APEDA-registered integrated meat plants with rendering facilities and subject to compulsory pre-shipment biochemical tests conducted by APEDA-approved laboratories.

Safeguard duty on sodium citrate imposed; phased ad valorem rates over a three year period with select country exclusions.
Imposition of safeguard duty on imports of Sodium Citrate follows a finding of serious injury and adopts a phased schedule of ad valorem duties over a three year period commencing on the notification date; the measure applies to the specified tariff item and excludes imports from countries recognised as developing, except for the People's Republic of China.

Venture capital undertaking definition tightened, restricting eligible unlisted investees and excluding specified financial and prohibited activities.
Amends SEBI (FVCI) Regulations by omitting clause (j) and the Third Schedule and substituting clause (m) to define venture capital undertaking as a domestic, unlisted company engaged in services or production/manufacture, excluding specified NBFCs except certain infrastructure CICs, Asset Finance Companies, Infrastructure Finance Companies registered with RBI, gold financing, activities not permitted under the industrial policy, and other activities the Board may specify in consultation with the Government of India.

Networth requirement relaxed: asset management companies meeting remediation steps may be permitted limited scheme launches annually.
Amendment to regulation 21(1)(f) replaces a cross-reference with the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2014 and inserts a proviso permitting the Board, when satisfied that an asset management company is taking steps to meet the networth requirement within the specified time, to allow that asset management company to launch a limited number of new schemes annually.

Prohibition on post office advocacy bars former Chairperson and Members from appearing, acting or pleading before the Appellate Tribunal.
The amendment substitutes the pay provision, fixing an Apex scale for the Chairperson and a Higher Administrative Grade for Members, allows sitting High Court Judges appointed as Chairperson to receive High Court Judge salary, requires deduction of pension or retirement contributions from the salary of retired appointees, grants additional allowances aligned with Secretary and Additional Secretary levels, and inserts a post service bar preventing former Chairperson or Members from appearing, acting or pleading before the Appellate Tribunal.

Tariff concessions under India ASEAN FTA grant deeper preferential import rates for specified goods, effective January 2015.
The Central Government, under section 25(1) of the Customs Act, substitutes the Table in Notification No.46/2011 Customs to provide deeper tariff concessions for specified HS chapters, headings and tariff items when imported from ASEAN under the India ASEAN FTA. The substituted Table lists tariff lines with revised concessional rates and specific item level treatments. The amendment revises the operative tariff schedule of the principal notification and shall take effect from 1 January 2015.

Tariff concessions under India Malaysia CECA: deeper preferential duty rates for listed Malaysian imports via a substituted tariff table.
Substitutes the Table in Notification No. 53/2011 Customs with a comprehensive schedule of chapter/heading/sub heading/tariff items and corresponding preferential rates for specified goods imported from Malaysia under IMCECA; enacted under section 25(1) of the Customs Act and effective from 1st January, 2015.

Basic customs duty update revises rates for specified tariff items under India Japan CEPA effective from January.
Notification substitutes the entry in column (4) against S. No. 521 with "6.8" and the entry in column (4) against S. No. 746 with "8.75" in the Table to Notification No.69/2011 Customs (India Japan CEPA). The amendments are made under section 25(1) of the Customs Act, 1962, as necessary in the public interest and shall come into force with effect from the 1st day of January, 2015.

Tariff concessions under India-Korea CEPA expanded, substituting the customs tariff schedule to provide deeper preferential rates.
Substitutes the Table in notification No.152/2009-Customs with a revised tariff Schedule providing deeper preferential rates for specified HS chapters, headings and tariff items for goods imported from the Republic of Korea under the India-Korea Comprehensive Economic Partnership Agreement; issued under section 25(1) of the Customs Act, 1962, and effective from 1 January 2015.

Acting as participant in more than one depository requires depository approval, registration fees and separate annual payments.
A registered participant may act as a participant of another depository with that depository's approval following an application as specified by the Board; the depository, on satisfaction of compliance and eligibility requirements, shall grant approval subject to payment of registration fees specified in Part A of the Second Schedule in the manner in Part B within fifteen days of intimation, and must inform the Board. Approved participants must pay separate annual fees specified in Part A of the Second Schedule and pay registration fees every five years from the sixth year to keep registration in force.

Customs duty increase on edible oils via substitution of tariff entries, raising specified duty rates under the notification.
Increase of customs duties on specified crude and refined edible oils by amendment to Notification No. 12/2012 Customs. The Central Government, satisfied of necessity in the public interest, substitutes higher duty rate entries in column (4) of the Table to the principal notification for multiple listed serial numbers, thereby altering the tariff entries applicable to the designated edible oil items.

Pension fund specification: Reliance Retirement Fund recognised for income-tax deduction eligibility for assessment years and subsequent years.
The Central Government designates the Reliance Retirement Fund set up by Reliance Mutual Fund, registered under SEBI (Mutual Fund) Regulations (registration No. MF/022/95/1), as a pension fund for the purposes of clause (xiv) of sub-section (2) of section 80C of the Income-tax Act, with effect for the assessment year 2015-16 and subsequent assessment years, and the notification takes effect from its publication in the Official Gazette.

Tax exemption recognition for a construction workers welfare board applies to specified receipts, subject to operational and filing conditions.
Notification designates the West Bengal Building and Other Construction Workers Welfare Board as a notified body for specified income sources-cess, registration fees and subscriptions, government grants and loans, and investment interest-applicable for financial years 2011-2012 to 2015-2016, conditional on no commercial activity, unchanged activities and income character during each year, and filing income returns under clause (g) of sub section (4C) of section 139 of the Income tax Act.

Tax exemption for Bureau of Indian Standards: specified income exempt subject to non-commercial and filing conditions.
Notification under clause (46) of section 10 of the Income-tax Act notifies specified receipts of the Bureau of Indian Standards as exempt: certification fees, sale of standards where no profit is involved, and interest income. The exemption is subject to conditions that the Bureau refrain from commercial activity, maintain unchanged activities and nature of specified income during the financial year, and file income-tax returns as required by the statutory provision referenced.

Tax exemption for notified society: central grants and interest exempt subject to non commercial use and return filing.
Notification designates Karnataka Computerisation of Police Society as a notified entity whose specified income-grants in aid from the Central Government and interest on those grants-is exempt under section 10(46), subject to conditions that the Society not engage in commercial activity, that its activities and specified income remain unchanged during the financial year, and that it files its return of income as required by the Act.