TIOL-DDT 2578 · the untouched capture
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<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#663399" size="3"><s><strong><font size="2"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#663399" size="3"><s><strong><font size="2"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=bnews_detail.php3&newsid=23157"><img src="http://www.taxindiaonline.com/RC2/image/stories/limca_book2015_1.jpg" alt="DDT in Limca Book of Records - Third Time in a row" width="300" height="148" hspace="5" border="0" align="right" ></a></font></strong></font></strong></font></strong></font></strong></font></strong></s></font></strong></font></strong></font></strong></font></strong></font></strong></font></strong></s></font></strong></font><font color="#663399" size="3">TIOL-DDT 2578</font><br>
17 04 2015<br>
Friday</strong></font></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><em><strong><font color="#006600">Income Tax Returns - E-filing made mandatory for certain individuals</font></strong></em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> CBDT has amended Rule 12 of the Income Tax Rules. The manner of furnishing the return for various categories has been amended making e-filing mandatory in almost all cases. </font></p>
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<td colspan="2" valign="top"><div align="center"><strong><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif" style="background-color:#FFFF00" span="span">1. Individual or Hindu undivided family </font></strong></div></td>
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<td valign="top"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Condition </font></strong></td>
<td valign="top"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Manner of furnishing return of income </font></strong></td>
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<td valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(a) Accounts are required to be audited under section 44AB of the Act; </font></td>
<td valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Electronically under digital signature </font></td>
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<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(b) Where (a) is not applicable and,- </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(I) the return is furnished in Form No. ITR-3 or Form No. ITR-4; or </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(II) the person, being a resident, other than not ordinarily resident within the meaning of sub-section (6) of section 6, has, (A) assets (including financial interest in any entity) located outside India; or (B) signing authority in any account located outside India; or (C) income from any source outside India;</font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(III) any relief, in respect of tax paid outside India, under section 90 or 90A or deduction of tax under section 91 is claimed; or</font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(IV) any report of audit referred to in proviso to sub-rule (2) is required to be furnished electronically; or </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(V) total income assessable under the Act during the previous year of the person (other than the person, being an individual of the age of 80 years or more at any time during the previous year and furnishing the return in Form ITR-1 or ITR-2),- </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(i) exceeds five lakh rupees; or </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(ii) any refund is claimed in the return of income; </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(A) Electronically under digital signature; or </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(B) Transmitting the data in the return electronically under electronic verification code; or </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(C) Transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V. </font></p></td>
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<td valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(c) In any other case. </font></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(A) Electronically under digital signature; or </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(B) Transmitting the data in the return electronically under electronic verification code; or</font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(C) Transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V; or</font></p> <p><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>(D) Paper form; </strong></font></p></td>
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<td colspan="2" valign="top"><div align="center"><strong><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif" style="background-color:#FFFF00" span="span">2. Company </font></strong></div></td>
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<td valign="top"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Condition </font></strong></td>
<td valign="top"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Manner of furnishing return of income </font></strong></td>
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<td valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">In all cases. </font></td>
<td valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Electronically under digital signature. </font></td>
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<td colspan="2" valign="top"><div align="center"><strong><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif" style="background-color:#FFFF00" span="span">3. A person required to furnish the return in Form ITR-7 </font></strong></div></td>
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<td valign="top"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Condition </font></strong></td>
<td valign="top"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Manner of furnishing return of income </font></strong></td>
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<td valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(a) In case of a political party; </font></td>
<td valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Electronically under digital signature. </font></td>
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<td valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(b) In any other case </font></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(A) Electronically under digital signature; or </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(B) Transmitting the data in the return electronically under electronic verification code; or</font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(C) Transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V. </font></p></td>
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<td colspan="2" valign="top"><div align="center"><strong><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif" style="background-color:#FFFF00" span="span">4. Firm or limited liability partnership or any person (other than a person mentioned in Sl. 1 to 3 above) who is required to file return in Form ITR-5 </font></strong></div></td>
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<td valign="top"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Condition </font></strong></td>
<td valign="top"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Manner of furnishing return of income </font></strong></td>
</tr>
<tr>
<td valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(a) Accounts are required to be audited under section 44AB of the Act; </font></td>
<td valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Electronically under digital signature. </font></td>
</tr>
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<td valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(b) In any other case </font></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(A) Electronically under digital signature; or </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(B) Transmitting the data in the return electronically under electronic verification code; or</font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(C) Transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V. </font></p></td>
</tr>
</table>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">"<em>Electronic Verification Code</em>" is a code generated for the purpose of electronic verification of the person furnishing the return of income as per the data structure and standards specified by Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems).' </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">These amendments are deemed to have come into force with effect from the 1st day of April, 2015 </font></p>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTc5NDY=" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">CBDT Notification No. 41/2015, Dated: April 15, 2015 </font></strong></a></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><strong><em><font color="#006600">Customs - New Exchange Rates from Today </font></em></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>CBEC</strong> has notified new exchange rates for Imported Goods and for Export Goods with effect from 17th April 2015. The US Dollar is at 62.95 rupees for imports and 61.95 rupees for exports. </font></p>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTc5NDU=" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification No.38/2015 - Cus.,(N.T.), Dated: April 16, 2015</font></strong></a></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><strong><em><font color="#006600">FTP - Mode of Deposit of Fee - DD Allowed </font></em></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>AS</strong> per the Appendix 2K (Scale of Application Fee and Format for Deposit/Refund of Application Fee/Penalty etc.) of Appendices and Aayaat Niryat Forms, 2015-20, the mode of payment <em>was By depositing cash or cheque for Treasury Receipt Challan (TR). Now this is amended to By Demand Draft, in favour of the Head of the concerned Regional office of DGFT, or by depositing cash or cheque for Treasury Receipt Challan (TR). </em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The facility of payment of application fee/ penalty/ any other fee through demand draft is restored. In the process DGFT seems to have removed the other modes altogether. </font></p>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTc5NDQ=" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">DGFT Public Notice No.06/2015-20, Dated: April 16, 2015 </font></strong></a></p>
<p align="center"><strong><em><font color="#006600" size="3" face="Verdana, Arial, Helvetica, sans-serif">Anti Dumping Duty on Acetone </font></em></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>GOVERNMENT</strong> has imposed anti dumping duty on acetone falling under Chapter 29 of the First Schedule to the Customs Tariff Act, originating in, or exported from Chinese Taipei and Saudi Arabia. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">This duty is to be effective for a period of five years - of course as we know, the Government has no respect for TIME. </font></p>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTc5NDc=" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification No. 13/2015-Cus (ADD)., Dated April 16, 2015</font></strong></a></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><strong><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#006600" face="Georgia, Times New Roman, Times, serif"><em><font size="3">Jurispruden</font></em></font><font size="3" face="Georgia, Times New Roman, Times, serif"><em><font color="#FF6633" size="4">tiol-</font></em></font></strong></font></strong></font><font color="#006600">Recent SC Judgements </font></em></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#FF0000">Central Excise - Exemption - Bulk drugs - formulation - Notification No. 8/95-CE - even if the formulation is processed out of or containing one bulk product the condition of Notification stands satisfied.</font></strong> The respondent assessee is a manufacturer of various medicines and products including the product called 'Strepto Pencillin Injection' which falls under Chapter Heading No. 2941.10 of the Schedule to the Central Excise Tariff Act, 1985. The assessee had been claiming benefit of excise duty under Notification No.8/95 dated 9.2.95 and on the application thereof the concessional rate of duty @ 10% is payable. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Revenue took the stand that the assessee was not entitled to concessional rate of duty under the aforesaid Notification on the ground that the aforesaid product is combination of streptomycin and penicillin. The assessee on the other hand contended that even if one of the bulk drugs is included in the formulation that would satisfy the definition of 'formulations' </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Supreme Court found that the plea taken by the respondent/assessee is correct and has to be accepted, and was rightly accepted by the Tribunal. As per the definition, even if the formulation is processed out of or containing one bulk product the condition of Notification stands satisfied. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Supreme Court dismissed the Revenue Appeal. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Please see<em> <a href="http://www.taxindiaonline.com/RC2/caseLawDet.php?QoPmnXyZ=MTAxNzY1" target="_blank">Commissioner of Central Excise, Vadodara Vs Alembic Chemical works Co Ltd -
2015-TIOL-76-SC-CX</a></em></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#FF0000">Central Excise - Classification of Milk N Nut</font></strong> - Assessee claimed the classification of the product under Chapter Heading No.2001.10 as preparation of vegetable, fruits, nuts and parts of plants. The Assistant Commissioner, Commissioner (Appeals) and the Tribunal held that the product was preparation of vegetables, fruits, nuts and parts of plants and therefore rightly classified under Chapter Heading 2001.10 and cannot be treated as sugar confectionery. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Revenue is in appeal in Supreme Court. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">All the three authorities below have arrived at finding of fact that the product in question is vegetable preparation and is not sugar confectionery. These are finding of facts. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">So, the Supreme Court found no reason to interfere. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Revenue Appeal was Dismissed. </font></p>
<p align="justify"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Please see <em><a href="http://www.taxindiaonline.com/RC2/caseLawDet.php?QoPmnXyZ=MTAxNzY2" target="_blank">Commissioner of Central Excise, Indore Vs S K Industries -
2015-TIOL-75-SC-CX</a></em></font></strong></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><strong><em><font color="#006600">Committed to a transparent and predictable tax regime - Arun Jaitley </font></em></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>SPEAKING</strong> at the Peterson Institute in Washington yesterday, the Finance Minister said, </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Taxes:</strong> The fundamental dilemma about taxes is that they are both necessary and problematic. Managing that trade-off requires good economics and better politics. Taxes should promote savings and investment and hence growth; The tax net should be wide so that all citizens feel they are part of government; but rates should be low because taxes after all forcibly transfer money from citizens to the state. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>GST: </strong>For ten years we have been saying GST is about to be implemented. We have done it. We will pass the bill in Parliament in the coming 3 weeks. GST is a modern tax, a consumption-based value-added tax, and a tax that avoids tax cascading </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Benefits: Create a broad tax base and will strengthen revenues going forward; increase the tax-GDP ratio promote transparency and reduce corruption because of the paper trail (necessary for claiming input tax credits) it will create an Indian common market because it will replace a number of state-levied taxes. There are estimates that implementing GST will increase growth by 2-3 percent in the medium term. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Process ahead: The constitutional amendment bill contains the key provisions. We aim to secure legislative passage within the next three weeks in the center after which it will go to the states (2/3rd of the states will need to ratify). The aim is to make the base as wide as possible. We have promised compensation for 5 years to the states (tapering in the last two) for any loss in revenue. We have a GST council in which all the states and the center are represented. Very democratic governance and voting structure. GST council will take a number of decisions relating to the revenue neutral rate. We will aim to keep the rate competitive close to international levels and minimize exemptions. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Technical preparedness: Aim to implement by April 1, 2016. The technology backbone is being put in place through GST-IN. </font></p>
<p align="justify"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Tax administration </font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Let me emphasize that we are absolutely committed to a transparent and predictable tax regime; there will be no retrospective actions and we will see taxpayers as partners not as potential hostages or victims. These are not expressions of intent. We have translated them into action. <a></a></font></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><strong><em><font color="#006600">India's reformer-in-chief </font></em></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>TODAY</strong>, he's the leader of the world's largest democracy, and his life story-from poverty to Prime Minister-reflects the dynamism and potential of India's rise. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Determined to help more Indians follow in his path, he's laid out an ambitious vision to reduce extreme poverty, improve education, empower women and girls and unleash India's true economic potential while confronting climate change. Like India, he transcends the ancient and the modern-a devotee of yoga who connects with Indian citizens on Twitter and imagines a "digital India." </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Prime Minister Modi recognizes that more than 1 billion Indians living and succeeding together can be an inspiring model for the world. </font></p>
<p align="right"><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">President Barack Obama in Time Magazine yesterday </font></em></p>
<p><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Until Monday with more <strong>DDT</strong> </font></p>
<p><strong><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Have a nice weekend.</font></strong></p>
<p><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Mail your comments to </font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="mailto:vijaywrite@tiol.in"><strong>vijaywrite@tiol.in</strong></a></font></p>
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