TIOL-DDT 2738 · the untouched capture
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<p><strong><font color="#663399" size="3" face="Verdana, Arial, Helvetica, sans-serif">TIOL-DDT 2738</font><font size="3" face="Verdana, Arial, Helvetica, sans-serif"></font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><br>
04 12 2015<br>
Friday </font></strong></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><strong><em><font color="#006600">Procedure for Registration of Duty Credit Scrips - MEIS </font></em></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>NOW</strong> <em>Merchandise Exports from India Scheme</em> (MEIS) and Service Exports from India Scheme (SEIS) scrips issued by DGFT are electronically transmitted to ICES 1.5 system and can be viewed online.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Mumbai Air Cargo Complex Customs Commissioner has prescribed the procedure for registration of MEIS/SEIS Scrips.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1. The original Scrip including its Annexure issued by DGFT, alongwith one photocopy of the same shall be submitted with application to the TA in Licence Section. The licence holder, his authorised employee or his authorised CHA only will be permitted to submit the documents. The TA in Licence section shall check that the documents are complete and shall give acknowledgment to scrip holder/CHA and also endorse the date of receipt on the application. In case the documents are not complete, the TA shall put up the file with the discrepancy memo to Appraising Officer on the same day for issuance of the deficiency memo. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2. ACAO/Executive Asstt. shall check the Alert Register and will ensure that the name of licence holder does not appear in the Alert List and thereafter, shall endorse "No Alert" with his/her signature and stamp on the original scrip and make an entry of the same in the 'No Alert' register. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">3. Tax Asstt./EA Licence shall enter the particulars of Licence viz. Licence No. and Date, Name of the Licence Holder, IEC No., Duty Credit amount etc. in the Alphabetical Register maintained in the Licence Section and allot the scrip with individual File numbers. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">4. The AO/Supdt Licence will check for discrepancy and confirm the genuineness of the Licence on the ICES 1.5 system. Discrepancies, if any, will be brought to the notice of AC/Licencee. Otherwise; the Licence shall be registered in the EDI system. The AO/Suptd shall keep a copy of the scrip & Annexure in the file. The Job number/Registration number so generated by EDI system will be endorsed on the original scrip and its photocopy by AO/Suptd after which the TA will return original scrip to the scrip holder/CHA against written acknowledgement on the photocopy of scrip in the file. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">And your licence is registered with Customs. Electronic ease of doing business? </font></p>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTg4NDY=" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Commissioner of Customs Air Cargo Complex, Sahar Public Notice No.20/2015-CX., Dated December 01, 2015 </font></strong></a></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><em><strong><font color="#006600">Submission of ‘Negative Statement/certificate' for export proceeds </font></strong></em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>IT</strong> was stipulated that exporters will submit a certificate from the authorized dealer (s) or Chartered Accountant providing details of shipment which remain outstanding beyond the prescribed time-limit including the extended time, if any, allowed by the authorized dealer/RBI on a 6 monthly basis. Such certificates shall be furnished by the exporter, authorized dealer wise for each port. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">This BRC Module was replaced with RBIBRC Module w.e.f. 31/03/2013. However, due to technical reasons, new RBIBRC module shall provide Forex Realization data for shipping bills with LEO dated from 01/04/2014 onwards only. Hence, monitoring of the realization proceeds in respect of shipping bills with LEO date from 01/04/2013 to 31/03/2014 is to be done under the BRC Module. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Mumbai Air Cargo Custom Commissioner has requested all exporters to submit the details of realization received/certificates from their Authorized Dealers/Chartered Accountant for EDI shipping bills with LEO date from 01/04/2013 to 31/03/2014 immediately and not later than 27/01/2016 to the Nodal Officer. The above details shall be submitted in the prescribed format of six-monthly period (i.e.) January-June-2013, July-December-2013 and January-June 2014. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Commissioner <em><strong>hereby directs</strong></em> the exporters/CHAs to co-operate in timely submission of these negative statements / certificates for the above mentioned period without fail. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Do you <strong>direct</strong> somebody's co-operation? 'Request' would be a better word, but the bureaucrat always considers himself as the boss and master and never a servant and the master commands and directs, but not requests - that too mere exporters and Customs Brokers! </font></p>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTg4NDU=" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Commissioner of Customs Air Cargo Complex, Sahar Public Notice No.19/2015-CX., Dated December 02, 2015 </font></strong></a></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><strong><em><font color="#006600">15 Lakh refund claims - 5500 Crores - Pending </font></em></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>AS</strong> on 01.11.2015, there were 2.07 lakh returns involving refund claims of Rs.659 crore for AY 2013-14 and 12.90 lakh returns involving Rs.4,837 crore for AY 2014-15 still pending for processing and issue of refunds. These returns have not been selected for scrutiny under CASS (Computer Assisted Scrutiny System). </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">While reviewing the pendency of refunds, the Revenue Secretary has directed that refunds in respect of cases not selected under CASS and involving refund of less than Rs.50,000/- for the assessment years 2013-14 and 2014-15 may be issued as early as possible. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">CBDT has requested the Principal Chief Commissioners to advise the assessing officers in their Region to expeditiously process and determine refunds in non-CASS cases having claim of refund of less than Rs.50,000/- and issue the same as early as possible. </font></p>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTg4NDQ=" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">CBDT F.No.312/109/2015-OT., Dated: December 02, 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 4th December 2015. The USD is at 67.25 Rupees for imports and 66.25 Rupees for exports. </font></p>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTg4NDM=" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification No. 136/2015-Cus (NT)., Dated: December 03, 2015 </font></strong></a></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><em><strong><font color="#006600">Income Tax - Salaries - CBDT Issues TDS Circular </font></strong></em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>IT</strong> is customary for the CBDT to issue a circular on deductions, computation, TDS etc. on salaries, every year. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The present Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head "Salaries" during the financial year 2015-16 and explains certain related provisions of the Income-tax Act. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Jail if TDS is not credited to Government</strong>: The Circular warns that Section 276B lays down that if a person fails to pay to the credit of the Central Government within the prescribed time, the tax deducted at source by him or tax payable by him under the second proviso to Section 194B, he shall be punishable with <u>rigorous imprisonment</u> for a term which shall be between 3 months and 7 years, along with fine. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">It may be noted that under the new TDS procedure, TAN of deductee/ PAN of the deductee and receipt number of TDS statement filed by the deductor act as unique identifier for granting online credit of TDS to the deductee. Hence due care should be taken in filling these particulars. Due care should also be taken in indicating correct CIN/ BIN in TDS statement. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Compulsory Requirement to furnish PAN by employee</strong> (Section 206AA):Section206AA makes furnishing of PAN by the employee compulsory in case of receipt of any sum or income or amount, on which tax is deductible. If employee (deductee) fails to furnish his/her PAN to the deductor, the deductor has been made responsible to make TDS at a higher rate. </font></p>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/pdfdocs/itcir20.pdf" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">CBDT CIRCULAR NO. 20/2015 [F.No. 275/192/2015-IT(B)], Dated: December 02, 2015 </font></strong></a></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><strong><em><font color="#006600">Government Wants Technical Members for CESTAT </font></em></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>GOVERNMENT</strong> has invited applications from Commissioners and above for appointment as Technical Members of CESTAT. The selection is through a long process and God knows how much time it takes for an appointment to be cleared ultimately by the PMO. While new Benches are being started, there are not enough Technical Members to form Divisional Benches. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">And the best part of the vacancy circular is this - </font></p>
<p align="justify"><em><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif">5. It may also be noted that, in the event of selection for appointment to the post, no applicant should decline the appointment. If the applicant declines the appointment or does not join the post within 30 days from the date of appointment order, he/she will be debarred for a period of three years for consideration for appointment in any Autonomous/ Statutory / Regulatory Body in terms of DoP & T's O.M. No.27/2/2009-EO(SM.II) dated 16.7.2009. </font></em></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Many of them will not join if they do not get their choice of posting. </font></p>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTg4NDE=" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">MoF Department of Revenue F. No. A.12026/1/2015-Ad1C(CESTAT)., Dated: December 02 2015 </font></strong></a></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><em><strong><font color="#006600">Idiots and Income Tax </font></strong></em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>HOW</strong> are they related? Perhaps the Government considers every taxpayer an idiot, but do you put them in the Income Tax Act? </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Section 160 (1)(iii) of the Income Tax Act reads as:<em> in respect of the income of a minor, <strong>lunatic</strong> or <strong>idiot</strong></em>, the guardian or manager who is entitled to receive or is in receipt of such income on behalf of such minor, lunatic or idiot;.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">In the "<em>instructions For Filling</em>" the application form for allotment of PAN, for Column 14 it is mentioned as: </font></p>
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<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">14 </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Name and address of Representative Assessee </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Section 160 of Income Tax Act, 1961 provides that any ‘specified person' (assessee) can be represented through Representative Assessee. Therefore, this column should be filled in by representative assessee only as specified in Section 160 of the Income-tax Act, 1961, such as, an agent of the non-resident, guardian or manager of a minor,<strong> lunatic</strong> or <strong>idiot</strong>, Court of Wards, Administrator General, Official Trustee, receiver, manager, trustee of a Trust including Wakf. </font></p></td>
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<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Who is a lunatic and who is an idiot? They are not defined. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Lunatic is derived from the word, Lunar. It used to be believed that insane people are affected by the phases of the moon and so were called lunatic. But such words are considered to be rude and offensive nowadays. One who was called mad long ago, was later called mentally handicapped and are perhaps known as mentally challenged. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Those who were once called physically handicapped, were later called physically challenged and are now called differently abled.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The <strong>ugly</strong> girl of my childhood has blossomed into an <strong>aesthetically challenged</strong> woman, but the Income Tax Act still call people<em> lunatic</em> and <em>idiots</em>. Anyway, the Law recognises that lunatics and idiots can have income and that income may be taxable. And how does the Income Tax Department distinguish the lunatics and idiots in this Mad Mad World? </font></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Until Monday with more <strong>DDT</strong></font></p>
<p align="justify"><strong><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Have a nice weekend.</font></strong></p>
<p align="justify"><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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