Annual Financial Statement – A Crore in either account is a Crore
We are not finished with our declarations and returns – As per Rule 12(2) of the Central Excise Rules, every assessee is required to submit an Annual Financial Information Statement.
As per Notification No. 17/2006-Central Excise (N.T) dated the 1st August, 2006, assessees who have paid less than One Crore Rupees duty from PLA in the preceding year and Indian Ordnance Factories are exempted from filing this requirement of submitting the Annual Financial Information Statement.
Now this PLA restriction is removed – whichever way you pay, if it is more than One Crore, either in PLA or Credit Account or both, you have to submit this Statement.
Incidentally why should an assessee submit; why can't he just furnish or file? In the scheme of taxation, is an assessee a submissive servant or an equal partner?
Notification NO. , Dated: September 29, 2008