It has now been decided to assign the assessment of all cases pursuant to Enforcement surveys to officers of wards concerned except the cases for which proceedings/jurisdiction has been transferred by the Commissioner, Value Added Tax through a separate order under section 67 of Delhi Value Added Tax Act, 2004.
Consolidated Account Statement (CAS), issued to investors in accordance with Regulation 36(4) of SEBI (Mutual Funds) Regulations, 1996 and circulars thereof, at present provides information in terms of name of scheme!s where the investor has invested, number of units held and its market value, among other details. To increase transparency of information to investors, it has been decided that:
RBI issued guidelines permitting standalone Primary Dealers (PDs) to participate in the exchange traded currency futures on approved stock exchanges subject to adherence to certain risk control measures and without diluting their existing obligations in the G-sec market
Section 133 of the Finance Act, 2015 had amended Securities Contracts (Regulation) Act, 1956 to include Commodity Derivatives as securities. Further, the sub-clause (vi) of Clause 7 of IFSC Guidelines, 2015 provides that Such other securities as may be specified by the Board. Accordingly, it is hereby specified that the “Commodity Derivatives” shall be eligible as securities for trading and the stock exchanges operating in IFSC may permit dealing in Commodity Derivatives.
(i) An Audit objection should be accepted and remedial action should be taken in a case where the audit objection relating to an error of facts or an issue of law is found to be correct. (ii) Appropriate remedial action should invariable be initiated within two months of the receipt of the Local Audit Report, and necessary orders should be passed within six months thereafter.
Section 60 of the Delhi Value Added Tax Act, 2004 empowers the Commissioner to enter premises and seize records and goods of any person during surveys. The surveys are to be conducted on the premises of a dealer to detect tax evasion. The survey teams are headed by an officer of the level of Assistant Commissioner/VATO and comprises of AVATOs & VATIs. The size of the team depends upon the number of premises and size of the dealer to be surveyed.
Vide section 22 of the Taxation Laws (Amendment) Act, 2006 (29 of 2006) a provision was inserted in the Section 28 of the Customs Act, 1962 to provide for deemed conclusion of proceedings once the person to whom a demand of duty notice has been issued has paid all dues. Subsequently vide Finance Act, 2011, section 28 was substituted with a new Section 28. The quantum of penalty amount to be paid under the said deemed conclusion proceedings was retained at 25% of the duty amount. However, vide Finance Act, 2015 the penalty payable under Section 28 was reduced to 15%.
FPIs shall be permitted to acquire NCDs/bonds, which are under default, either fully or partly, in the repayment of principal on maturity or principal installment in the case of an amortising bond. FPIs shall be guided by RBI’s definition of an amortising bond in this regard.
CBEC has taken-up the task of implementing ‘Indian Customs Single Window Project’ to facilitate trade. This project envisages that the importers and exporters would electronically lodge their Customs clearance documents at a single point only with the Customs.
Reference has been received in Board regarding assessment of CVD payable on set top boxes (STBs), when imported by a Direct to Home (DTH) broadcasting service provider and where STBs are provided free of cost to the consumers of DTH service.
