In order to further strengthen the risk management practices and to develop a sound framework that would evaluate potential vulnerabilities on account of plausible events and provide early warning on the health of the underlying portfolio of Liquid Fund and MMMF Schemes, it has been decided to stipulate the following guidelines:
The level of risk in mutual fund schemes shall be increased from three to five as under: i. Low – principal at low risk ii. Moderately Low – principal at moderately low risk iii. Moderate – principal at moderate risk
CIRCULAR No. 7 of 2015-16 Dated 30/04/2015 The Systems Branch has generated the auto-default-assessment of the such dealers who have made central concessional sales during the year 2010-2011 whose, online assessments under section 9(2) of CST Act were not available, in Systems as on 30.3.2015.
As Nepal and Bhutan are landlocked countries, there is a facility of transit trade whereby goods are imported from third countries by Nepal and Bhutan through India under the cover of Customs Transit Declarations in terms of the Government of India Treaty of Transit with these two countries.
CIRCULAR NO. 5 of 2015-16, Dated: 28.04.2015 It has been brought to the notice that Special Objection Hearing Authorities authorised for the disposal of the objections filed on account of mismatch of Annexures 2A/2B are not passing the orders in Form DVAT-40.
Circular No. 1001/08/2015-CX-8 Dated- 28th April, 2015 Post these amendments, apprehensions have been expressed by the trade as to whether the following benefits would be available after these amendments: i. Benefit of rebate of duty on goods cleared from DTA to SEZ. ii. Refund of accumulated CENVAT credit when goods are cleared from DTA to SEZ.
With the upgradation of technology, department is considering to expedite the registration process in the shortest possible time. Government of India is also pressing hard to accelerate the registration process under ‘Ease of Doing Business’ Campaign. It has now been decided to issue registration as per following procedure:-
Hereby extend last date of filing of online/hard copy of fourth quarter return for year 2014-15, in Form DVAT-16 ,DVAT-17 and DVAT-48 along with required annexure/enclosures to 15/05/2015.
CIRCULAR NO. 1 of 2015-16, Dated: 24/04/2015 The following up-gradations/Changes were made in the existing modules, during the first half of April’2015. 1. Item add link (for dealers): The item add link initially provided to the dealer for online downloading of central forms has been removed. Now, the item can be added through amendment or DP-1 link only.
CIRCULAR No. 07/2015 Date- April, 23, 2015 The Central Board of Direct Taxes (the Board) had earlier issued Circular No. 4/2002 dated 16.07.2002 which laid down that in case of such entities, whose income is unconditionally exempted under Section 10 of the Income-tax Act (the Act) and who are statutorily not required to file return of income as per Section 139 of the Act, there would be no requirement for tax deduction at source (TDS) from the payments made to them since their income is anyway exempted under the Act.
