IEC code --- Applied with only Two Documents

(TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY PART-II, SECTION – 3, SUB-SECTION (II))

GOVERNMENT OF INDIA
MINISTRY OF COMMERCE AND INDUSTRY
DEPARTMENT OF COMMERCE
DIRECTORATE GENERAL OF FOREIGN TRADE
NEW DELHI

NOTIFICATION NO. 34/2015-20, Dated: January 29, 2016

Subject: Amendment in para 2.05 (c) of Foreign Trade Policy (2015-20)

In exercise of powers conferred by Section 3 of FT (D&R) Act, 1992, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy, 2015-2020, as amended from time to time, the Central Government hereby amends the existing para 2.05 (c) of Foreign Trade Policy(2015-20) and introduces a new provision, part (d) under para 2.05. The existing para reads as under:

2.05 Importer-Exporter Code (IEC)

(c) Briefly, following are the requisite details /documents (scanned copies) to be submitted/ uploaded along with the application for IEC:

(i) Details of the entity seeking the IEC:

(1) PAN of the business entity in whose name Import/Export would be done (Applicant individual in case of Proprietorship firms).

(2) Address Proof of the applicant entity.

(3) LLPIN /CIN/ Registration Certification Number (whichever is applicable).

(4) Bank account details of the entity. Cancelled cheque bearing entity’s preprinted name or Bank certificate in prescribed format ANF-2A (I).

(ii) Details of the Proprietor/ Partners/ Directors/ Secretary or Chief Executive of the Society/ Managing Trustee of the entity:

(1) PAN (for all categories)

(2) DIN/DPIN (in case of Company /LLP firm)

(iii) Details of the signatory applicant:

(1) Identity proof

(2) PAN

(3) Digital photograph

2. After amendment para 2.05 (c) would read as under:

2.05 Importer-Exporter Code (IEC)

(c) Only the following are required to be uploaded along with the application for IEC with immediate effect:

(1) Digital photograph of the signatory applicant;

(2) Copy of the PAN card of the business entity in whose name Import/Export would be done (Applicant individual in case of Proprietorship firms);

(3) Cancelled cheque bearing entity’s pre-printed name or Bank certificate in prescribed format ANF-2A(I)

3. The new insertion, part (d) under Para 2.05 would read as under:

(d) Only online application for IEC /modification in IEC can be made by applicants through digital signature (Class-II or Class-III) with effect from 1.4.2016.

4. Effect of this Notification: From the date of this notification only two documents are required to be uploaded /submitted along with the digital photograph while applying for IEC. Further, applications for IEC/ modification in IEC can be made only in online mode by applicants through digital signatures with effect from 1.4.2016.

[F.No.01/89/180/20/AM-13/PC-2 (B)]

(Anup Wadhawan)
Director General of Foreign Trade

CBDT: Outlines procedure for issuing refunds exceeding Rs. 5000; Stipulates 30 days for demand-adjustment u/s 245

CBDT lays down detailed procedure for issuing refunds exceeding Rs. 5000 where notice u/s 245 (for adjustment of refund against outstanding arrears) has been issued to taxpayer-assessee; Earlier this month, CBDT had directed prompt issuance of refund upto Rs. 5,000 without any adjustment of outstanding arrears; For cases not covered by earlier relaxation and where Sec 245 notice has been issued, CBDT now directs CPC to issue refund without any adjustment where assessee has contested the demand and no response is received from AO within 30 days; Likewise, when there is no response from assessee within 30 days, CBDT directs CPC to adjust demand against refund due and issue balance refund, if any.

CBDT signs 7 advance pricing agreements to cut tax litigation

 In a move designed to reduce tax litigation, the Central Board of Direct Taxes (CBDT) on Friday signed seven more unilateral Advance Pricing Agreements (APAs) with taxpayers. "This takes the tally of APAs signed so far to 39 (38 unilateral and one bilateral). In the current fiscal year, which is the third year of APA programme, 30 agreements have been signed so far," a Union finance ministry statement said here. "Before the end of the financial year, more such agreements are expected to be signed," it added. The latest APAs signed with taxpayers pertain to various sectors like investment advisory services, manufacturing, software development services and IT-enabled services. APAs provide for signing an agreement between a taxpayer and the income tax department on an appropriate transfer pricing methodology for determining the value of assets and taxes on intragroup overseas transactions. The scheme attempts to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and setting the prices of international transactions in advance, the ministry said. "Since its inception, the APA scheme has attracted tremendous interest from taxpayers for using this mechanism to achieve tax certainty up to nine years," it added. 


(Business Standard)

Generate EVC for e-filing of Income Tax Return by giving Bank/ Demat A/c details

F No. 1/23/CIT(OSD)/E-filing- Electronic Verification /2015-16
Government of India
Ministry of Finance
Central Board of Direct Taxes
Directorate of Income Tax (Systems)

Notification No. 1/2016

Dated – 19th January 2016

Subject : Electronic Verification CODE (EVC) for electronically filed Income Tax Return-Additional Modes:

Explanation to sub rule (3) of rule 12 of the Income tax Rules 1962, states that for the purposes of this sub-rule “electronic verification code” means 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). Further, Sub-rule (4) of Rule 12 of the Income Tax Rules 1962 states that the Principal Director General of Income-tax (Systems) or Director-General of Income-tax (Systems) shall specify the procedures , formats and standards for ensuring secure capture and transmission of data  and shall also be responsible for evolving and implementing appropriate security , archival and retrieval policies in relation to furnishing the returns in the manners (other than the paper form) specified in column (iv) of the Table in sub-rule (3) and the report of audit or notice in the manner specified in proviso to sub-rule (2).

2. In exercise of the powers delegated by the Central Board of Direct Taxes (‘Board’) under Explanation to sub rule 3 and sub-rule 4 of Rule 12 of the Income tax Rules 1962, the Principal Director General of Income-tax (Systems) lays down the procedures, data structure and standards for additional modes of generation of Electronic Verification Code in addition to EVC prescribed vide earlier Notification No. 2/2015 dated 13th July 2015 as under:

Additional Modes of Generation of EVC:

Case (5): Where the EVC (Electronic Verification Code) is generated by giving bank details to the e-filing website https://incometaxindiaefiling.gov.in

A facility to pre-validate Bank account details will be provided to the assessee under Profile Settings menu in e-Filing website i.e. https://incometaxind iaefiling.gov.in Assessee has to provide the following bank account details: 1. Bank account number 2. IFSC 3. Email ID and 4. Mobile Number. These details provided by the assessee along with PAN and Name as per e-filing database will be validated against the details of taxpayer registered with bank . If the pre-validation is successfully completed, assessee can opt for “Generate EVC using bank account details” option while verifying the Income tax return.

Generated EVC will be sent by e-filing portal to taxpayer ‘s Email ID and/or Mobile Number verified from bank.

List of Banks participating in this facility will be as provided in https://incometaxindiaefiling.gov.in .

Case (6): Where the EVC (Electronic Verification Code) is generated after Demat account authentication using Demat details registered with CDSL/ NSDL

A facility to pre-validate Demat account details will be provided to the assessee under Profile Settings menu in e-Filing website i.e. https://incometaxindiaefiling.gov.in. Assessee has to provide the following Demat account details: 1. Demat account number 2. Email ID and 3. Mobile Number . These details provided by the assessee along with PAN and Name as per e-filing database will be validated against the details of taxpayer registered with depository (CDSL/NSDL). If the pre-validation is successfully completed , assessee can opt for “Generate EVC using Demat account details” option while verifying the Income tax return.

Generated EVC will be sent bye-filing portal to Emaii id and/or Mobile Number verified from CDSL/NSDL.

The Depositories (CDSL/NSDL) participating in this facility will be as provided in https://incometaxindiaefiling.gov.in .

3. Other ConditionsThe additional mode of EVC generation will come into effect from the date of issue of this notification . All other condition shall remain same as specified in Notification No 2/2015 dated 13.07.2015 issued by Pr. DGIT (Systems) , New Delhi.

4 . The mode and process for generation and validation of EVC and its use can be modified, deleted or added by the Principal DGIT (System)/ DGIT (System)

(Nishi Singh)
Pr. DGIT (Systems) , CBDT

Who is required to get registered as a VAT Dealer under Punjab VAT Act 2005 AND Checklist

Every person, except a casual trader and one dealing exclusively in goods declared tax free, whose gross turnover during the year exceeded the taxable quantum, as provided below, is liable to pay tax under the Punjab VAT Act by way of VAT on the taxable turnover.

S. No,	Particulars	Taxable Turnover Limit
(i)	in relation to any person, who imports taxable goods for sale or use in manufacturing or processing any goods in the State,	Rs. one
(ii)	in relation to a person, who receives goods on consignment/branch transfer basis from within or outside the State on which no tax has been paid under this Act,	Rs. one
(iii)	in relation to a person, liable to pay purchase tax under section 19,	Rs. one
(iv)	in relation to a person, who is a manufacturer,	Rs one lakh
(v)	in relation to a person, who is running a hotel/restaurant,	Rs five lakh
(vi)	in relation to a person, who is running a bakery	Rs. Ten Lakh
	(vii)       in relation to voluntary registration	Rs five Lakh
	(viii)     in relation to any other person	Rs.  fifty Lakh

Documents required for VAT Registration under Punjab VAT Act

1.    Proof for VAT eligibility – generally a bill for purchase of goods made from Outside the State of Punjab.

2.   Proof of identification. (Ration Card, Driving Licence etc.) of prop./Partner/Managing Director.

3. Proof of business premises – if the Business premises is on rent. (Rent paid receipt/Rent Deed)   or if the owner has his own business premises then proof of ownership.

4. Incorporation Document of the Taxpayer:-

• If the concern is Limited Company then the copy of Memorandum of association and copy of Resolution.
• If the concern is a firm then partnership deed.
• If it has any other constitution then proof of that constitution.

5.         Proof of the PAN of the Prop, if the concern is Proprietorship/  Proof of the PAN ofthe firm if the firm is partnership.

6. Two photographs for VAT and Centre —

• In case of proprietorship Concern – Two Photo of Proprietor.
• In case of Partnership firm :-Two Photo of all the partners,
• In case of Company – Two Photo of  managing director

7 Bank account number and name of bank.

8. Two sureties each having TIN and owning property or bank guarantee of Rs. 100000 (50000 for tax under PVAT Act and Rs 50000 for tax under CST Act)

9. List of following categories of goods:-

• Goods to be traded.
• Goods to be manufactured.
• Goods to be purchased for use in manufacture.

Every Photostat copy should be attested to be a true copy by the proprietor./ partner/director as the case may be.