Corporate Updates 04 March 2014

INCOME TAX:

CPC (TDS) has introduced the convenience of online facility of PAN Verification on TRACES. With this feature, we will be able to validate the PANs with confidence for the purpose of recording and reporting your transactions in the TDS statements correctly. To avail the facility, it is requested to Login to TRACES and navigate to “Dashboard” to locate “PAN Verification” in the Quick Links menu. The functionality to download Consolidated TAN – PAN File has also been provided that includes all the PANs attached with the respective TANs. For get the detailed informatioin, please Click Here.

CUSTOMS ACT: 

CBEC amends Annexure-1 in Form A-1 (Application for Central Excise Registration), Includes ‘importer’ under Part I (Identification of business requiring registration) and also as a separate category under Serial No. 3. Further, notifies quarterly return form for registered importers w.e.f April 1, 2014 by issuing four separate notifications in this regard. To view all the four notifications, please Click Here

Corporate Updates 01 March 2014

DVAT: 

All the dealers are, directed to abide by the provisions of section 48 and Rules 42 & 19 of Delhi VAT Act & Rules and maintain and retain sufficient records, as prescribed, and for prescribed period at the designated principal place of business in Delhi and to intimate any change in its address to the Commissioner within 30 days of such change. The record may be in the form of soft/hard copy but should be readily available on demand and be able to explain all business transactions. Any non Compliance on the part of dealers are gross violation of the provision of DVAT Act and Rules, and actions can be taken against defaulting dealers. For detailed Notification, please Click here.

CUSTOMS ACT:

The Customs Baggage Declaration Regulations, 2013 will come into force with effect from 1.03.2014. All incoming international passengers will now be required to declare the content of their baggage in the Indian Customs Declarations Form prescribed in the regulation and the same will be independent of the form prescribed by the Ministry of Home Affairs. To view the copy of the circular, please Click Here.