Corporate Updates – 18-02-2016


CBEC has notified the Service Tax and Central Excise (Furnishing of Annual Information Return) Rules, 2016 which shall come into force from 1st April, 2016. The Central Board of Excise and Customs will now use the annual information returns to detect tax evasion. Presently, it has asked the Reserve Bank of India to file annual information return on remittances exceeding Rs.50 lakh made by a service provider based in India for receipt of services from overseas entities (Annexure AIRA-I). It has also directed State Electricity Boards to file annual information return with respect to manufacturing units such as producing beyond a particular threshold and consuming certain levels of electricity (Annexure AIRA-II). The information return shall be filed on or before the 31st of December of the financial year following the financial year to which the return pertains, electronically, in Form AIRF, along with the Annexure of this Form, to the Directorate General of Systems and Data Management.


Ministry of Corporate Affairs has inviting comments on the cindas and cas respectively. It is requested that the name, Telephone number and address of the sender be indicated clearly at the time of sending suggestions/comments.

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