What changed
RBI issued a corrigendum to its March 19, 2012 circular on special arrangements for reporting and accounting of March transactions related to CBDT, CBEC, and Departmentalised Ministries dues. The original deadline of April 14, 2012 was replaced with April 16, 2012 due to a public holiday on April 14 and Sunday on April 15.
What it means for you
Agency banks get an extra two days to complete the reporting and accounting of March 2012 tax and government dues collections. This avoids any penalty or confusion arising from the original date falling on a non-working day. Banks must update their internal systems and communicate the revised deadline to all concerned branches.
What you must do
- Update internal calendars and reporting systems to reflect April 16, 2012 as the new deadline for March 2012 transactions.
- Notify all branches handling government tax collections about the change from April 14 to April 16.
- Ensure that any earlier circular references to April 14 are corrected in your records and communications.
Who it affects
All agency banks handling CBDT, CBEC, and Departmentalised Ministries dues, Bank branches involved in March 2012 tax collection reporting, Treasury and compliance departments of scheduled commercial banks
Why was the date changed from April 14 to April 16?
April 14, 2012 was a public holiday in most places, and April 15 was a Sunday, so the deadline was moved to the next working day, April 16.
Does this corrigendum affect any other deadlines in the original circular?
No, only the specific date of April 14 is replaced with April 16; all other provisions of the March 19, 2012 circular remain unchanged.
Which transactions are covered under this special arrangement?
The scheme covers collection of dues for the Central Board of Direct Taxes, Central Board of Excise and Customs, and Departmentalised Ministries Account for March 2011-2012 financial year transactions.