Page 225 - DCOM308_DCOM502_INDIRECT_TAX_LAWS

Indirect Tax Laws

Notes The Dealers are required to submit to the Range Superintendent, a monthly return and other
documents for verification.

Notes The SSI units exempted from payment of duty on the basis of annual value of
clearances have been exempted from the requirement of registration so long as their
value of clearances for a financial year does not exceed the exemption limit.

13.2 Classification and Value

Under the Self Assessment Procedure prescribed in the Rule 6 of the Central Excise (No.2) Rules,
2001, the assessees are required to apply correct classification and value (where duty is ad
valorem) to his goods being removed by him and indicate the same in the invoice except in case
of goods specified for assessment by the proper officer before removal such as Cigarettes. The
assessees are required to assess his return for a month and submit to the Range Officer having
jurisdiction over his factory within ten days of the succeeding month (see details in Central
Excise Rules and Central Excise Manual).

Task Discuss the registration of Dealers.

13.3 Procedure of Assessment

This section will explain the procedure and types of assessment, when and how an assessee has
to file his return of income and what are the last dates of filing of return of income, if assessee
does not file the return of income then what are the consequences and can a return be filed after
the due dates and so on.
At the end of financial year i.e., the previous year an assessee is required to compute the exact
amount of income and tax. The income so computed and tax on it has to be filled in a form
(generally form No. 2D “SARAL”), and tax is deposited in bank, a copy of the income tax form
and the proof of the income tax deposited in the bank is prepared in duplicate. A copy is
submitted with income tax office and the assessee himself retains the other copy.

!
Caution After the end of financial year i.e., the previous year (the year in which an assessee
earns income), an assessee is required to compute his exact amount of income and tax
thereon

Self Assessment

Fill in the blanks:
1. The existing registration nos. have been replaced by ............................... based 15 digit
registration number.
2. The ............................... units exempted from payment of duty on the basis of annual value
of clearances have been exempted from the requirement of registration.
3. The Central Government has made it possible for manufacturer of excisable goods to
avail ...............................

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