Date for sending comments by the stakeholders extended till 31st December, 2015
Date for sending comments by
the stakeholders and general public regarding phasing-out plan of deductions
under the Income-tax Act extended till 31st December, 2015
A phasing-out plan of
deductions under Income-tax Act was placed in the public domain on 20th of
November 2015. The stakeholders and general public have been requested to send
their comments within 15 days to Director (TPL-III) on mail atdirtpl3@nic.in or by post at Director (TPL III), Central Board of
Direct Taxes, Room No. 147G, North Block, New Delhi- 110001.
It is now proposed to extend
the time limit for submission of comments to December 31, 2015.
The details of proposed
phasing-out of deductions are available on the website of the Department at www.incometaxindia.gov.in.
Comments on this proposal may
be sent to Director (TPL-III) on mail at dirtpl3@nic.in or by post at Director (TPL III), Central Board of
Direct Taxes, Room No. 147G, North Block, New Delhi- 110001 by December
31, 2015.
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Stake Holders and General
Public requested to bring-out Issues/Points by 15th December, 2015 which in
their opinion require further Clarification/Guidance for proper Implementation
of the Provisions of the Income Computation and Disclosure Standards (ICDS)
Sub-section (1) of Section 145 of the Income-tax Act, 1961 provides that the
income chargeable under the head “Profits and gains of business or profession”
or “Income from other sources” shall, subject to the provisions of sub-section
(2), be computed in accordance with either cash or mercantile system of
accounting regularly employed by the assessee. Sub-section (2) of Section 145
provides that the Central Government may notify Income Computation and
Disclosure Standards (ICDS) for any class of assessees or for any class of
income. In this background, the Central Government notified 10 ICDS vide
Notification No. S.O.892(E) dated 31stMarch, 2015.
After notification of ICDS, it has been brought to the notice of the Central
Board of Direct Taxes (CBDT) by the stakeholders that certain provisions of
ICDS may need further clarification/ guidance for proper implementation. These
implementation issues raised by the stakeholders have been referred to an
expert committee comprising of departmental officers and professionals and the
Committee is currently examining these issues.
In order to issue a comprehensive guidance/clarification on this matter, the
stake holders and general public are requested to bring-out issues/points which
in their opinion would require further clarification/guidance for proper
implementation of the provisions of the ICDS. These issues/points may be submitted
by 15th December, 2015 at the email address (dirtpl3@nic.in)
or by post at the following address with “Implementation issues for ICDS”
written on the envelope: Director (Tax Policy & Legislation)-III, Central
Board of Direct Taxes (CBDT), Room No.147-G, North Block, New
Delhi-110001
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Government extends RuPay Card
usage condition to 90 days for a claim under an inbuilt accident insurance
cover in case of RuPay Classic cardholders with effect from 25th November 2015;
As on 20.11.2015, out of 697 claims lodged under Accidental Insurance under
RuPay Debit Card in Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts, 644 claims
have been disposed-off.
Pradhan Mantri Jan
Dhan Yojana (PMJDY) – a National Mission on Financial Inclusion was announced
by the Prime Minister Shri Narendra Modi in his Independence Day Speech 2014
with the main objective of covering all households with at least one bank
account per household across the country. The scheme was formally launched on
28th August, 2014 at National level by the Prime Minister.
Under PMJDY, RuPay Debit Card with an inbuilt accident insurance cover of Rs.1 lakh is also provided to account holders.
One of the stipulation of meeting the claim under Accidental Death and / or Permanent Disablement was that the RuPay Card holder has to carry-out at least one successful financial or non-financial transactions at a Merchant Establishment or at ATM or Micro ATM or e-commerce transaction, upto 45 days prior to the date of incident resulting into Accidental death / Permanent Disability. This condition was posing problem to the RuPay Card holders. Requests were received to increase this condition of 45 days.
The issue was taken-up by the Government with National Payment Corporation of India (NPCI), who operate the scheme of RuPay Debit Cards.
National Payment Corporation of India (NPCI) has extended 45 days usage condition to 90 Days for RuPay Classic cardholders with effect from 25th November 2015. Accordingly, accident arising on or after 00:00:01 25th Nov 2015 will be considered for extended period. Claim intimations on RuPay Classic cards where accident has occurred before 23.59.59 24th Nov 2015 will not be eligible for claim benefit under 90 days usage condition.
As on 20.11.2015, out of 697 claims lodged under accidental Insurance under RuPay Debit Card in PMJDY accounts, 644 claims have been disposed off.
Under PMJDY, RuPay Debit Card with an inbuilt accident insurance cover of Rs.1 lakh is also provided to account holders.
One of the stipulation of meeting the claim under Accidental Death and / or Permanent Disablement was that the RuPay Card holder has to carry-out at least one successful financial or non-financial transactions at a Merchant Establishment or at ATM or Micro ATM or e-commerce transaction, upto 45 days prior to the date of incident resulting into Accidental death / Permanent Disability. This condition was posing problem to the RuPay Card holders. Requests were received to increase this condition of 45 days.
The issue was taken-up by the Government with National Payment Corporation of India (NPCI), who operate the scheme of RuPay Debit Cards.
National Payment Corporation of India (NPCI) has extended 45 days usage condition to 90 Days for RuPay Classic cardholders with effect from 25th November 2015. Accordingly, accident arising on or after 00:00:01 25th Nov 2015 will be considered for extended period. Claim intimations on RuPay Classic cards where accident has occurred before 23.59.59 24th Nov 2015 will not be eligible for claim benefit under 90 days usage condition.
As on 20.11.2015, out of 697 claims lodged under accidental Insurance under RuPay Debit Card in PMJDY accounts, 644 claims have been disposed off.
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Government decides to provide
further Indirect Tax Incentives to Domestic Shipbuilding Industry
The Government has
decided to provide further indirect tax incentives for domestic shipbuilding
industry. Accordingly, the Central Government has issued Notification Nos.
44/2015-Central Excise, 45/2015-Central Excise, 54/2015-Customs and
55/2015-Customs all dated 24.11.2015 so as to provide the following indirect
tax incentives to the aforesaid industry:
1) Exemption from customs and central excise duties on all raw material and parts for use in the manufacture of ships/vessels/tugs and pusher crafts etc
2) Presently, certain specified ships/vessels are exempt from basic customs duty and Central Excise duty (CVD). Consequently, for such ships/vessels manufactured in Export Oriented Units (EOUs) and cleared to domestic tariff area (DTA), the EOUs are not eligible for exemption on raw materials/parts of such ships/vessels etc. Suitable amendment is being made to the relevant notifications so as to provide that EOUs will be eligible for duty exemption on raw materials/parts consumed in manufacture of such ships/vessels etc which are cleared to DTA, even if such ships/vessels are exempt from basic customs duty and Central Excise/CV duty.
3) Simultaneously, the requirement of manufacturing of ships/vessels/ tugs and pusher craft etc in a custom bounded warehouse under the provisions of Section 65 of the Customs Act, 1962, for availing the customs and excise duty exemptions has also been done away with. Instead, these exemptions will now be subject to actual user conditions.
At present, the following indirect tax incentives are available to the shipbuilding industry.
a) Exemption from basic customs duty and additional duty of customs (CVD) on all raw material and parts for manufacturing of ships/vessels/tugs and pusher craft etc, subject to the condition that such manufacturing takes place in a custom bounded warehouse under the provisions of Section 65 of the Customs Act, 1962.
b) Exemption from central excise duty on steel procured domestically for manufacturing of ships/vessels/tugs and pusher craft etc in a custom bounded warehouse under the provisions of Section 65 of the Customs Act, 1962.
1) Exemption from customs and central excise duties on all raw material and parts for use in the manufacture of ships/vessels/tugs and pusher crafts etc
2) Presently, certain specified ships/vessels are exempt from basic customs duty and Central Excise duty (CVD). Consequently, for such ships/vessels manufactured in Export Oriented Units (EOUs) and cleared to domestic tariff area (DTA), the EOUs are not eligible for exemption on raw materials/parts of such ships/vessels etc. Suitable amendment is being made to the relevant notifications so as to provide that EOUs will be eligible for duty exemption on raw materials/parts consumed in manufacture of such ships/vessels etc which are cleared to DTA, even if such ships/vessels are exempt from basic customs duty and Central Excise/CV duty.
3) Simultaneously, the requirement of manufacturing of ships/vessels/ tugs and pusher craft etc in a custom bounded warehouse under the provisions of Section 65 of the Customs Act, 1962, for availing the customs and excise duty exemptions has also been done away with. Instead, these exemptions will now be subject to actual user conditions.
At present, the following indirect tax incentives are available to the shipbuilding industry.
a) Exemption from basic customs duty and additional duty of customs (CVD) on all raw material and parts for manufacturing of ships/vessels/tugs and pusher craft etc, subject to the condition that such manufacturing takes place in a custom bounded warehouse under the provisions of Section 65 of the Customs Act, 1962.
b) Exemption from central excise duty on steel procured domestically for manufacturing of ships/vessels/tugs and pusher craft etc in a custom bounded warehouse under the provisions of Section 65 of the Customs Act, 1962.
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