new Income Tax Return Forms for AY 2017-18
CBDT notifies new Income Tax Return Forms for AY
2017-18: Introduces one page simplified ITR Form-1(Sahaj)
The Central Board of Direct Taxes has notified Income-tax Return Forms
(ITR Forms) for the Assessment Year 2017-18. One of the major reforms made in
the notified ITR Forms is the designing of a one page simplified ITR
Form-1(Sahaj).
This ITR Form-1(Sahaj) can be filed by an individual
having income upto Rs.50 lakh and who is receiving income from salary one
house property / other income (interest etc.) . Various parts of ITR Form-1
(Sahaj) viz. parts relating to tax computation and deductions have been
rationalised and simplified for easy compliance. This will reduce the
compliance burden to a significant extent on the individual tax payer. This
initiative will benefit more than two crore tax-payers who will be eligible to
file their return of income in this simplified Form.
Simultaneously, the number of ITR Forms have been reduced from the
existing nine to seven forms. The existing ITR Forms ITR-2, ITR-2A and
ITR-3 have been rationalized and a single ITR-2 has been notified in place of
these three forms. Consequently, ITR-4 and ITR-4S (Sugam) have been renumbered
as ITR-3 and ITR-4 (Sugam) respectively.
There is no change in the manner of filing of ITR Forms as
compared to last year. All these ITR Forms are to be filed electronically.
However, where return is furnished in ITR-1 (Sahaj) or ITR-4 (Sugam), the
following persons have an option to file return in paper form:-
(i) an individual of the age of 80 years or more at any time during the
previous year; or
(ii) an individual or HUF whose income does not exceed five lakh
rupees and who has not claimed any refund in the return of income,
The notified ITR Forms are available on the
department’s official website www.incometaxindia.gov.in
**********
The Union Government has announced revised rates of
interest on Small Savings Schemes for the First Quarter of 2017-18 to bring
them somewhat closer to market rates
Small Savings schemes will continue to be
attractive as some of them enjoy income tax benefits and additional interest
rate spreads
Revision of rates is a reflection of calibrated
reform of the Union Government in the financial sector to ensure better
interest rate transmission
The Union Government has announced revised rates of interest on various
small savings schemes for the first quarter of the financial year
2017-18. To bring such rates somewhat closer to market rates, the
Government has decided to effect a reduction of 0.1 percentage points (10 basis
points) in interest rates across the board in all the schemes except the Post
Office Savings Account, which has been left untouched.
Government continues to accord highest priority to the interest of small
savers, especially savings for the benefit of girl child, the senior citizens
and the regular savers who form the backbone of our savings architecture. The
current revision of rates is reflective of the Government’s commitment to
calibrated reform in the financial sector to ensure better interest rate
transmission.
Various small savings schemes will continue to be very attractive
compared to bank deposits of similar maturities and tenor even after this
marginal reduction in interest rates by 0.1 percentage points. Apart from
offering higher interest rates compared to bank deposits, some of the small
savings schemes also enjoy income tax benefits. Further, small savings
schemes like Senior Citizens Savings Scheme (SCSS), Sukanya Samriddhi Account
(SSA), PPF, 5 year National Savings Certificate (NSC), 5 year Monthly Income
Scheme (MIS) and 5 year Time Deposits (TD) enjoy additional interest rate
spreads. This additional interest rate spread is 100 basis points in the
case of Senior Citizen Savings Scheme, 75 basis points in Sukanya Samriddhi
Account and 25 basis points spread in PPF, 5 year NSC, 5 year MIS and 5 year
TD.
***********
Ms. Vanaja N. Sarna, IRS (C&CE:1980) appointed
as Chairman, Central Board of Excise and Customs (CBEC); Takes charge today on
superannuation of Shri Najib Shah
Ms. Vanaja N. Sarna, IRS (C&CE:1980) presently holding the charge as
Member (Administration), has been appointed as Chairman, Central Board of
Excise and Customs (CBEC). She is taking over on superannuation of Shri Najib
Shah, IRS (C&CE:79) today i.e. 31.03.2017.
Ms. Vanaja N. Sarna has served Central Board of Excise and Customs
(CBEC) in several capacities over the last 36 years. These include postings in
Customs, Central Excise and Service Tax formations in Kochi, Delhi, Chennai,
Meerut, Chandigarh and Bangalore. She has also worked as Additional Director
General, National Academy of Customs, Excise & Narcotics (NACEN), in
Chennai. She was also Additional Director General in Directorate General of
Revenue Intelligence, New Delhi. She also served on deputation as Under
Secretary, Legislative Department, Ministry of Law and as Director/ Joint
Secretary in the Rajya Sabha Secretariat.
Prior to becoming Member, Central Board of Excise and Customs, she held
the charge of Director General of Vigilance and Chief Vigilance Officer of the
Department.
*************
Japan’s Official Development Assistance Loan to
India for FY 2016: Loan Packages for an amount of Yen 371.345 billion
(=Rs.21590 crore approx.)
The Notes were exchanged today between Mr. S. Selvakumar, Joint
Secretary, Department of Economic Affairs, Government of India and H.E. Mr.
Kenji Hiramatsu, Ambassador of Japan to India. The Government of Japan has
committed JICA Official Development Assistance loan for an amount of Yen
371.345 billion (=Rs.21590 crore approx. @ Exchange Rate of Re.1 = Yen 1.72.)
under FY 2016 loan packages. The ODA loan assistance has been committed to
Mumbai Trans Harbour Link Project (JPY 144.795 billion), Dedicated Freight
Corridor Project (Procurement of Electric Locomotives) (JPY 108.456 billion),
Chennai Metro Project (V) (JPY 33.321 billion), Andhra Pradesh Irrigation and
Livelihood Improvement Project (Phase 2) (I) (JPY 21.297 billion), Rajasthan
Water Sector Livelihood Improvement Project (I) (JPY 13.725 billion), Odisha Forestry
Sector Development Project (Phase 2) (JPY 14.512 billion), Delhi Eastern
Peripheral Expressway Intelligent Transport System (ITS) Installation Project
(JPY 6.87 billion), Nagaland Forest Management Project (JPY 6.224 billion) and
Tamil Nadu Investment Promotion Program (Phase 2) (JPY 22.145 billion).
India
and Japan have had a long and fruitful history of bilateral development
cooperation since 1958. In the last few years, the economic partnership
between India and Japan has steadily progressed. This further consolidates and
strengthens the Strategic and Global Partnership between India and Japan.
************
Change in Tariff Value of Crude Palm Oil, RBD Palm Oil,
Others – Palm Oil, Crude Palmolein, RBD Palmolein, Others – Palmolein, Crude
Soyabean Oil, Brass Scrap (All Grades), Poppy Seeds, Areca Nuts, Gold and
Silver Notified
In exercise of the powers conferred by sub-section (2) of
section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise
& Customs, being satisfied that it is necessary and expedient so to do,
hereby makes the following amendment in the notification of the Government of
India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs
(N.T.), dated the 3rd August, 2001, published in the Gazette of
India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O.
748 (E), dated the 3rd August, 2001, namely:-
In the said notification, for TABLE-1, TABLE-2, and
TABLE-3 the following Tables shall be substituted namely:-
TABLE-1
|
Sl. No.
|
Chapter/ heading/ sub-heading/tariff item
|
Description of goods
|
Tariff value
(US $Per Metric Tonne)
|
|
(1)
|
(2)
|
(3)
|
(4)
|
|
1
|
1511 10 00
|
Crude Palm Oil |
747
|
|
2
|
1511 90 10
|
RBD Palm Oil
|
765
|
|
3
|
1511 90 90
|
Others – Palm Oil
|
756
|
|
4
|
1511 10 00
|
Crude Palmolein
|
771
|
|
5
|
1511 90 20
|
RBD Palmolein
|
774
|
|
6
|
1511 90 90
|
Others – Palmolein
|
773
|
|
7
|
1507 10 00
|
Crude Soya bean Oil
|
784
|
|
8
|
7404 00 22
|
Brass Scrap (all grades)
|
3169
|
|
9
|
1207 91 00
|
Poppy seeds
|
2579
|
TABLE-2
|
Sl. No.
|
Chapter/ heading/ sub-heading/tariff item
|
Description of goods
|
Tariff value
(US $)
|
|
(1)
|
(2)
|
(3)
|
(4)
|
|
1
|
71 or 98
|
Gold, in any form, in respect of which the benefit of
entries at serial number 321 and 323 of the Notification No. 12/2012-Customs
dated 17.03.2012 is availed
|
406 per 10 grams
|
|
2
|
71 or 98
|
Silver, in any form, in respect of which the benefit of
entries at serial number 322 and 324 of the Notification No. 12/2012-Customs
dated 17.03.2012 is availed
|
589 per kilogram
|
TABLE-3
|
Sl. No.
|
Chapter/ heading/ sub-heading/tariff item
|
Description of goods
|
Tariff value
(US $ Per Metric Tonne )
|
|
(1)
|
(2)
|
(3)
|
(4)
|
|
1
|
080280
|
Areca nuts
|
2594
|
******************
South Asia Subregional Economic Cooperation (SASEC)
Operational Plan (OP) 2016-25 includes nine projects worth $2.4 Billion
Three projects – two Economic Corridors and one
Road Bridge – worth an aggregate of $1.2 billion to be in India
Shri Raj Kumar, Joint Secretary, Department of
Economic Affairs says India fully supports the SASEC OP as it will improve our
economic linkages with East and Southeast Asia in accordance with India’s Act
East policy
The Asian Development Bank (ADB) has approved a
total of nine projects costing $2.42 billion as part of the Operational Plan
(OP) 2016-2025 of the South Asia Subregional Economic Cooperation (SASEC)
program. These projects will receive ADB financing of $1.43 billion. These nine
projects represent a significant increase compared to the previous 15 years,
when the annual average value of projects approved was only about $500 million.
The nine projects comprise of two rail projects in
Bangladesh worth $890 million, two economic corridor initiatives (a project and
program loan) and a bridge project in India worth an aggregate of $1.2 billion,
trade facilitation and airport projects in Bhutan worth $27 million and key
SASEC road and energy projects in Nepal worth $302 million. All these projects
are aligned with the SASEC OP’s thrusts of developing road and rail links
aligned closely with trade routes toward the east, streamlining trade
procedures, and improving energy infrastructure.
The Indian corridor projects reflect the SASEC OP’s
recent shift in emphasis on developing economic corridors within and between
member countries. Shri Raj Kumar, Joint Secretary, Multilateral Institutions
Division, Department of Economic Affairs stressed that India fully supports the
SASEC OP as an important milestone in the SASEC program, especially as it will
pursue the development of infrastructure to improve our economic linkages with
East and Southeast Asia, in accordance with India’s Act East policy, thereby
raising the competitiveness of the sub-region’s enterprises.
The SASEC OP has identified over 200 potential
transport, trade facilitation and energy projects which will require over $120
billion in investments for the next five years, out of which 74 projects have
been identified in India with an estimated project cost of over $60 billion.
Majority of these projects are located in the Northeast or Eastern part of the
country.
The SASEC OP, endorsed in June 2016 by the SASEC
member countries, is SASEC’s first comprehensive long-term plan to promote
greater economic cooperation among the member countries in the areas of
transport, trade facilitation, energy, and economic corridor development.
Bringing regional cooperation to a higher level, the SASEC OP plans to extend
physical linkages not only within SASEC but also with East and Southeast Asia
by the next decade.
Established in 2001, the SASEC program is a
project-based partnership to promote regional prosperity by improving
cross-border connectivity, boosting trade among member countries and
strengthening regional economic cooperation. ADB is the secretariat and lead
financier of the SASEC program, which to date has supported a total of 46
projects worth $9.17 billion in transport, trade facilitation, energy and
information and communications technology (ICT).
**************
Second Annual Meeting of the New Development Bank
(NDB) starts in national capital today: Will focus on Building a Sustainable
Future; Five MOUs to be signed during the three day Meeting
The Second Annual Meeting of the New Development Bank (NDB) started
today in the national capital with the Meeting of its Board of Directors. The
three day Annual Meeting of NDB will be held from 31st March to 2nd
April, 2017.
Second day i.e.1st April, 2017 of the NDB Annual Meeting will
start with BRICS Business Council Meeting which will be followed by the Opening
Ceremony of the Second Annual Meeting of the NDB Board of Governors’. The
Finance Minister of India and NDB Governor for India, Mr. Arun Jaitley will
deliver the Key Note Address. Other speakers at the Opening Ceremony would be
NDB President Mr. K.V. Kamath, Minister
of Finance of China and NDB Governor for China, Mr Xiao Jie among others. Their
address will be followed by the address by Secretary for International Affairs,
Ministry of Finance, Brazil, Mr Marcelo Estevao. Other speakers during the
Opening Ceremony would be Mr Sergey Storchak, Deputy Minister of Finance of
Russia and Mr Monale Ratsoma, Deputy Director General (DDG), South Africa
Treasury. The Opening Session will also be addressed by Mr Werner Hoyer,
President, European Investment Bank (EIB), Mr Akinwumi Adesina, President,
African Development Bank (AfDB) and Sir Suma Chakrabarti, President, European
Bank for Reconstruction and Development (EBRD).
The Opening Ceremony will
be followed by Signing Ceremony for Memorandum of Understanding (MOU). Five (5)
MOUs are likely to be signed by NDB President Mr Kamath, one each with European
Investment Bank (EIB), European Bank for Reconstruction and Development (EBRD),
Asian Infrastructure Investment Bank (AIIB), Eurasian Development Bank (EDB)
and International Investment Bank (IIB). In the evening, NDB President Mr. K.V.
Kamath will address a Press Conference.
On the third and last day
of the NDB meeting i.e.2nd April, 2017, two seminars will be held.
First seminar will be on Financing Sustainable Development in which there will
be two Sessions, one on the Government Perspective and another on the Banking
Sector Perspective. The Government Perspective Session will be addressed by Mr.
Shaktikanta Das, Secretary, Department of Economic Affairs, Ministry of
Finance, GOI, Mr Marcelo Estevao, Secretary for International Affairs, Ministry
of Finance, Brazil and Mr. Celestin Monga, Chief
Economist and Vice President, African Development Bank. The
Session on Banking Sector Perspective
will be addressed by Ms. Chanda Kochhar, Managing
Director and CEO, ICICI Bank, Mr. Khaled
Al-Aboodi, CEO, Islamic Corporation for the Development of the Private Sector, Mr. Nikolay Tsekhomskiy, First Deputy Chairman -
Member of the Board, Vnesheconombank and Mr. Ernest Dietrich, Group Executive, Development
Bank of Southern Africa. The second Seminar will be on the
subject of Urban Planning and Sustainable Infrastructure Development.
********************
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