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Saturday , February 28, 2015 | Updated : Feb 28, 14:53 IST
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BUDGET FLASH
 
'Substantial value' from assets located in India - when does Sec 9 get triggered? - Finance Bill provides an answer (See 'Budget Run-Up') Is proposed Section 78B of FA, 1994unconstitutional? (See 'Budget Run-Up') Duty not paid - Penalty follows in all cases, suppression or not (See 'Budget Run-Up') Place of Effective Management - Finance Bill proposes change to determine resident status (See 'Budget Run-Up') Interest paid by branch of foreign bank to HO and overseas branches chargeable to tax and subject to TDS Jaitley offers minor respite on depreciation u/s 32(iia)(See 'Budget Run-Up') GTA ST is on 30 % (See 'Budget Run-Up') Bye Bye to Education (CESSES)(See 'Budget Run-Up') Dead wood & something more removed from provisions of Settlement in Central Excise & Customs (See 'Budget Run-Up') Pleasant Amendment in Section 11AC (See 'Budget Run-Up') Section 80 of FA, 1994 to fade into oblivion - a draconian step? (See 'Budget Analysis') Mutual Fund distribution - Service tax makes a comeback (See 'Budget Analysis') Time to gear-up for GST (See 'Budget Analysis') Recovery of credit taken wrongly but not utilized is possible now - First accrued is first utilized - new Rule 14 of CCR, 2004 (See 'Budget Analysis') What happens to Education Cess credit lying in balance? (See 'Budget Analysis') Definition of Resident company redefined in Finance bill, 2015 (See 'Budget Analysis') Instant tea, Iced tea, LED lights/lamps brought under MRP assessment (See 'Budget Analysis') ST Valuation - If courts take a contrary view - Do the obvious - Amend the Act - Delhi High Court Ruling in Intercontinental Consultants undone (See 'Budget Analysis') Service tax exemption availed by non-resident Commission Agent to Indian exporter withdrawn (See 'Budget Analysis') Service tax exemption withdrawn for Mutual Fund Agent to MF; Distributor to MF or AMC; service by Lottery agent to distributor and also free telephone calls made by Airport and hospitals Litigation Management - Monetary Limit for case to be heard by Single ITAT Member hiked to Rs 15 lakh (See 'Budget Analysis') Service provided by Government brought under tax net Service Tax rate of 14% to be applicable only after enactment: education cess to continue till then Major changes proposed in Section 11 AC - No penalty for normal period cases if duty is paid along with interest within 30 days from Show Cause Notice Exclusion of value of rails - Retrospective exemption given Retrospective exemption granted to Railway or tramway track construction material Finance Bill - Cash seized to be adjusted towards assessee's tax liability Central Excise & Service Tax assessees allowed to issue digitally signed invoices Finance Bill cleans up provisions relating to Indirect Transfers under Section 9 of I-T Act MAT rationalised for members of AOP (Association of Persons) Rationalisation of Penal Provisions under Service Tax - Section 80 deleted No Change in Corporate Tax Rate for FY 2015-16 Chit funds and lottery to come under Service Tax Intaxicating - alcohol job work to attract Service tax Gold Monetisation Scheme: Depositors and jewellers to earn interest on metal account (See 'Mbuzz') Wealth tax gone but 2% surcharge levied on super rich; Medical allowance hiked to Rs 25000 (See 'Budget Analysis') Rental income from assets held by REITs to be taxed in hands of unit holders (See 'Budget Analysis') Foreign assets purchased out of tax evaded: 10 years jail; offence made non-compoundable and 300% penalty (See 'Budget Analysis') DTC Bill killed; Many good aspects incorporated in present I-T Act Service tax Negative List to be pruned No Service Tax on Varisth Bima Yojana Transport Allowance limit hiked to Rs 1600 Sec 80CCD benefit hiked by Rs 50,000 per annum Jaitley hikes exemption limit for medi claim from Rs 15K to 25K; for Sr Citizens it is to be 30K Clean Energy Cess hiked to Rs 200/- PMT; No service tax on effluent treatment plants Service tax rate goes up to 14% but education cess gone Excise duty on cigarette and tobacco hiked; Excise registration to be done in two working days; Cenvat Credit period extended from six months to 12 months TP threshold limit hiked from Rs 5 Crore to 20 Crore; Capital gains by FIIs not to be subjected to MAT Wealth Tax to be abolished; 2% surcharge levied on wealthy SAD removed for most goods with minor exception GAAR postponed for two years; Tax rate on royalty and FTS reduced to 10% Presence of Fund Managers not to be construed as PE Capital gains regime and STT regime to be rationalised to provide pass through facility Unreported assets outside India - Govt to make it predicate offence under PMLA Black Money Bill to be tabled - 10 years jail proposed; 300% penalty; No Settlement Commission option; No deductions to be allowed; even banks and companies to face prosecution and penalty Corporate tax rate to be reduced to 25% over four years Fiscal Deficit to be 3.9% in next fiscal HCs to have designated courts for resolution of Commercial disputes; Bill to be tabled Defence outlay hiked to Rs 2.46 lakh crore for 2015-16 Special Assistance like Telangana to be provided to Bihar, West Bengal also AIIMS to be set up in Punjab, Assam, J&K, HP, TN and Bihar + IIT in Karnataka + ISM Dhanbad becomes IIT + IIM to be set up in J & K Education Loan: Govt to set up formal platform to fund it Govt to launch National Skill Mission to enhance employability of youth Govt to go for Procurement Legislation; proposes mechanism to resolve contract disputes Govt to develop heritage sites to promote tourism FDI - Artificial distinction between FII & Portfolio Investment to go Govt to put in place New Direct Tax and Indirect Tax regime matching global standards Govt to introduce New Gold Monetisation Scheme; to introduce Indian Gold Coin with Ashok Chkra Govt to reform EPF and ESI Acts to make it more liberal Commodity Commission to be merged with SEBI Govt to set up Public Debt Management Agency to monitor borrowings Rs 5000 Cr allocated to National Infrastructure Development Fund Expert Panel to be set up to do away with prior-approval for starting business Govt earmarks Rs 1000 Cr to support tech start-ups FM allows tax-free bond option for road, rail and irrigation Investment in Infra Sector to go up by Rs 70,000 Crore; Govt to set up National Investment in Infrastructure; Govt to allocate Rs 20,000 Crore Unclaimed deposits of Rs 9000 Crore in PPF & EPF to be appropriated for Senior Citizen Welfare Fund NBFCs with Rs 500 Cr turnover to be construed as Financial Institution To improve Ease of Doing Business Index - Govt to go for New Bankruptcy Act
 
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IRS Officer's Book on World Heritage Sites of Uttarakhand

Authored by Deepankar Aron
Produced by Beehive Communications Pvt Ltd
No of Pages: 196

 

 

Legal Corner Icon

 

Legal Corner IconTHE IRS really has certain pockets of excellence of the highest order. Deepankar Aron, a Director in the CBEC, recently had his Coffee Table Book – World Heritage Sites of Uttarakhand, released by two ministers in Dehradun recently. But the real launch was in last week's conference of Chief Commissioners in Delhi, where the CBEC Chairman presented a copy of the book to the FM and the FM was all praise for the young officer's Himalayan effort.

An eternal spring,

A riot of colours,

A profusion of flowering,

An eternal love affair

That's what he has captured in his 200 page book with 300 photographs, most of which were shot by Aron himself. An avid photographer and travel writer, Aron had done a solo photo exhibition on “Uttaranchal – A Natural Treasure to Explore”.

A wanderer on the hills, Aron had done the Manasarovar yatra as the liaison officer appointed by the Government of India.

Not that this nature lover was not studious – he has a B.Tech and M.Tech from, IIT Delhi and was the youngest in his batch in IRS.

We wish Deepankar Aron more trysts with NATURE.


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