News Update

I-T - Evidence found during search proceedings is not restricted to tangible material: HCI-T - Without break-up of payment made by employer to NRI employees for boarding & lodging, such payments will not fall within exception of Sec. 10(14): HCI-T - So as to be called 'substantial', a question of law must be debatable and not governed by binding precedent: HCI-T - Allotment of Stock Appreciation Rights is distinct from allotment of shares, so not taxable as Capital Gains: SCBlack Money Act - Court cannot direct Revenue to pass final order earlier than maximum time limit given in statute: HCI-T - Bifurcation of lease rental income can be done as per Guidance Note & accounting standards prescribed by ICAI when there is no express bar in I-T Act regarding use of such guidelines: SCDoctrine of Umbilical Cord puts onus on Executive to protect Supreme Court for own survival!UGC releases list of 24 self-styled fake universities; Delhi & UP top tallyI-T - One time membership fees paid to National Stock Exchange for getting registered as broker, is capital expenditure: HCCSIR, DoT join hands to set up Time Stamping & Synchronisation NetworkACC clears elevation of Ms Indu Malhotra as SC Judge but plays possum over Justice K M JosephST - When review order and appeal of revenue has not disputed portion of order dropping demand, revenue cannot, in hearing, before Tribunal dispute same: CESTATDelhi DRI seizes 41 kg foreign-marked gold + Rs 48 lakh cash + 213 kg silver worth Rs 13 CroreI-T - Direct debit of commission by foreign agents before transferring sale considerations, makes exporters ineligible for benefit of Section 80HHC(2): HCISRO reschedules launch of GSAT-11ST - Agreement is for supply of materials and cannot, by any stretch of imagination, be considered as an agreement for rendering services - amount of advance received cannot become part of value: CESTATMSME Ministry to set up Digital Trade DeskKolkata DRI seizes 14.4 lakh foreign cigarettes from container misdeclared as Facial TissueCentral Staffing Scheme - Govt notifies Rs 9000 hike in deputation allowance'Innovate in India' gets USD 125 millionI-T - Payment made to acquire trade mark which facilitates entry into a particular market is revenue expenditure: HCI-T - Interest income earned from deposit of share application money statutorily required to be kept in separate account is incidental in nature and assessee is entitled to set it off against expenses relating to public issue: SCCabinet approves MSP for Raw Jute for 2018-19 seasonI-T - While making invocation of Sec 147 conditional, Legislature does not intend to allow Revenue to adopt liberal interpretation of expression 'reason to believe': SCCabinet okays MoU with BRICS medicine regulatory agenciesJodhpur Court convicts Asaram in Rape CaseCabinet okays declaration of Schedules Areas in Rajasthan under Fifth ScheduleConstruction of GST on Residential Flats (See ' JEST GST on GST Home Page')I-T - Infra companies having exposure to substantial risk connected with construction projects, are eligible for Section 80-IA benefits: ITATWhen Domestic Tax Laws Reach Beyond Customs Frontiers
 
JAM trinity revolutionized transfer of subsidies: I&B Minister

By TIOL News Service

NEW DELHI, APR 20, 2017: LISTING out the various initiatives taken by the Government that impacted people's life, Mr M. Venkaiah Naidu, Minister for Information & Broadcasting said that the JAM trinity which uses the Jan Dhan, Aadhar and Mobile connection has revolutionized the transfer of subsidies to the people by removing the middle men from the link.  Behavioural change to encourage people to use less cash and turn towards digital payments would not only require change in mind set but also require the institutional mechanism that will support this change. The BHIM app launched by the Prime Minister, Mr Narendra Modi provided latest features that is helping people shift from using less cash towards digital payments.  The use of technology has enabled providing better governance to people.

Mr Naidu, has said that scripting of new India by bringing disruptive changes in governance had resulted in removing deficiencies, catalyzing proficiencies and reaping efficiencies. The transformational initiatives brought out by the Government aimed at initiating change and altering the status quo thus positioning India as a Global Leader. The Demonetization initiative was one of the most disruptive changes that targeted black money, counterfeit currency and corruption, which overhauled India's economic system removing tainted currency from circulation. The Minister stated this while addressing the Mind Mine Summit here today. Mr Suresh Prabhu, Minister for Railways was also present on the occasion.

Elaborating further, Mr Naidu said that, it has become a New Normal for the Government to bring path breaking changes to transform the country, latest being the ban on the usage of Red Beacons. The process of reform in every sector was evident in the current approach to Governance.

Mr Naidu mentioned the historic passage of GST bill in parliament which would transform the Indirect Tax structure in the country by unifying the country into a single market and thus simplifying the current complex and opaque tax administration. The Swachh Bharat Abhiyaan has been hailed as the biggest Behavioural Change program launched by the Government that aims to build a Clean India, dismantling age old behaviours and social practices of the people.


POST YOUR COMMENTS