News Update

Govt hikes retirement age of Ayush doctors & civilian docs of Armed Forces to 65Govt hikes retirement age of Ayush doctors & civilian docs of Armed Forces to 65Defence Accounts Service officer Ms Swaranashree Rao appointed as Spokesperson for Ministry of DefenceDirect tax collections peak at Rs 6.9 lakh cr after refund of Rs 1.2 lakh crPadmavat film maker moves Apex Court against ban by some StatesGovt decides to reduce quantum of borrowing from Rs 50K Crore to only Rs 20K Crore after review of revenue collections trendA nuanced approach to Works Contract under GST (See 'TOG Insight' in Taxongo.com)I-T - When court finds that assessee has not truly disclosed all facts in case & now wants to withdraw soiled petition, liberty to file fresh petition can only be granted if Revenue is compensated for suffering costs on account of assessee's mistake - YES: HCGovt to strike off fresh lot of 1.2 lakh shell companies from RoC RegisterGST Council to rationalise tax rates on many goods & Services tomorrowCX - Outdoor Catering Services is a necessity but once said service is excluded, the use of such service, whether statutorily required or otherwise, does not render the services eligible for CENVAT: CESTATI-T - When agreement is all about purchase of developed residential sites, merely because developer had to construct some common facilities before the handover, it would amount to 'works contract' - NO: ITATCII demands C Form be continued till Petroleum & Natural Gas brought under GSTCentral Advisory Board favours online education & more autonomy for quality institutesHelpdesk should respond on time and give correct guidanceCacophony against amending Constitution is Music for the IgnorantFirst course on Sustainable Urban Planning launchedScience & technology to be harnessed for preservation of environment: Dr Harsh VardhanMilk production registers 20% growthSteel Industry seeks removal of Customs duty on raw materialsFake encounter - SC asks SIT to wrap up probe in 12 FIRs by Feb-endHaryana also bans release of ‘Padmavat’I-T - When doings of assessee are not found to be not above board, it does not deserve invocation of extraordinary jurisdiction of HC under Art 226: HCPublic art should be part of urban planning: PuriGSTN technical glitches to be reviewed by Sushil Modi-headed Committee tomorrowCX - Without canteen, factory would not be allowed to operate under Factories Act, 1948 - Outdoor catering services, not primarily for personal use or consumption of employee, is covered under definition of Input service: CESTATCENVAT - Services of merger has no relation with manufacture - Even if order goes beyond the SCN, same is not an error of a kind which can be rectified by a ROM application: CESTAT

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)]

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
CENTRAL BOARD OF DIRECT TAXES
NEW DELHI

NOTIFICATION NO

99/2017, Dated: December 22, 2017

S.O. 4010(E).-In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the SEEPZ Special Economic Zone Authority, an authority constituted under the Special Economic Zone Act, 2005 by the Government of India, in respect of the following specified income arising to that authority, namely:-

(a) lease rentals/Service charges from various units operating in the SEZ at rates prescribed by the SEZ Authority;

(b) income by way of Gate Pass Entry Fees, Fine & Penalties from various units and other misc. income (Sale of garbage); and

(c) interest on Bank Deposits and Investments.

2. This notification shall be effective subject to the conditions that SEEPZ Special Economic Zone Authority:-

(a) shall not engage in any commercial activity;

(b) its activities and the nature of the specified income shall remain unchanged throughout the financial years; and

(c) it files return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961.

3. This notification shall be deemed to have been applied for the financial Years 2015-2016, 2016-2017 and shall apply with respect to the financial Years 2017-2018, 2018-2019 & 2019-2020.

[F. No. 300196/5/2016-ITA-I]

(Vinay Sheel Gautam)
Under Secy.

Explanatory Memorandum : It is certified that no person is being adversely affected by giving retrospective effect to this notification.