India and Austria signed a Protocol amending the existing Convention between the two countries for Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income here today. The Protocol was signed by Shri Sushil Chandra, Chairman CBDT on behalf of India and Mr. Georg Zehetner, Charge d’ Affaires, Embassy of Austria on behalf of Austria.
The provisions of Mines Act, 1952, Subordinate Rules and Regulations made thereunder are being administered for ensuring the safety in coal mines by Directorate General of Mines Safety (DGMS). Coalmine owners are responsible for implementing these provisions. This was stated by Shri Piyush Goyal, Minister of State (IC) for Power, Coal & New and Renewable Energy and Mines in a written reply to a question in the Rajya Sabha today.
The Chief Secretary of Maharashtra, Shri Swadhin Kshatriya has conveyed to the Centre that the State will be declared Open Defecation Free (ODF) by March 2018. He said this in a meeting with the Secretary, Ministry of Drinking Water and Sanitation, Shri Parameswaran Iyer, in Mumbai, and mentioned that Maharashtra is on track to achieve this goal.
Coal India Limited (CIL) has surrendered two prospecting licenses held by its subsidiary Coal India Africana Limited in Mozambique and presently does not hold any foreign coal assets. This was stated by Shri Piyush Goyal, Minister of State (IC) for Power, Coal & New and Renewable Energy and Mines in a written reply to a question in the Rajya Sabha today. The Minister further stated that CIL is scouting for acquiring coking coal assets abroad, as India is faced with constraints of techno-commercially viable domestic coking coal reserves.
As per the global studies on research investment, 2014, India spends 0.85% of GDP on research as against United States-2.74%, China-2.10%, Japan-3.58%, Germany 2.84% and South Korea-4.29%. The Government has emphasized the need for promoting research that is socially relevant and is of use to the end users. For this purpose, two schemes namely Impacting Research Innovation and Technology (IMPRINT) and Uchhatar Avishkar Yojana (UAY) have been launched.
Proposals for setting up of ten indigenous Pressurised Heavy Water Reactors each of 700 MW and two Light Water Reactors each of 1000 MW (Kudankulam Units-5&6) with foreign cooperation have been prepared and finalised. These are presently under consideration of the Government for accord of administrative approval and financial sanction.
The first Executive Development Programme of Rajiv Gandhi National Aviation University was inaugurated by the Minister for Civil Aviation Shri Ashok Gajapathi Raju in the capital today. Speaking on the occasion, the Minister said that the Aviation University should play the important role of spreading knowledge and see that it is applied practically in the growth of the Aviation sector. Shri Raju pointed
Government allows carry forward of minimum alternate tax (mat) upto a period of 15 years instead of 10 years
To give boost to banking sector, allowable provision for non performing asset increased from 7.5 % to 8.5%
The basic customs duty on LNG reduced from 5% to 2.5%.
The Union Budget 2017 was laid before the Parliament today by the Hon’ble Finance Minister of India. The salient features of Direct Tax proposals are summarised below:
I. Affordable Housing:
The Minister of Road Transport & Highways and Shipping Shri Nitin Gadkari has welcomed the thrust accorded by the Union Budget 2017-18, to multi modal transport planning and synergizing investments in railways, roads, waterways and civil aviation. Terming the budget as revolutionary, Shri Gadkari said that development of multi-modal transport hubs would help ease traffic congestion to a large extent and also bring down pollution.
Middle class to get affordable housing due to fall in Real Estate prices
Remonetisation to eliminate cash squeeze by April 2017.
Economic Survey says economic growth to return to normal as new currency notes in required quantities come back into circulation and follow-up action on demonetisation is taken.
The CPI based core inflation remained stable in the current fiscal year averaging around 5 per cent.
Income Tax Department (ITD) has initiated Operation Clean Money, today. Initial phase of the operation involves e-verification of large cash deposits made during 9th November to 30th December 2016. Data analytics has been used for comparing the demonetisation data with information in ITD databases. In the first batch, around 18 lakh persons have been identified in whose case, cash transactions do not appear to be in line with the tax payer’s profile.
IPPB branches launched in Ranchi & Raipur
Finance Minister, Shri Arun Jaitley and Minister of Communications Shri Manoj Sinha launched the operations of the India Post Payments Bank (IPPB) here today as two pilot branches at Raipur and Ranchi through video conferencing from Delhi.
Meeting of the Consultative Committee of the Members of Parliament for the Ministry of Petroleum & Natural Gas was held in New Delhi on 30th January, 2017. Following Hon’ble Members participated in the meeting -Shri Bhanu Pratap Singh Verma, Shri Chandrakant Bhaurao Khaire, Shri Narasimham Thota, Shri Ninong Ering, Shri Pansunoori Dayakar, Col. (Retd.) Sona Ram Choudhary, Shri Tamradhwaj Sahu, Smt Veena Devi, Shri Amar Singh, Shri Ravi Prakash Verma and Shri S.R. Balasubramoniyan.