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    December 31, 2010
    India’s External debt at End-September 2010
    December 30, 2010
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    December 3, 2010
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    IT searches conducted on over 30 Ispat premises
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    News
    All› Income Tax › Income Tax - 2010
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    December 31, 2010
    India’s External debt at End-September 2010
    Show AI Summary
    External debt rise highlights greater short-term liabilities and reduced reserve coverage for short-term obligations.
    India's external debt stock increased by end-September 2010 with faster growth in short-term debt relative to long-term debt; a valuation effect from currency movements accounted for part of the increase. Commercial borrowings, non-resident deposits and multilateral liabilities were the principal components, sovereign external debt remained significant, and US dollar denominated instruments formed the largest currency share. The ratio of short-term external debt to foreign exchange reserves rose. Quarterly external debt statistics are compiled and published by the Department of Economic Affairs.
    December 30, 2010
    50 Paise Coins to be Minimum Denomination Coin Acceptable for Transaction from June 30, 2011 - Government Calls in from Circulation Coins of Denomination of 25 Paise and below
    Show AI Summary
    Change to legal tender: lower denomination coins will be withdrawn and transactions must use the new minimum coin, with rounding.
    Coins of smaller lower denominations shall be called in and will cease to be legal tender from June 30, 2011; the call-in procedure will be notified separately by the monetary authority. From that date the minimum denomination coin acceptable in transactions will be the 50-paise unit and accounting, pricing and tax entries must be rounded to that denomination or to whole rupees, under powers of the Coinage Act, 1906.
    December 30, 2010
    Provision of Budget for balance funds under Scheme of Rupees Export Credit Subvention to Scheduled Commercial Banks – Impact of Global Meltdown on Exports
    Show AI Summary
    Interest subvention for rupee export credit reimburses banks to sustain exporters' competitiveness amid global downturn.
    Government approved additional budgetary allocations to meet pending claims under the Interest Subvention scheme for rupee export credit administered by the central bank, which reimburses scheduled commercial banks for a two percentage point concession on pre and post shipment export credit to eligible, employment oriented exporter sectors. The scheme's sectoral scope and successive temporal extensions are noted, and recent supplementary funds were provided to cover outstanding liabilities and to include further export sub sectors within the scheme.
    December 28, 2010
    I-T Dept calls Mahindra Satyam accounts for audit
    Show AI Summary
    Income tax audit directive orders Mahindra Satyam to obtain audits of company accounts for specified assessment years.
    The office of the Additional Commissioner of Income Tax directed Mahindra Satyam to obtain audited accounts for two specified assessment years under the Income Tax Act, and the company disclosed receipt of that communication in a filing to the stock exchange, creating an obligation to procure the required audits.
    December 23, 2010
    YEAR-END REVIEW- 2010 - Ministry of Corporate Affairs : Promoting the Growth of Indian Corporate Sector Through Enlightened Regulations
    Show AI Summary
    Companies law reform modernises incorporation, governance and accountability while expanding electronic compliance and investor protections.
    The Ministry advances a regulatory programme centred on a new Companies Bill to modernise company law-clarifying incorporation, expanding electronic processes, strengthening disclosure and accountability, protecting minority shareholders, formalising Key Managerial Persons and independent directors, increasing auditor accountability, enabling extended IEPF claims and class actions-while implementing compliance schemes, an MCA21-based Early Warning System, IFRS convergence, enhanced e-governance including XBRL and public company master data, and capacity building through the Indian Institute of Corporate Affairs.
    December 21, 2010
    The Ministry of Micro, Small and Medium Enterprises (MSME) is implementing the promotional schemes for the development of micro, small and medium enterprises in the country
    Show AI Summary
    Credit guarantee enhancements expand unsecured lending access and reduce fees to strengthen support for micro and small enterprises.
    Enhanced credit facilitation for MSEs is effected through targeted modifications to guarantee, subsidy and lending-support mechanisms: the Credit Guarantee Fund Scheme raises loan limits and guarantee cover, reduces guarantee fees and service charges, and provides preferential cover for women owned/operated MSEs and NER borrowers; the Credit Linked Capital Subsidy Scheme grants capital subsidy for approved technology upgradation via nominated nodal agencies; and ISO/quality certification is incentivised by one time reimbursement.
    December 16, 2010
    CBDT Clarification on Tax Scrutiny Of Mergers and Acquisitions Cases
    Show AI Summary
    Tax scrutiny of mergers and acquisitions is limited and risk-based; M&A alone does not trigger assessment.
    The CBDT states that tax scrutiny of takeovers, mergers and acquisitions is limited and driven by a risk-based selection process; the Income Tax Department typically scrutinizes about one percent of taxpayers, has kept overall scrutiny below one and a half percent, maintains trust in taxpayers and uses non-intrusive measures, while intensive investigation tools such as surveys, searches and seizures may lead to detailed scrutiny. Mere occurrence of an M&A does not by itself trigger tax scrutiny.
    December 15, 2010
    Results Framework Document to Bring About Considerable Improvement in Performance Measurement of Individual Departments: CAG
    Show AI Summary
    Results Framework Document strengthens departmental performance measurement and audit-led corrective oversight to improve public expenditure outcomes.
    Results Framework Document and related reforms are framed as mechanisms to strengthen departmental performance measurement and programme delivery. Audit functions are described as collaborative oversight-including increased concurrent audits, an Audit Quality Management Framework, and strengthened internal audit-aimed at identifying delivery weaknesses and recommending corrective measures. Complementary public finance reforms cited include outcome budgeting, cash management guidelines, preparation of detailed project reports, and a phased move toward accrual accounting.
    December 15, 2010
    Modification of Central Capital Investment Subsidy Schemes for Micro, Small and Medium Enterprises (MSMEs) of Jammu & Kashmir and the North Eastern Region
    Show AI Summary
    Capital investment subsidy parity extended to regional MSMEs, enabling repeated subsidy claims for eligible expansions.
    Increase of the Capital Investment subsidy for MSME units in Jammu & Kashmir to the same rate as the North Eastern Region, and allowance for MSME units in both regions to claim the subsidy on each expansion provided total plant and machinery investment remains within the prescribed MSME investment ceilings for manufacturing and services sectors.
    December 10, 2010
    Inauguration of Income Tax Office at Chinsurah, Dist-Hooghly, West Bengal by Hon'ble Union Finance Minister Shri Pranab Mukherjee on 04.12.2010 - Publicity in the official web site
    Show AI Summary
    Publicity of government office inauguration requested to publish rolling ticker and publicise new taxpayer service centre.
    The Chief Commissioner's Public Relations Wing requested the System Directorate to upload a specified rolling ticker announcing the inauguration of the new Aayakar Bhawan and the first fully operational Aayakar Seva Kendra (ASK) under Sevottam at Chinsurah, and to provide wide publicity of the event via the official income tax web portal.
    December 9, 2010
    Inflation under Control; Need for High Investment in R&D, Innovation, Development of Skilled Manpower to Sustain High Growth: FM
    Show AI Summary
    Inflation control and investment in R&D urged to sustain growth and address trade and investment vulnerabilities.
    The Finance Minister reported containment of price rise through fiscal and administrative measures, citing lower food inflation and expected higher kharif output, while identifying concerns including trade imbalance, FII volatility, current account pressures and reduced FDI. Emphasis was placed on strengthening the public distribution system, accurate demand projection, and urgent investment in research and development, innovation and skilled manpower, together with agricultural diversification, credit support, infrastructure expansion and reforms to sustain high growth.
    December 7, 2010
    17.85% Increase in Direct Tax Collections During April-November Crosses 50% of be Target of Rs.4,30,000 Crore for Current Fiscal
    Show AI Summary
    Direct tax collections surpass budget estimate midpoint; corporate and personal tax receipts show divergent growth.
    Direct tax collections recorded material growth through April-November, crossing half of the Budget Estimate target for the fiscal year. Corporate Income Tax receipts rose markedly and were the principal driver of the increase, while Personal Income Tax receipts grew at a lower pace. Securities Transaction Tax returned to positive growth during the period, signaling a change in the composition of direct tax inflows relevant to mid year fiscal monitoring.
    December 7, 2010
    Setting up of 20 new Indian Institutes of Information Technology (IIITs) with Public Private Partnership (PPP)
    Show AI Summary
    Public Private Partnership model for expanding IIITs establishes shared funding, state land provision, governance autonomy and faculty development.
    Approval was given to establish twenty IIITs under a Public Private Partnership (PPP) model with shared capital and start up support from Central, State and industry partners, conditional State land provision free of cost, phased implementation dependent on partner response, time limited central recurring assistance, and a requirement that each institute become financially self sustaining within the initial operational period. Governance powers are vested in institute Governing Boards, a tripartite MoU will define partner roles, provisional society registration is allowed pending legislation declaring them Institutes of National Importance, and faculty development modalities are to be finalised with the finance ministry.
    December 6, 2010
    Anti Dumping Duty on parts/components of Compact Fluorescent Lamps (CFL) from China and Hong Kong as per Customs Notification No.138/2002-Customs dated 10.12.2002 - Regarding.
    Show AI Summary
    Anti-dumping duty on CKD/SKD imports applies where goods retain essential character, so CFL CKD/SKD are taxable.
    The Board clarified that anti-dumping duty on CFLs applies to imports in CKD/SKD condition because Rule 2(a) of the General Interpretative Rules treats incomplete, unassembled or disassembled articles that retain the essential character of the finished product as complete articles; therefore, where anti-dumping duty is attracted on the article it must be levied on CKD/SKD imports whether in single or part shipments, and prior letters excluding parts/components did not intend to exempt CKD/SKD consignments.
    December 6, 2010
    No tax on additional interest on EPF money
    Show AI Summary
    Exemption of additional EPF interest announced, with government to revise notification and extend tax relief to employees.
    Additional interest on Employees Provident Fund deposits will be exempted from income tax, following the Central Board of Trustees' decision to raise the EPF interest rate and the Finance Ministry's indicated revision of the notification to reflect the higher rate once government approval is obtained.
    December 6, 2010
    Products Through Post Offices
    Show AI Summary
    Post Office financial tie ups expand distribution of banking, pension and retail products while policy reforms boost small savings access.
    The Department of Posts has entered into multiple tie ups to distribute financial and retail products through post offices, including money transfer, mutual funds, pension scheme point of presence services, microcredit disbursement to self help groups, banking product distribution and sales of retail items, while the government has implemented policy measures-such as a maturity bonus, extension of tax benefits, raised deposit ceilings, rationalised premature withdrawal penalties, expanded pension account eligibility, removal of account opening restrictions, zero balance welfare accounts and online investor interfaces-to promote small savings schemes and broaden access.
    December 5, 2010
    DTC to make tax system more predictable: Pranab
    Show AI Summary
    Direct Taxes Code to boost tax transparency and predictability while plugging loopholes and replacing existing income tax law.
    The proposed Direct Taxes Code is presented as a comprehensive legislative replacement for the Income Tax Act, 1961, intended to enhance tax transparency and predictability and to plug loopholes that cause tax leakages; the Bill has been introduced in Parliament and is expected to be taken up for passage with an anticipated future fiscal enactment.
    December 3, 2010
    Women Population above 60 Years of Age
    Show AI Summary
    Senior citizen welfare measures extend targeted concessions and pension support to older women and widows across tax, transport and care schemes.
    Welfare frameworks secure financial security, healthcare, shelter and special consideration for widows; a 2007 statute prescribes maintenance obligations, old age homes, medical care and protection; the Integrated Programme funds old age homes, mobile medical units and Multi Facility Care Centres for older widows offering shelter, care and income generation training; tax and transport concessions provide higher basic income tax exemptions and age based railway and airline fare concessions; the widow pension scheme provides monthly support to BPL widows aged 40-64, with state wise beneficiary data reported.
    December 3, 2010
    Draft Scheme of Authorized Economic Operator (AEO)
    Show AI Summary
    Authorized Economic Operator status grants streamlined customs treatment and reduced inspections for compliant supply chain participants.
    The AEO programme grants a quality mark to Indian legal entities in the international supply chain that demonstrably meet customs compliance, record keeping, financial solvency and prescribed safety and security standards; applicants submit an application, security plan, process and site maps, undergo validation and an on site verification by an AEO Programme Team, and if successful receive a certificate enabling simplified customs procedures, reduced inspections and integration into risk management, subject to ongoing review, suspension, revocation and appeal mechanisms.
    November 30, 2010
    IT searches conducted on over 30 Ispat premises
    Show AI Summary
    Tax searches executed across corporate and associated premises to gather evidence in an alleged tax evasion probe.
    Nationwide enforcement action consisted of coordinated income tax searches and survey operations at corporate and associated premises, including offices, dealer locations and residences of key management, deploying multi-jurisdictional investigators and survey teams to gather evidence in connection with alleged tax evasion.

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      Income Tax

      Women Population above 60 Years of Age

      December 3, 2010

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      While benefits from various welfare schemes/programmes can be accessed by women above 60 years of age, subject to their meeting laid down conditions under the respective scheme/programme, the Government has taken a number of specific initiatives for the benefit of older persons irrespective of their gender, such as:-

      The National Policy on Older Persons was announced in 1999 which envisages State's support to ensure financial & food security, health care, shelter and other needs of older persons to improve the quality of their lives. This, inter-alia, includes giving special consideration to widows in the matter of settlement of benefit accruing to them on the demise of their husband.

      The Maintenance and Welfare of Parents and Senior Citizens Act, 2007 was enacted on 31stDecember, 2007 which, among other things, provides for maintenance of parents and senior citizens by children/relatives, establishment of Old Age Homes, provision of adequate medical care & protection of life and property of senior citizens.

       Under the Central Sector Scheme of Integrated Programme for Older Persons, financial assistance is given to voluntary organizations for running and maintenance of old age homes, mobile medical units etc. for the destitute senior citizens and for setting up of Multi Facility Care Centre for Older Widow Women to provide full time shelter, care, training in income generating activities, conduct of religious programmes, yoga etc. to older widows.

                  The Income Tax Act, 1961 provides higher basic exemption of Rs.1.90 lakh for the resident women tax payers. In case of any resident individual tax payer of 65 years or more, the basic exemption is even higher at Rs.2.40 lakh irrespective of the gender.

                  The Indian Railways grants concession in fare to senior citizens of minimum 60 years, travelling for any purpose. The percentage element of concession for women is 50% while it is 30% for men. In addition, the National Aviation Company of India Ltd. offers a concession of 50% on the normal published fare in economy class to women of 63 years and above for travel on domestic sectors.

       Under Indira Gandhi National Widow Pension Scheme (IGNWPS) that was launched in February, 2009, widow pension @ Rs. 200/- per month is provided to BPL widows in the age group of 40-64 years. The State-wise number of BPL widows getting pension is given as  under:

      Sl.lNo.

      Name of States/UTs

      Estimated number under IGNWPS

      No. of beneficiaries Reported    under IGNWPS

         1

                   2

                      3

                                 4

      1

      Andhra Pradesh

      276314

      393945

      2

      Bihar

      385547

      211585

      3

      Chhattisgarh

      156038

      95433

      4

      Goa

      5101

       

      5

      Gujarat

      128983

       

      6

      Haryana

      31202

      46972

      7

      Himachal Pradesh

      10071

      7957

      8

      J & K

      4730

      4620

      9

      Jharkhand

      182707

      182707

      10

      Karnataka

      295476

      325000

      11

      Kerala

      109764

      34244

      12

      Madhya Pradesh

      304747

      225085

      13

      Maharashtra

      486058

      160400

      14

      Orissa

      306923

      306923

      15

      Punjab

      22584

      13672

      16

      Rajasthan

      155409

      52057

      17

      Tamilnadu

      357014

      357014

      18

      Uttar Pradesh

      584781

      1121500

      19

      Uttarakhand

      56179

      9824

      20

      West Bengal

      393447

      355183

      21

      Arunachal Pradesh

      2535

       

      22

      Assam

      91326

       

      23

      Manipur

      4675

      4676

      24

      Meghalaya

      5808

      6749

      25

      Mizoram

      1192

      1192

      26

      Nagaland

      2551

      2551

      27

      Sikkim

      994

      333

      28

      Tripura

      10605

      26559

      29

      A&N Islands

      1007

      4568

      30

      Chandigarh

      597

      2977

      31

      D&N Haveli

      902

       

      32

      Daman & Diu

      297

      43

      33

      NCT Delhi

      22525

      25913

      34

      Lakshadweep

      184

       

      35

      Pondicherry

      6018

      16945

       

      Total

         4404289

                                    3996627

      This information was given by Smt. Krishna Tirath, Minister of State for Women and Child Development in a written reply to a question in the Lok Sabha today.

       

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