General Affairs
Grant A Large Degree Of Autonomy To Jammu And Kashmir: P Chidambaram
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NEW DELHI: Proposing a radical solution to the situation in Kashmir, senior Congress leader and former Home Minister P Chidambaram has advocated restoring the "grand bargain" under which Kashmir had acceded to India by granting a large degree of autonomy.
"I think their approach is wrong. We have ignored the grand bargain under which Kashmir acceded to India. I think we broke faith, we broke promises and as a result we have paid a heavy price," he told India Today.
He said the best solution, according to him, was that New Delhi should give an assurance the people of Kashmir that the "grand bargain" promised during the time of Kashmir's accession "will be honoured fully".
Mr Chidambaram said, "I may be wrong, I may be right but what is necessary is to give the assurance that the grand bargain will be fully honoured. Let them (people of Kashmir) frame their own laws as much as possible and as long as it does not conflict with the Constitution.
"We have to assure that we will respect identity, history, culture, religion..."
Citing India's advice to Sri Lankan on devolution of asymmetric powers to Tamil areas of the north and east, the former minister said implement what we are preaching to Sri Lanka.
Mr Chidambaram said the situation in Kashmir has been mishandled by successive governments in Srinagar and New Delhi.
"We (UPA government) did mishandle. But we corrected ourselves in 2010. Now, both the governments in Delhi and Srinagar mishandled (it) very, very badly," he said.
Asserting that Kashmir "required a unique political solution", Mr Chidambaram blamed the ruling PDP-BJP alliance for the present crisis saying they (alliance) should have never come to power.
"The alliance itself is a grave provocation for the valley. It is a legitimate government. They have the numbers. The legitimacy of the government has not taken away the fact that these two partners forming government has given a sense of fear among people of Kashmir."
Asserting that 'Azadi' means different things to different people, Mr Chidambaram said what is necessary is to give an assurance that grand bargain will be fully honoured.
"Let them frame their own laws as long as it does not conflict with the Constitution. As much as possible we have to assure that we will respect the identity, history, culture, religion.... and allow them to be part of India."
Asked if Prime Minister Narendra Modi can implement such a proposal as he is known as a doer, he said "I don't know what his fundamentals beliefs are. If his fundamentals belief is that India must be a majoritarian state whatever I said will be a complete waste on him."
He said that the decision of former Chief Minister Mufti Mohammed Sayeed to align with the BJP was a "blot" on his political career. "It was a serious mistake," he said.
Mr Chidambaram rued that for a long time the the Corps Commander of the army was the overall incharge of security of Kashmir and not the Chief Minister or the Director General of Jammu and Kashmir Police.
".. handing over security to defence... making GOC virtually the overall command... these shifts should not have happened.. it happened over the period. I found that GoC was overall incharge not CM or DGP...but CM's writ does not run... We pulled back considerably but there was no follow up," he said.
Mr Chidambaram said when he was Home Minister he wanted to move the army and paramilitary forces to border areas, abolish the controversial AFSPA or at least amend it and make the state police overall incharge of law and order situation.
As many as 10,000 personnel of the forces were moved out.
"However, it was not followed up," he said.
Mr Chidambaram admitted that he could not push forward a proposal for withdrawal of AFSPA from parts of the state because of opposition from the defence establishment.
"I could not convince the defence establishment and political leadership. Opinion within the government was sharply divided. Political leadership could not overrule the defence opinion even though paramilitary forces came on board," he said.
He regretted that no follow up action was taken on the reports of the interlocutors for Kashmir appointed when he was the Home Minister.
"I think their approach is wrong. We have ignored the grand bargain under which Kashmir acceded to India. I think we broke faith, we broke promises and as a result we have paid a heavy price," he told India Today.
He said the best solution, according to him, was that New Delhi should give an assurance the people of Kashmir that the "grand bargain" promised during the time of Kashmir's accession "will be honoured fully".
"We have to assure that we will respect identity, history, culture, religion..."
Citing India's advice to Sri Lankan on devolution of asymmetric powers to Tamil areas of the north and east, the former minister said implement what we are preaching to Sri Lanka.
Mr Chidambaram said the situation in Kashmir has been mishandled by successive governments in Srinagar and New Delhi.
"We (UPA government) did mishandle. But we corrected ourselves in 2010. Now, both the governments in Delhi and Srinagar mishandled (it) very, very badly," he said.
Asserting that Kashmir "required a unique political solution", Mr Chidambaram blamed the ruling PDP-BJP alliance for the present crisis saying they (alliance) should have never come to power.
"The alliance itself is a grave provocation for the valley. It is a legitimate government. They have the numbers. The legitimacy of the government has not taken away the fact that these two partners forming government has given a sense of fear among people of Kashmir."
Asserting that 'Azadi' means different things to different people, Mr Chidambaram said what is necessary is to give an assurance that grand bargain will be fully honoured.
"Let them frame their own laws as long as it does not conflict with the Constitution. As much as possible we have to assure that we will respect the identity, history, culture, religion.... and allow them to be part of India."
Asked if Prime Minister Narendra Modi can implement such a proposal as he is known as a doer, he said "I don't know what his fundamentals beliefs are. If his fundamentals belief is that India must be a majoritarian state whatever I said will be a complete waste on him."
He said that the decision of former Chief Minister Mufti Mohammed Sayeed to align with the BJP was a "blot" on his political career. "It was a serious mistake," he said.
Mr Chidambaram rued that for a long time the the Corps Commander of the army was the overall incharge of security of Kashmir and not the Chief Minister or the Director General of Jammu and Kashmir Police.
".. handing over security to defence... making GOC virtually the overall command... these shifts should not have happened.. it happened over the period. I found that GoC was overall incharge not CM or DGP...but CM's writ does not run... We pulled back considerably but there was no follow up," he said.
Mr Chidambaram said when he was Home Minister he wanted to move the army and paramilitary forces to border areas, abolish the controversial AFSPA or at least amend it and make the state police overall incharge of law and order situation.
As many as 10,000 personnel of the forces were moved out.
"However, it was not followed up," he said.
Mr Chidambaram admitted that he could not push forward a proposal for withdrawal of AFSPA from parts of the state because of opposition from the defence establishment.
"I could not convince the defence establishment and political leadership. Opinion within the government was sharply divided. Political leadership could not overrule the defence opinion even though paramilitary forces came on board," he said.
He regretted that no follow up action was taken on the reports of the interlocutors for Kashmir appointed when he was the Home Minister.
Beware, Modi Ji Will Send CBI Against You, Arvind Kejriwal Warns Deputy
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NEW DELHI: In a subtle swipe at Prime Minister Narendra Modi, Delhi Chief Minister Arvind Kejriwal on Wednesday cautioned his deputy Manish Sisodia, who inaugurated a newly constructed college building, to "be prepared" to face the CBI any moment.
"Manish, be prepared. Modi ji will either send CBI against you or declare that u did not have power to construct it (the college building)," Mr Kejriwal tweeted.
Mr Sisodia, who also holds the portfolio of Education Minister, on Wednesday inaugurated the newly constructed building of Deen Dayal Upadhyay college in Dwarka in west Delhi along with Public Works Department (PWD) Minister Satyendar Jain.
While inaugurating the building Mr Sisodia praised the efforts of PWD engineers for constructing a remarkable building.
"They (Centre) kept troubling us, we kept working. The newly constructed building is indeed splendid. Congratulations to the PWD engineers," Mr Sisodia said.
He said that every year over 2.5 lakh students pass out from Class 12 but of them only 1.25 lakh could get admission in higher and technical education colleges of Delhi University, IP University and others.
"I appeal the DU vice chancellor and the college principals to come to us with a plan of higher and technical education for the rest 1.25 lakh students, we will provide you all the resources needed," Mr Sisodia said.
"Manish, be prepared. Modi ji will either send CBI against you or declare that u did not have power to construct it (the college building)," Mr Kejriwal tweeted.
Mr Sisodia, who also holds the portfolio of Education Minister, on Wednesday inaugurated the newly constructed building of Deen Dayal Upadhyay college in Dwarka in west Delhi along with Public Works Department (PWD) Minister Satyendar Jain.
While inaugurating the building Mr Sisodia praised the efforts of PWD engineers for constructing a remarkable building.
"They (Centre) kept troubling us, we kept working. The newly constructed building is indeed splendid. Congratulations to the PWD engineers," Mr Sisodia said.
He said that every year over 2.5 lakh students pass out from Class 12 but of them only 1.25 lakh could get admission in higher and technical education colleges of Delhi University, IP University and others.
"I appeal the DU vice chancellor and the college principals to come to us with a plan of higher and technical education for the rest 1.25 lakh students, we will provide you all the resources needed," Mr Sisodia said.
Don't Misuse Your Positions To Secure Job For Family Members: Government To Staff
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NEW DELHI: All Central government employees were on Wednesday asked not to misuse their position to secure job in any company or firm for their family members related to them by blood or marriage.
Existing rules bars a government servant from giving any contract to any company or any other person if any member of his family is employed in that firm. Further they shall refer every such matter or contract to his superior official.
For removal of doubts it is clarified that "members of family in relation to a government servant include the wife or husband, son or daughter, parents, brothers or sisters or any person related to any of them by blood of marriage, whether they are dependent on the government servant or not", the Department of Personnel and Training (DoPT) said in a directive to all ministries.
The move comes after a few instances were noticed by the government where some of the employees were allegedly violating the conduct rules.
"While looking into these instances, the accused allegedly claimed that they were not aware as to who all could be considered as family members. This directive has been issued to ensure that all employees continue to maintain integrity and follow all government rules in toto," a senior DoPT official said.
All ministries have been asked to bring these guidelines, which are part of Central Civil Services (Conduct) Rules, 1964, to the notice of all employees and disciplinary authorities.
The rules are not applicable to officers of all India services--Indian Administrative Service (IAS), Indian Police Service (IPS) and Indian Forest Service (IFoS).
Existing norms also bars a Class I officer not to, "except with the previous sanction of the Government", permit his son, daughter or other dependant, to accept employment in any company with which he has official dealings or in any other firm having official dealings with the government.
Existing rules bars a government servant from giving any contract to any company or any other person if any member of his family is employed in that firm. Further they shall refer every such matter or contract to his superior official.
For removal of doubts it is clarified that "members of family in relation to a government servant include the wife or husband, son or daughter, parents, brothers or sisters or any person related to any of them by blood of marriage, whether they are dependent on the government servant or not", the Department of Personnel and Training (DoPT) said in a directive to all ministries.
"While looking into these instances, the accused allegedly claimed that they were not aware as to who all could be considered as family members. This directive has been issued to ensure that all employees continue to maintain integrity and follow all government rules in toto," a senior DoPT official said.
All ministries have been asked to bring these guidelines, which are part of Central Civil Services (Conduct) Rules, 1964, to the notice of all employees and disciplinary authorities.
The rules are not applicable to officers of all India services--Indian Administrative Service (IAS), Indian Police Service (IPS) and Indian Forest Service (IFoS).
Existing norms also bars a Class I officer not to, "except with the previous sanction of the Government", permit his son, daughter or other dependant, to accept employment in any company with which he has official dealings or in any other firm having official dealings with the government.
Rajya Sabha Passes Child Labour Bill That Allows Work In Family Business
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NEW DELHI: 19-year-old Amarlal who dreams of being a human rights lawyer on Wednesday was working as bonded labor at the age of four. He knows what a big difference education has made to his life. "I know what it is like to be stuck in that darkness. There is a world of a difference between that life and this," Amarlal said.
Rajya Sabha on Wednesday passed amendments to the Child Labour law which permits children below 14 to work in family enterprises after school and on holiday.
"The government is on the verge of a demographical disaster," said Samajwadi Party MP Ravi Prakash Varma.
But his words didn't have the desired impact. Union Labour minister Bandaru Dattatreya defended and said the government aims to completely eradicate child labour. "The only exception is for family enterprises. There is no employee/employer relationship in family businesses," he said.
The Bill passed with little opposition in the Upper House drastically cuts down on the number of industries that are considered hazardous for children, from 83 to just 3, effectively knocking off zari work, bangle-making, garment industry, leather and tanneries among others in the list.
Nobel Lareaute Kailash Satyarthi too expressed his disappointment, "There is a thin line between family enterprise and employers. In the past, there have been many instances where employers have claimed to be the fathers, uncles or children, sometimes of up to 30 children. Now, they will have legal backing."
The Bill backed by the ruling BJP has to be passed in Lok Sabha before it becomes a law, which will not be a problem given the NDA's numbers in the house.
Rajya Sabha on Wednesday passed amendments to the Child Labour law which permits children below 14 to work in family enterprises after school and on holiday.
"The government is on the verge of a demographical disaster," said Samajwadi Party MP Ravi Prakash Varma.
The Bill passed with little opposition in the Upper House drastically cuts down on the number of industries that are considered hazardous for children, from 83 to just 3, effectively knocking off zari work, bangle-making, garment industry, leather and tanneries among others in the list.
Nobel Lareaute Kailash Satyarthi too expressed his disappointment, "There is a thin line between family enterprise and employers. In the past, there have been many instances where employers have claimed to be the fathers, uncles or children, sometimes of up to 30 children. Now, they will have legal backing."
The Bill backed by the ruling BJP has to be passed in Lok Sabha before it becomes a law, which will not be a problem given the NDA's numbers in the house.
Union Cabinet Okays Setting Up Of AIIMS In UP's Gorakhpur
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NEW DELHI: The government on Wednesday gave its nod to the establishment of a new All India Institute of Medical Sciences (AIIMS) at Gorakhpur in Uttar Pradesh, a move which aims at providing super-specialty health care to people of the state and creating a large pool of doctors.
The Union Cabinet approved the setting up of AIIMS under the Pradhan Mantri Swasthya Suraksha Yojana (PMSSY) at an estimated cost of Rs. 1,011 crore.
"The establishment of new AIIMS will serve the dual purpose of providing super-specialty health care to the population while creating a large pool of doctors and health workers that can be available for primary and secondary level facilities being created under National Health Mission (NHM).
"This institute will also conduct research on prevalent regional diseases and other health issues and provide for better control and cure of such diseases," an official statement said.
The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the setting up of the hospital which will have a capacity of 750 beds and also include emergency or trauma and AYUSH sections.
There will be an administration block, AYUSH block, auditorium, night shelter, hostels and residential facilities. The cost estimate of Rs. 1,011 crore does not include recurring costs -- wages and salaries and operation and maintenance expenses.
"This recurring expenditure will be met by the respective new AIIMS from their annual budgets through grant-in-aid to them from Plan Budget Head of PMSSY of the Health Ministry," the statement said.
The setting up of AIIMS under PMSSY aims at correcting the regional imbalances in availability of affordable and reliable tertiary level healthcare in the country and to augment facilities for quality medical education in under-served or backward states.
Under this scheme, similar health facilities have been established in Bhubaneshwar, Bhopal, Raipur, Jodhpur, Rishikesh and Patna while work on AIIMS, Rae Bareli is in progress.
Three new AIIMS at Nagpur (Maharashtra), Kalyani (West Bengal) and Mangalagiri (Andhra Pradesh) have been sanctioned last year.
Residents of 14 districts of Eastern UP and five districts of Western Bihar will be benefited by the establishment of new AIIMS.
The Union Cabinet approved the setting up of AIIMS under the Pradhan Mantri Swasthya Suraksha Yojana (PMSSY) at an estimated cost of Rs. 1,011 crore.
"This institute will also conduct research on prevalent regional diseases and other health issues and provide for better control and cure of such diseases," an official statement said.
The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the setting up of the hospital which will have a capacity of 750 beds and also include emergency or trauma and AYUSH sections.
There will be an administration block, AYUSH block, auditorium, night shelter, hostels and residential facilities. The cost estimate of Rs. 1,011 crore does not include recurring costs -- wages and salaries and operation and maintenance expenses.
"This recurring expenditure will be met by the respective new AIIMS from their annual budgets through grant-in-aid to them from Plan Budget Head of PMSSY of the Health Ministry," the statement said.
The setting up of AIIMS under PMSSY aims at correcting the regional imbalances in availability of affordable and reliable tertiary level healthcare in the country and to augment facilities for quality medical education in under-served or backward states.
Under this scheme, similar health facilities have been established in Bhubaneshwar, Bhopal, Raipur, Jodhpur, Rishikesh and Patna while work on AIIMS, Rae Bareli is in progress.
Three new AIIMS at Nagpur (Maharashtra), Kalyani (West Bengal) and Mangalagiri (Andhra Pradesh) have been sanctioned last year.
Residents of 14 districts of Eastern UP and five districts of Western Bihar will be benefited by the establishment of new AIIMS.
Business Affairs
Here are the 7 Indian firms on Fortune 500 this year
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Seven Indian companies have made it to the latest Fortune 500 list of the world's biggest corporations in terms of revenue with the retail giant Walmart topping the global rankings.
Indian Oil Corp is ranked highest at 161st among Indian firms, while another state-run firm ONGC has moved out of the rankings for 2016. Private gems and jewellery major Rajesh Exports has made its debut at 423rd position.
Among the seven Indian companies, four are from the public sector while Reliance Industries is the top-ranked among private sector firms, followed by Tata Motors and Rajesh Exports.
Among state-run majors, Indian Oil is followed by banking behemoth SBI, Bharat Petroleum and Hindustan Petroleum.
Indian Oil is ranked 161st with revenue of USD 54.7 billion (down from 119th last year), while RIL is now at 215th (down from 158th). Bharat Petroleum slipped from 280th to 358th this year and Hindustan Petroleum is at 367th, down from 327th.
However, Tata Motors and SBI have improved their position.
While Tata Motors has taken the 226th position, up from 254th last year, SBI is ranked 232nd, up from 260th last year.
The overall list was topped by Walmart with revenue of USD 482,130 million, followed by State Grid (revenue of USD 329,601 million) and China National Petroleum (USD 299,271 million) at the second and third place respectively.
Others in the global top 10 companies include Sinopec Group (4th, USD 294,344 million), Royal Dutch Shell (5th, USD 272,156 million), Exxon Mobil (6th, USD 246,204 million), Volkswagen (7th, USD 236,600 million), Toyota Motor (8th, USD 236,592 million), Apple (9th, USD 233,715 million) and BP (10th, USD 225,982 million).
The world's 500 largest companies generated USD 27.6 trillion in revenues and USD 1.5 trillion in profits in 2015, Fortune said.
Together, this year's Fortune Global 500 companies employ 67 million people worldwide and are represented by 33 countries, Fortune added.
Seven Indian companies have made it to the latest Fortune 500 list of the world's biggest corporations in terms of revenue with the retail giant Walmart topping the global rankings.
Indian Oil Corp is ranked highest at 161st among Indian firms, while another state-run firm ONGC has moved out of the rankings for 2016. Private gems and jewellery major Rajesh Exports has made its debut at 423rd position.
Among the seven Indian companies, four are from the public sector while Reliance Industries is the top-ranked among private sector firms, followed by Tata Motors and Rajesh Exports.
Among state-run majors, Indian Oil is followed by banking behemoth SBI, Bharat Petroleum and Hindustan Petroleum.
Indian Oil is ranked 161st with revenue of USD 54.7 billion (down from 119th last year), while RIL is now at 215th (down from 158th). Bharat Petroleum slipped from 280th to 358th this year and Hindustan Petroleum is at 367th, down from 327th.
However, Tata Motors and SBI have improved their position.
While Tata Motors has taken the 226th position, up from 254th last year, SBI is ranked 232nd, up from 260th last year.
The overall list was topped by Walmart with revenue of USD 482,130 million, followed by State Grid (revenue of USD 329,601 million) and China National Petroleum (USD 299,271 million) at the second and third place respectively.
Others in the global top 10 companies include Sinopec Group (4th, USD 294,344 million), Royal Dutch Shell (5th, USD 272,156 million), Exxon Mobil (6th, USD 246,204 million), Volkswagen (7th, USD 236,600 million), Toyota Motor (8th, USD 236,592 million), Apple (9th, USD 233,715 million) and BP (10th, USD 225,982 million).
The world's 500 largest companies generated USD 27.6 trillion in revenues and USD 1.5 trillion in profits in 2015, Fortune said.
Together, this year's Fortune Global 500 companies employ 67 million people worldwide and are represented by 33 countries, Fortune added.
9 errors to avoid while filing tax returns
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It's that time of the year again when you have to file your income tax return. The process may be tedious but it is very important. Filing an income tax return is essential to prove that you have a source of income which helps you a long way while taking a loan or applying for a visa. Given its importance just keep the following points in mind so that you do not commit any mistake while filing the income tax return.
Correct return form to be filed
Selection of correct return form is the first and foremost thing while filing returns. Aseem Chawla, Managing Partner, ASC Legal says-"The first and foremost thing is the correct selection of the return form on the basis of the status of the tax payer being individual, Hindu Undivided Family, partnership firm etc, source of income and whether any asset is situated outside India". Out of these, ITR 1 to ITR 4 are applicable to individuals/HUFs, while ITR 5 is for partnership firms and LLP, ITR 6 is for companies. Each form depends on the individual situation. Keep in mind that if you forget to give correct information the IT Department will reject your returns. Try to take help from experts and select the right tax form.
Give all your basic info carefully:
Your information like Permanent Account Number, name, date of birth, address, bank account details, etc. should be carefully entered while filing your tax return. The personal details to be entered while filing the tax return should match the details with the PAN database maintained by the income tax department, So, be careful, a single mistake will make your tax return invalid. "Bank account details should be entered correctly so as to receive the refund of taxes properly by way of credit in the bank account" opines, Chawla.
Credit of tax deducted at source:
Credit of tax deducted at source on the income earned during the year should be taken while calculating the overall tax liability. The assessee should verify tax credits available in Form 26AS/NSDL websites. Mismatches are the single largest cause of incorrect tax computation. Non credits may be taken up with the TDS deductions and/or the banker as soon as they are noticed.
Interest income from all sources:
Details of income from fixed deposits, savings account interest and recurring deposits are a must while filing your tax return. Archit Gupta, Founder and CEO, www.cleartax.com says-"Do remember to report interest income from all sources such as fixed deposits, savings account interest and recurring deposits interest. All of these are taxable. Deduction under section 80TTA of maximum Rs 10,000 is allowed on savings account interest and must be claimed via your tax return"
Foreign assets and foreign income:
"If you hold any foreign bank accounts, foreign retirement accounts, or any other assets like shares of a company listed outside India and your status is resident for income tax purposes, it is mandatory for you to report all your foreign holdings by filing a tax return, irrespective of whether you have taxable income or not." adds Gupta. The resident asssessee having any income from any source outside India should disclose the same in the relevant schedule of the relevant income tax return form. "The foreign source income should be converted into Indian currency at the rate of exchange mentioned in the tax rules. The resident assessee should also disclose all the assets owned and maintained by him/her outside India." opines Chawla.
New schedule of assets & liabilities:
Don't forget to disclose the cost of movable assets (vehicles), cash in hand, jewellery, bullion and immovable assets such as land and building, in case the income of the assessee exceeds Rs. 50 lakhs. This has been introduced to capture the detail of the assessee as the Wealth Tax Act has been abolished. So, be alert while mentioning all your assets and liabilities. "If you invest in equity shares or mutual funds, do report your gains or losses. Short term gains are allowed to be carried forward and set off in future years and therefore you must report these in your tax return." adds Gupta.
Arrears and form 10E:
If you have arrears you can claim tax relief on arrears under section 89(1) of the income tax act. However, do remember to file Form 10E. It is compulsory to file Form 10E if you are claiming tax relief. Otherwise, your tax return filing will not be valid.
Mention retirement benefits:
If you have recently retired and have earned a large income from gratuity/PF or any other retirement benefits, which are exempt from tax. Remember to report these under exempt income. Gupta says-"This will help explain any investments or income you earn from them. If these exempt incomes are invested in fixed deposits, any interest earned from them is fully taxable."
E-verify tax returns & send ITR-V:
ITR filing is not enough; you have to verify your tax returns or send it to ITR-V to CPC Bangalore. Don't forget to verify your returns. The tax department will not process your ITR and you have to again file your income tax return.
So, it is very important to send your copy to the IT Department after online filing to avoid any hassles. Verification is must and there are online verification options available while filing tax returns online. Do keep in mind all the steps and avoid mistakes.
So, keep all the above points in your mind and file your tax returns carefully to avoid any mistakes. One single mistake can make your tax filing invalid by the IT Department. Last but not the least, if you are filing tax returns for the first time, then do take the help of experts and advisors before filing as it will prove helpful and ease your tension.
It's that time of the year again when you have to file your income tax return. The process may be tedious but it is very important. Filing an income tax return is essential to prove that you have a source of income which helps you a long way while taking a loan or applying for a visa. Given its importance just keep the following points in mind so that you do not commit any mistake while filing the income tax return.
Correct return form to be filed
Correct return form to be filed
Selection of correct return form is the first and foremost thing while filing returns. Aseem Chawla, Managing Partner, ASC Legal says-"The first and foremost thing is the correct selection of the return form on the basis of the status of the tax payer being individual, Hindu Undivided Family, partnership firm etc, source of income and whether any asset is situated outside India". Out of these, ITR 1 to ITR 4 are applicable to individuals/HUFs, while ITR 5 is for partnership firms and LLP, ITR 6 is for companies. Each form depends on the individual situation. Keep in mind that if you forget to give correct information the IT Department will reject your returns. Try to take help from experts and select the right tax form.
Give all your basic info carefully:
Your information like Permanent Account Number, name, date of birth, address, bank account details, etc. should be carefully entered while filing your tax return. The personal details to be entered while filing the tax return should match the details with the PAN database maintained by the income tax department, So, be careful, a single mistake will make your tax return invalid. "Bank account details should be entered correctly so as to receive the refund of taxes properly by way of credit in the bank account" opines, Chawla.
Credit of tax deducted at source:
Credit of tax deducted at source:
Credit of tax deducted at source on the income earned during the year should be taken while calculating the overall tax liability. The assessee should verify tax credits available in Form 26AS/NSDL websites. Mismatches are the single largest cause of incorrect tax computation. Non credits may be taken up with the TDS deductions and/or the banker as soon as they are noticed.
Interest income from all sources:
Details of income from fixed deposits, savings account interest and recurring deposits are a must while filing your tax return. Archit Gupta, Founder and CEO, www.cleartax.com says-"Do remember to report interest income from all sources such as fixed deposits, savings account interest and recurring deposits interest. All of these are taxable. Deduction under section 80TTA of maximum Rs 10,000 is allowed on savings account interest and must be claimed via your tax return"
Foreign assets and foreign income:
Foreign assets and foreign income:
"If you hold any foreign bank accounts, foreign retirement accounts, or any other assets like shares of a company listed outside India and your status is resident for income tax purposes, it is mandatory for you to report all your foreign holdings by filing a tax return, irrespective of whether you have taxable income or not." adds Gupta. The resident asssessee having any income from any source outside India should disclose the same in the relevant schedule of the relevant income tax return form. "The foreign source income should be converted into Indian currency at the rate of exchange mentioned in the tax rules. The resident assessee should also disclose all the assets owned and maintained by him/her outside India." opines Chawla.
New schedule of assets & liabilities:
Don't forget to disclose the cost of movable assets (vehicles), cash in hand, jewellery, bullion and immovable assets such as land and building, in case the income of the assessee exceeds Rs. 50 lakhs. This has been introduced to capture the detail of the assessee as the Wealth Tax Act has been abolished. So, be alert while mentioning all your assets and liabilities. "If you invest in equity shares or mutual funds, do report your gains or losses. Short term gains are allowed to be carried forward and set off in future years and therefore you must report these in your tax return." adds Gupta.
Arrears and form 10E:
Arrears and form 10E:
If you have arrears you can claim tax relief on arrears under section 89(1) of the income tax act. However, do remember to file Form 10E. It is compulsory to file Form 10E if you are claiming tax relief. Otherwise, your tax return filing will not be valid.
Mention retirement benefits:
If you have recently retired and have earned a large income from gratuity/PF or any other retirement benefits, which are exempt from tax. Remember to report these under exempt income. Gupta says-"This will help explain any investments or income you earn from them. If these exempt incomes are invested in fixed deposits, any interest earned from them is fully taxable."
E-verify tax returns & send ITR-V:
E-verify tax returns & send ITR-V:
ITR filing is not enough; you have to verify your tax returns or send it to ITR-V to CPC Bangalore. Don't forget to verify your returns. The tax department will not process your ITR and you have to again file your income tax return.
So, it is very important to send your copy to the IT Department after online filing to avoid any hassles. Verification is must and there are online verification options available while filing tax returns online. Do keep in mind all the steps and avoid mistakes.
So, keep all the above points in your mind and file your tax returns carefully to avoid any mistakes. One single mistake can make your tax filing invalid by the IT Department. Last but not the least, if you are filing tax returns for the first time, then do take the help of experts and advisors before filing as it will prove helpful and ease your tension.
SIT asks ED to act against 688 exporters for FEMA violations
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The Special Task Force (SIT) on black money has asked Enforcement Directorate (ED) to take action against 688 companies under the Foreign Exchange Management Act (FEMA) for failing to bring export proceeds to in the country.
According to a finance ministry statement, these companies had exports proceeding pending realisation for more than Rs 100 crore.
RBI regulations require exporters to bring back foreign exchange into the country as export proceeds within one year of the date of exports. The data on whether a particular exporter has brought export proceeds into the country is maintained by RBI. Not bringing export proceeds is a violation of Foreign Exchange Management Act (FEMA).
The SIT has also asked the Directorate of Revenue Intelligence (DRI) to check its database to see how many companies have claimed duty drawback but have failed to bring export proceeds and take necessary action against them.
Exporters can claim duty drawback - refund of taxes paid on inputs to manufacture goods to be exported - on exports made only if the exporter has brought export proceeds back into the country.
The SIT has observed that by not bringing export proceedings to the country, the government not only loses taxes through wrongful claim of duty drawback but also export proceeds.
The Special Task Force (SIT) on black money has asked Enforcement Directorate (ED) to take action against 688 companies under the Foreign Exchange Management Act (FEMA) for failing to bring export proceeds to in the country.
According to a finance ministry statement, these companies had exports proceeding pending realisation for more than Rs 100 crore.
RBI regulations require exporters to bring back foreign exchange into the country as export proceeds within one year of the date of exports. The data on whether a particular exporter has brought export proceeds into the country is maintained by RBI. Not bringing export proceeds is a violation of Foreign Exchange Management Act (FEMA).
The SIT has also asked the Directorate of Revenue Intelligence (DRI) to check its database to see how many companies have claimed duty drawback but have failed to bring export proceeds and take necessary action against them.
Exporters can claim duty drawback - refund of taxes paid on inputs to manufacture goods to be exported - on exports made only if the exporter has brought export proceeds back into the country.
The SIT has observed that by not bringing export proceedings to the country, the government not only loses taxes through wrongful claim of duty drawback but also export proceeds.
Sensex ends 205 points lower, Nifty at 8,510 on tepid Q1 earnings; Axis Bank top loser
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The S&P BSE Sensex on Thursday tanked 205 points, while the broader Nifty50 slipped below its key 7,550-mark.
The headline indices edged lower after hitting its strongest close in nearly a year in the previous session as caution prevailed ahead of corporate results and investors awaited progress on the GST bill.
The 30-share index ended the day at 27,710, down 205.37 points, while broad-based 50-share index quoted 8,510, down 55.75 points at close.
Axis Bank was the top loser on both the benchmark indices and fell 4 per cent on the bourses.
Miner Hindustan Zinc fell nearly 3 per cent after posting a 47 per cent fall in quarterly profit on Wednesday, while Larsen & Toubro Infotech fell as much as 6 per cent on its market debut.
Kotak Mahindra Bank, ITC, Hindalco Industries and Cairn India are expected to report their quarterly results on Thursday.
HDFC Bank, India's second-biggest private sector lender by assets, reported a 20 per cent rise in quarterly profit, in line with analysts' estimates.
Investors are also waiting to see whether the government can pass a revamped goods and services tax bill in the ongoing parliament session.
But overall, analysts said markets would likely retain their positive tone, with the NSE index up 3.4 per cent this month as of Wednesday's close, its fifth consecutive monthly gain.
"Last couple of days we've been going below 8,500 and managing to close above 8,500. So that's a positive takeaway for markets," said Gaurang Shah, vice president at Geojit BNP Paribas Financial Services, referring to the Nifty.
Larsen & Toubro Infotech settled the day at Rs 697.65, down 4.66 per cent from its IPO price of Rs 710, as its debut was marred by concerns about the outlook for the software services exports sector after some disappointing earnings this month.
Among gainers, Ambuja Cements rose as much as 2.18 per cent to its highest in more than a year after the company received government nod to buy 24 per cent of its holding company Holcim (India) Pvt, paving way for restructuring of Ambuja parent LafargeHolcim's India assets.
LafargeHolcim's majority-owned ACC rose as much as 5.3 per cent and was among the top per centage gainers on the Nifty.
The S&P BSE Sensex on Thursday tanked 205 points, while the broader Nifty50 slipped below its key 7,550-mark.
The headline indices edged lower after hitting its strongest close in nearly a year in the previous session as caution prevailed ahead of corporate results and investors awaited progress on the GST bill.
The 30-share index ended the day at 27,710, down 205.37 points, while broad-based 50-share index quoted 8,510, down 55.75 points at close.
Axis Bank was the top loser on both the benchmark indices and fell 4 per cent on the bourses.
Miner Hindustan Zinc fell nearly 3 per cent after posting a 47 per cent fall in quarterly profit on Wednesday, while Larsen & Toubro Infotech fell as much as 6 per cent on its market debut.
Kotak Mahindra Bank, ITC, Hindalco Industries and Cairn India are expected to report their quarterly results on Thursday.
HDFC Bank, India's second-biggest private sector lender by assets, reported a 20 per cent rise in quarterly profit, in line with analysts' estimates.
Investors are also waiting to see whether the government can pass a revamped goods and services tax bill in the ongoing parliament session.
But overall, analysts said markets would likely retain their positive tone, with the NSE index up 3.4 per cent this month as of Wednesday's close, its fifth consecutive monthly gain.
"Last couple of days we've been going below 8,500 and managing to close above 8,500. So that's a positive takeaway for markets," said Gaurang Shah, vice president at Geojit BNP Paribas Financial Services, referring to the Nifty.
Larsen & Toubro Infotech settled the day at Rs 697.65, down 4.66 per cent from its IPO price of Rs 710, as its debut was marred by concerns about the outlook for the software services exports sector after some disappointing earnings this month.
Among gainers, Ambuja Cements rose as much as 2.18 per cent to its highest in more than a year after the company received government nod to buy 24 per cent of its holding company Holcim (India) Pvt, paving way for restructuring of Ambuja parent LafargeHolcim's India assets.
LafargeHolcim's majority-owned ACC rose as much as 5.3 per cent and was among the top per centage gainers on the Nifty.
HDFC Bank Q1 net up 20%, bad loans tick up
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HDFC Bank Ltd, country's second-biggest private sector lender by assets, reported a 20 per cent rise in quarterly profit on higher interest and fee income, in line with analysts' estimates, although its bad loans rose.
Net profit was Rs 32.39 billion ($482 million) for its fiscal first quarter to June 30, compared with Rs 26.96 billion a year earlier, the Mumbai-based bank said in a statement on Thursday.
Analysts on average had expected a net profit of Rs 32.52 billion, according to data compiled by Thomson Reuters.
Gross bad loans as a percentage of total loans rose to 1.04 per cent as of June 30, from 0.94 per cent as of end-March.
HDFC Bank Ltd, country's second-biggest private sector lender by assets, reported a 20 per cent rise in quarterly profit on higher interest and fee income, in line with analysts' estimates, although its bad loans rose.
Net profit was Rs 32.39 billion ($482 million) for its fiscal first quarter to June 30, compared with Rs 26.96 billion a year earlier, the Mumbai-based bank said in a statement on Thursday.
Analysts on average had expected a net profit of Rs 32.52 billion, according to data compiled by Thomson Reuters.
Gross bad loans as a percentage of total loans rose to 1.04 per cent as of June 30, from 0.94 per cent as of end-March.
General Awareness
Parliament endorses Regional Centre for Biotechnology Bill, 2016
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Following the authorization by the voice note of Rajya Shaba, the Regional Centre for Biotechnology Bill, 2016 was passed by the parliament on July 18.
What is this The Regional Centre for Biotechnology Bill, 2016?
- The Regional Centre for Biotechnology Bill, 2016 was introduced in Lok Sabha on March 15, 2016.
- It is known that India had entered into an agreement in 2006 with the United Nations Educational, Scientific and Cultural Organization (UNESCO) for the establishment of the Regional Centre for Biotechnology Training and Education in India.
- With effect of this agreement, the central government set up the Regional Centre for Biotechnology Training and Education in Faridabad, Haryana as per an executive order in 2009. The Bill seeks to provide legal backing to the Regional Centre.
- This bill also bestows upon it the status of an institution of national importance. An institution of national importance is an institute which imparts scientific or technical education and is authorized to grant degrees.
What is this Biotechnology regional centre?
This centre will acts as a foundation of education, training and research with National Importance and this centre will operate under the aegis of UNESCO and this will also cater the needs of its member countries. This centre helps in the flourishment of biotech arena by providing:-
- Disseminating knowledge by providing teaching and research facilities in biotechnology and related fields,
- Facilitating transfer of technology and knowledge in the SAARC region
- Constituting a center for biotechnology expertise
- Promoting fraternity and cooperation at the international level.
This new centre will enhance technology that can revolutionize agriculture, healthcare, industrial processing and environmental sustainability and thereby results in societal benefits and economic transformation.
Aims of this Research Centre Bill:-
With the onset of this bill, Indian Council of Medical Research (ICMR) and Department of Bio-technology (DBT) have developed in-depth guidelines in the area of stem cells that are being dynamically implemented and violation of which are being addressed by the appropriate authorities.
This kind of Development in biotechnology sector at a higher pace has resulted in a bigger demand for highly specialized cadre of scientists capable of translating laboratory research to clinical practice. Still, there is a requirement of domain-specific training programmes for enhancing skills for the scientists working in biotechnology industry as well. In order to address this requirement Biotechnology centre has been established in orderto enhance our ability to innovate in the local context which can be further extended to education and training in biotechnology.
Following the authorization by the voice note of Rajya Shaba, the Regional Centre for Biotechnology Bill, 2016 was passed by the parliament on July 18.
What is this The Regional Centre for Biotechnology Bill, 2016?
- The Regional Centre for Biotechnology Bill, 2016 was introduced in Lok Sabha on March 15, 2016.
- It is known that India had entered into an agreement in 2006 with the United Nations Educational, Scientific and Cultural Organization (UNESCO) for the establishment of the Regional Centre for Biotechnology Training and Education in India.
- With effect of this agreement, the central government set up the Regional Centre for Biotechnology Training and Education in Faridabad, Haryana as per an executive order in 2009. The Bill seeks to provide legal backing to the Regional Centre.
- This bill also bestows upon it the status of an institution of national importance. An institution of national importance is an institute which imparts scientific or technical education and is authorized to grant degrees.
What is this Biotechnology regional centre?
This centre will acts as a foundation of education, training and research with National Importance and this centre will operate under the aegis of UNESCO and this will also cater the needs of its member countries. This centre helps in the flourishment of biotech arena by providing:-
- Disseminating knowledge by providing teaching and research facilities in biotechnology and related fields,
- Facilitating transfer of technology and knowledge in the SAARC region
- Constituting a center for biotechnology expertise
- Promoting fraternity and cooperation at the international level.
This new centre will enhance technology that can revolutionize agriculture, healthcare, industrial processing and environmental sustainability and thereby results in societal benefits and economic transformation.
Aims of this Research Centre Bill:-
With the onset of this bill, Indian Council of Medical Research (ICMR) and Department of Bio-technology (DBT) have developed in-depth guidelines in the area of stem cells that are being dynamically implemented and violation of which are being addressed by the appropriate authorities.
This kind of Development in biotechnology sector at a higher pace has resulted in a bigger demand for highly specialized cadre of scientists capable of translating laboratory research to clinical practice. Still, there is a requirement of domain-specific training programmes for enhancing skills for the scientists working in biotechnology industry as well. In order to address this requirement Biotechnology centre has been established in orderto enhance our ability to innovate in the local context which can be further extended to education and training in biotechnology.
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