Notifications & Circulars
Press Information Bureau
11.05.2017
Direct Taxation
Income Tax (IT) Department simplifies linking PAN with Aadhar for taxpayers using Income Tax India website
MANU/PIBU/0517/2017
The Income Tax (IT) Department has made it easy for taxpayers to link their PAN with Aadhar. Responding to grievances of taxpayers regarding difficulties in linking PAN with Aadhar as their names did not match in both systems (e.g., names with initials in one and expanded initials in another), the IT Department has come out with a simple solution now.
Taxpayers can go to http://www.incometaxindiaefiling.gov.in and click on the link on the Left Pane (??) Link Aadhar, provide PAN, Aadhar number and ENTER NAME EXACTLY AS GIVEN IN AADHAR CARD (avoid spelling mistakes) and Submit. After verification from UIDAI, the linking will be confirmed.
In case of any minor mismatch in Aadhar name provided by taxpayer when compared to the actual data in Aadhar, a One Time Password (Aadhar OTP) will be sent to the mobile registered with Aadhar. Taxpayers should ensure that the date of birth and gender in PAN and Aadhar are exactly same. In a rare case where Aadhar name is completely different from name in PAN, then the linking will fail and taxpayer will be prompted to change the name in either Aadhar or in PAN database. There is no need to login or be registered on E-filing website. This facility can be used by anyone to link their Aadhar with PAN.
This facility is also available after login on the e-filing website under profile settings and choose Aadhar linking. The details as per PAN will be pre-populated. Enter Aadhar number and ENTER NAME EXACTLY AS GIVEN IN AADHAR CARD (avoid spelling mistakes) and Submit.
Taxpayers are requested to use the simplified process to complete the linking of Aadhar with PAN immediately. This will be useful for E-Verification of Income Tax returns using OTP sent to their mobile registered with Aadhar.
Tags : Simplification Link PAN Aadhar
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Press Information Bureau
11.05.2017
Direct Taxation
Central Board of Direct Taxes (CBDT) invites comments from stakeholders on Draft Income Computation and Disclosure Standards on Real Estate Transactions by 26th May, 2017
MANU/PIBU/0516/2017
The Committee constituted by the Finance Minister to suggest the areas in respect of which further Income Computation and Disclosure Standards (ICDS) may be notified under the Income Tax Act, 1961 ('the Act') has suggested the notification of ICDS in respect of Real Estate Transactions and submitted the draft of the same. The draft ICDS submitted by the committee is based on the Guidance Note issued on Real Estate Transactions issued by Institute of Chartered Accountants of India (ICAI). For the purposes of providing uniformity and certainty and harmonising the same with provisions of the Act, the committee suggested certain changes in draft ICDS.
The draft ICDS on Real Estate Transactions along with the significant changes suggested in ICDS vis-a-vis the Guidance Note issued by ICAI are uploaded on the Income-tax website at http://www.incometaxindia.gov.in. The Central Board of Direct Taxes (CBDT) invites comments from stakeholders on the draft ICDS on Real Estate Transactions, which may be submitted to Director TPL-III by e-mail at dirtpl3@nic.in by 26th May, 2017.
Section 145(2) of the Income-tax Act, 1961 ('the Act') provides that the Central Government may notify Income Computation and Disclosure Standards (ICDS) for any class of assessees or for any class of income. Accordingly, Central Government notified 10 ICDS vide Notification No. S.O. 3079 (E) dated 29th September, 2016. These ICDS inter-alia contain provisions relating to valuation of inventory; construction contracts; effects in changes of foreign exchange rates, borrowing costs etc. These ICDS are applicable from assessment year 2017-2018 (previous year 2016-2017) in respect of specified assessees for computation of income under the head "Profits and gains of business or profession" or "Income from other sources".
The Finance Minister had constituted a Committee comprising of experts from accounting field, departmental officers and representatives from the Institute of Chartered Accountants of India (ICAI) to suggest the areas in respect of which further ICDS may be notified under the Act.
Tags : Comments Invitation Income Computation
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Ministry of Finance
11.05.2017
Customs
Amendments in Notification No. 129/2013-Customs (N.T.) dated 11.12.2013
MANU/CUSN/0049/2017
In exercise of powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following amendments in the Notification No. 129/2013-Customs (N.T.) dated 11.12.2013 published in the official Gazette of India vide S.O. 3627 (E) dated 11.12.2013.
In the said notification, in the opening paragraph for the words "the Additional Commissioner of Customs (Preventive), New Custom House, Ballard Estate, Mumbai", the words, "the Additional/Joint Commissioner of Customs (Preventive), New Custom House, Near Indira Gandhi International Airport, New Delhi" shall be substituted.
Tags : Notification Amendment Words Substitution
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Reserve Bank of India
09.05.2017
Banking
Bharat Bill Payment System (BBPS) - Extension of timeline
MANU/RPRL/0080/2017
The Reserve Bank of India has decided to extend the last date, from May 31, 2017 to December 31, 2017, for entities undertaking billing business under the current scope of BBPS, to either become an agent of an authorised BBPOU or exit the business of bill payments. This time-line is applicable to the entities,
i. which did not apply for authorization as a BBPOU, or
ii. whose application for BBPOU has been returned by RBI, or
iii. which were granted extension of time by RBI but were not able to achieve and report the required networth by December 31, 2016.
2. This extension is in view of the difficulties expressed by various entities in meeting the deadline.
3. Depending on the developments, growth and expansion in the scope of BBPS, the Reserve Bank may consider re-opening the process of granting of approvals/ authorisation to operate as BBPOUs by inviting fresh applications at a future date.
Background
It may be recalled that as per the Guidelines for implementation of BBPS dated November 28, 2014, banks and non-bank entities presently engaged in the bill payment activities covered under the current scope of BBPS can participate in BBPS either as Bharat Bill Payment Operating Units (BBPOUs) or as an agent of an authorised BBPOU.
Tags : Time Extension Bharat bill
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Telecom Regulatory Authority of India
09.05.2017
Media and Communication
Extension of last date for receiving comments on the Pre -Consultation Paper on "Ease of Doing Business in Broadcasting Sector"
MANU/TRAI/0040/2017
TRAI issued a Pre -Consultation Paper on "Ease of Doing Business in Broadcasting Sector" on 17th April 2017 seeking comments from the stakeholders by 08th May 2017. Now, Authority has considered the request from the stakeholders and the last date for receipt of written comments from the stakeholders on the Pre -Consultation Paper on "Ease of Doing Business in broadcasting sector" has been extended up to 19th May 2017. No requests for any further extension of time for submission of comments shall be entertained.
Tags : Time Extension Pre -Consultation Paper Broadcasting sector
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Ministry of Finance
09.05.2017
Customs
Further amendment in notification No. 22/2012-Customs (ADD), dated the 02nd May, 2012
MANU/CUSA/0016/2017
Whereas, the designated authority vide notification No. 07/01/2017-DGAD, dated the 28th April, 2017, published in the Gazette of India, Extraordinary, Part I, Section 1 dated the 28th April, 2017, had initiated review in terms of sub-section (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the said Customs Tariff Act) and in pursuance of rule 23 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995 (hereinafter referred to as the said rules), in the matter of continuation of anti-dumping duty on imports of Partially Oriented Yarn (POY), falling under Chapter Heading 5402 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in, or exported from, People's Republic of China imposed vide notification of the Government of India, in the Ministry of Finance (Department of Revenue) No. 22/2012-Customs (ADD), dated the 02nd May, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 332(E), dated the 02nd May, 2012, and had recommended for extension of anti-dumping duty, in terms of sub-section (5) of section 9A of the said Customs Tariff Act;
Now, therefore, in exercise of the powers conferred by sub-sections (1) and (5) of section 9A of the said Customs Tariff Act and in pursuance of rule 23 of the said rules, the Central Government hereby makes the following amendment in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 22/2012-Customs (ADD), dated the 02nd May, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 332 (E), dated the 02nd May, 2012, namely:-
In the said notification, after paragraph 2 and before the Explanation, the following shall be added, namely:-
"3. Notwithstanding anything contained in paragraph 2, this notification, unless revoked earlier, shall remain in force up to and inclusive of the 01st May, 2018."
Tags : Notification Amendment Addition
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Ministry of Finance
09.05.2017
Excise
Customs and Central Excise Settlement Commission (Amendment) Procedure, 2017
MANU/REVU/0032/2017
In exercise of the powers conferred by sub-section (4) of Section 32-I of the Central Excise Act, 1944 (1 of 1944) and sub-section (4) of section 127 F of the Customs Act, 1962 ( 52 of 1962), the Customs, Central Excise & Service Tax Settlement Commission hereby makes the following further rules to amend the Customs and Central Excise Settlement Commission Procedure, 2007 namely :-
1. (1) These rules may be called the Customs and Central Excise Settlement Commission (Amendment) Procedure, 2017.
(2) It shall come into force on the date of its publication in the Official Gazette.
2. In the Customs and Central Excise Settlement Commission Procedure, 2007, for the rule 15 of the said Procedure, the following shall be substituted, namely:-
"15, Publication of Orders:-
The orders of the Commission as are deemed fit for publication, in any authoritative report or by the press, may be released for such publication, on such terms and conditions as the Commission may lay down.".
Tags : Settlement Commission Amendment Procedure
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Press Information Bureau
08.05.2017
Civil
Clarification on Recently Notified Maternity Benefit (Amendment) Act, 2017
MANU/PIBU/0505/2017
The Government has notified the Maternity Benefit (Amendment) Act, 2017 on 28th March, 2017 and the provisions of the Amendment Act have come into force with effect from 1st April,2017, except those relating to creche facility {Section 4(1)} which would come into force from 01.07.2017. Keeping in view queries received from various quarters, the Ministry of Labour & Employment, on 12.04.2017, had issued certain clarifications on various provisions of Maternity Benefit (Amendment) Act, 2017. One of the clarifications issued by the Ministry stated that the enhanced maternity benefit, as modified by the Maternity Benefit (Amendment) bill, 2016 can be extended to women who are already under maternity leave at the time of enforcement of this Amendment Act. Having received further queries and to remove doubts, it is further clarified that it is mandatory on the part of employers to extend the benefit of enhanced maternity leave to those women workers who were already on maternity leave on the date of enforcement of the Maternity Benefit (Amendment) Act, 2017 i.e. as on 01.04.2017.
Tags : Maternity Benefit Amendment Clarification
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Reserve Bank of India
08.05.2017
Banking
National Electronic Funds Transfer (NEFT) system - Settlement at half-hourly intervals
MANU/RMIC/0060/2017
1.National Electronic Funds Transfer (NEFT) system presently settles the fund transfer requests of the participating banks on net basis at hourly intervals from 8:00 am to 7:00 pm on all working days. All participating banks have been advised to give the credit to the beneficiary customer only after the inter-bank settlement has been completed and the End-of-Batch (EOB) message is received by them.
2. As announced in the First Bi-monthly Monetary Policy Statement for 2017-18, additional settlements in the NEFT system at half-hour intervals are being introduced to enhance the efficiency of the system and add to customer convenience. The half hourly settlements would speed up the funds transfer process and provide faster credit to the destination accounts. Accordingly, it is decided to introduce 11 additional settlement batches during the day (at 8.30 am, 9.30 am, 10.30 am ......... 5.30 pm and 6.30 pm), taking the total number of half hourly settlement batches during the day to 23.
3. The starting batch at 8.00 am and closing batch at 7.00 pm shall remain the same as hitherto. The return discipline shall also remain the same i.e., B+2 hours (Settlement batch time plus two hours) as per extant practice.
4. The participating banks are, therefore, advised to carry out the required changes in their CBS system to initiate the NEFT transactions for half hourly settlement as above, and also to accept and credit the inward NEFT transactions on half hourly basis. IDRBT/IFTAS will communicate the technical changes required to be carried out by participating banks and provide required support in implementing the same.
5. The additional batches will be introduced from July 10, 2017 (Monday). Banks shall accordingly ensure their readiness in terms of technical and operational aspects.
6. For efficient customer service, the participant banks in NEFT system were advised (vide, circular DPSS CO EPPD No. 168/04.03.01/2009-2010 dated February 5, 2010) to send a positive confirmation to the remittance originator (customer) confirming the successful credit of funds to the beneficiary's account. Accordingly, beneficiary / destination banks shall ensure strict adherence in sending the N10 messages to the originating banks, which in turn shall ensure sending the positive confirmation to the remitting customer advising status of credit to the beneficiary account.
7. These instructions are issued under Section 10(2) read with Section 18 of Payment and Settlement Systems Act, 2007.
Tags : NEFT Settlement Intervals
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Reserve Bank of India
08.05.2017
Banking
Introduction of additional settlement batches in National Electronic Funds Transfer (NEFT) System
MANU/RPRL/0079/2017
The Reserve Bank of India in its First Bi-monthly Monetary Policy Statement for 2017-18 has announced the introduction of additional settlements in the NEFT system to enhance the efficiency and add to customer convenience. The additional 11 settlements at half-hour intervals will be introduced with effect from July 10, 2017 (Monday) at 8.30 am, 9.30 am, 10.30 am ......... 5.30 pm and 6.30 pm, taking the total number of half hourly settlement batches during the day to 23. The starting batch at 8.00 am and closing batch at 7.00 pm shall remain the same as hitherto. The return discipline shall also remain the same i.e., B+2 hours (settlement batch time plus two hours) as per extant practice.
Tags : NEFT Additional settlement Introduction
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