Notifications & Circulars
Press Information Bureau
05.04.2018
Direct Taxation
CBDT notifies Income Tax Return Forms for Assessment Year 2018-2019
MANU/PIBU/0712/2018
The Central Board of Direct Taxes (CBDT) has notified Income Tax Return Forms (ITR Forms) for the Assessment Year 2018-19. For Assessment Year 2017-18, a one page simplified ITR Form-1(Sahaj) was notified. This initiative benefited around 3 crore taxpayers, who have filed their return in this simplified Form. For Assessment Year 2018-19 also, a one page simplified ITR Form-1(Sahaj) has been notified. This ITR Form-1 (Sahaj) can be filed by an individual who is resident other than not ordinarily resident, having income upto Rs.50 lakh and who is receiving income from salary, one house property / other income (interest etc.). Further, the parts relating to salary and house property have been rationalised and furnishing of basic details of salary (as available in Form 16) and income from house property have been mandated.
ITR Form-2 has also been rationalised by providing that Individuals and HUFs having income under any head other than business or profession shall be eligible to file ITR Form-2. The Individuals and HUFs having income under the head business or profession shall file either ITR Form-3 or ITR Form-4 (in presumptive income cases).
In case of non-residents, the requirement of furnishing details of any one foreign Bank Account has been provided for the purpose of credit of refund. Further, the requirement of furnishing details of cash deposit made during a specified period as provided in ITR Form for the Assessment Year 2017-18 has been done away with from Assessment Year 2018-2019.
There is no change in the manner of filing of ITR Forms as compared to last year. All these ITR Forms are to be filed electronically. However, where return is furnished in ITR Form-1 (Sahaj) or ITR-4 (Sugam), the following persons have an option to file return in paper form:-
(i) an Individual of the age of 80 years or more at any time during the previous year; or
(ii) an Individual or HUF whose income does not exceed five lakh rupees and who has not claimed any refund in the Return of Income.
The notified ITR Forms are available on the official website of the Department www.incometaxindia.gov.in.
Tags : CBDT Forms Income tax
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Press Information Bureau
04.04.2018
Civil
Cabinet approves rightsizing the Competition Commission of India
MANU/PIBU/0691/2018
The Union Cabinet chaired by Prime Minister Shri Narendra Modi has given its approval for rightsizing the Competition Commission of India (CCI) from One Chairperson and Six Members (totalling seven) to One Chairperson and Three Members (totalling four) by not filling the existing vacancies of two Members and one more additional vacancy, which is expected in September, 2018 when one of the present incumbents will complete his term.
Benefits:
The proposal is expected to result in reduction of three Posts of Members of the Commission in pursuance of the Governments objective of "Minimum Government - Maximum Governance".
As part of the Governments objective of easing the mergers and amalgamation process in the country, the Ministry had revised de minimis levels in 2017, which have been made applicable for all forms of combinations and the methodology for computing assets and turnover of the target involved in such combinations, has been spelt out. This has led to reduction in the notices that enterprises are mandated to submit to the Commission, while entering into combinations, thereby reducing the load on the Commission.
The faster turnaround in hearings is expected to result in speedier approvals, thereby stimulating the business processes of corporates and resulting in greater employment opportunities in the country.
The proposal is expected to result in reduction of three Posts of Members of the Commission in pursuance of the Governments objective of "Minimum Government - Maximum Governance".
Background:
Section 8(1) of the Competition Act, 2002 (the Act) provides that the Commission shall consist of a Chairperson and not less than two and not more than six Members. Presently, the Chairperson and four Members are in position.
An initial limit of one Chairperson and not more than ten Members was provided in the Act, keeping in view the requirement of creating a Principal Bench, other Additional Bench or Mergers Bench, comprising at least two Members each, in places as notified by the Central Government. In the Competition (Amendment) Act, 2007 (39 of 2007), Section 22 of the Act was amended removing the provision for creation of Benches. In the same Amendment Act, while the Competition Appellate Tribunal comprising one Chairperson and two Members was created, the size of the Commission itself was not commensurately reduced and was kept at one Chairperson and not less than two but not more than six Members.
The Commission has been functioning as a collegium right from its inception. In several major jurisdictions such as in Japan, USA and U.K. Competition Authorities are of a similar size.
Tags : Cabinet Approval Commission Rightsizing
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Press Information Bureau
03.04.2018
Civil
Aadhaar Card as Id Proof
MANU/PIBU/0683/2018
'Prisons' is a State subject as per entry 4 of List II of the Seventh Schedule to the Constitution of India. The administration and management of prisons is primarily the responsibility of respective State Government. However, the Ministry of Home Affairs has advised all States and Union Territories (UTs) to make use of Aadhaar for identification of visitors to ensure that facilities are being availed by authorized individuals. The Ministry of Home Affairs has also advised all States and UTs that prison inmates should also be Aadhaar seeded so that various aspects of day to day prison administration like production before court, return to prison, transport, health facilities, interview, free legal aid, parole, temporary release mechanism, educational/vocational training, release from prison etc. can be regulated by use of Aadhaar. These advisories are also available on Ministry's website.
Tags : Aadhaar Usage Identification
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Press Information Bureau
03.04.2018
Direct Taxation
Indian Advance Pricing Agreement regime moves forward with the signing of 16 APAs by CBDT in March, 2018
MANU/PIBU/0685/2018
The Central Board of Direct Taxes (CBDT) entered into 14 Unilateral Advance Pricing Agreements (UAPA) and 2 Bilateral Advance Pricing Agreements (BAPA) during the month of March, 2018. The 2 bilateral APAs have been entered into with the United States of America. With the signing of these Agreements, the total number of APAs entered into by the CBDT has gone up to 219. This includes 199 Unilateral APAs and 20 Bilateral APAs. A total of 67 APAs (9 Bilateral and 58 Unilateral) have been signed in the F.Y.2017-18.
The 16 APAs entered into during March, 2018 pertain to various sectors of the economy like Telecommunication, Information Technology, Automobile, Pharmaceutical, Beverage, Trading, Manufacturing and Banking, Finance & Insurance. The international transactions covered in these agreements include payment of royalty fee, provision of business support services, provision of corporate guarantee, contract manufacturing, provision of marketing support services, provision of engineering design services, provision of engineering support services, merchanting trade of agro commodity, import/export of components, provision of IT services, provision of IT enabled services, provision of investment advisory services, availing of technical services, etc.
The progress of the APA scheme strengthens the Government's resolve of fostering a non-adversarial tax regime. The Indian APA programme has been appreciated nationally and internationally for being able to address complex transfer pricing issues in a fair and transparent manner.
Tags : Advance Pricing Agreement Signing of
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Press Information Bureau
02.04.2018
Education
Ranking and Accreditation System for Higher Educational Institutions
MANU/PIBU/0675/2018
The Ministry of Human Resource Development has launched the National Institutional Ranking Framework (NIRF) on 29th September, 2015 to rank institutions across the country. The parameters for ranking broadly cover "Teaching, Learning and Resources," "Research and Professional Practices," "Graduation Outcomes," "Outreach and Inclusivity," and "Perception".
In India, the National Assessment and Accreditation Council (NAAC) does the institutional assessment and accreditation, while National Board of Accreditation (NBA) does programmatic accreditation of technical programmes and courses.
India Rankings 2016 and 2017 have already been released which are available at 'https://www.nirfindia.org/Home'. India Rankings, 2018 is set to be released in the first week of April, 2018.
The University Grants Commission (UGC) has issued the Mandatory Assessment and Accreditation of Higher Educational Institutions, Regulations, 2012, whereby all eligible Higher Educational institutions are required to get themselves accredited.
To rationalize the expansion of courses in engineering / technical, management etc. and to bring quality in technical education, AICTE has made it mandatory to have NBA Accreditation for institutions seeking new courses / expansion of existing courses.
Ranking promotes competition among the Universities and drive them to strive for excellence. Government has also started a scheme called 'Institutions of Eminence' in which 20 institutions both public and private, would be selected on challenge method and they would be actively supported to come up in the global rankings.
In NIRF, to promote Research and Development in Higher Education, 'Research and Professional Practices' has been given the highest weightage of 40%, for ranking Universities.
Tags : Ranking Accreditation System Higher Educational Institutions
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Press Information Bureau
02.04.2018
Education
Several landmark initiatives launched by the Government to improve quality of Higher Education
MANU/PIBU/0676/2018
The Central Government, the University Grants Commission (UGC) and All India Council for Technical Education (AICTE) are constantly endeavouring to improve quality of higher education and make higher education practical in the country. The Central Government has launched several initiatives viz. National Institutional Ranking Framework (NIRF), Impacting Research Innovation & Technology (IMPRINT), Uchhatar Avishkar Yojana (UAY), Global Initiative of Academic Networks (GIAN), Study Webs of Active-Learning for Young Aspiring Minds (SWAYAM), National Academic Depository (NAD), Technical Education Quality Improvement Programme (TEQIP), Pandit Madan Mohan Malaviya National Mission on Teachers and Teaching (PMMMNMTT), National Digital Library, Campus Connect Programme etc. in the field of higher education for qualitative development of education in the country.
The UGC undertakes maintenance of standards in teaching, research and quality assurance in Universities, Deemed to be Universities and Colleges through framing and notifying regulations, schemes and disbursing grants to the eligible institutions. With a view to sustain and improve the quality of higher education and to undertake academic reforms, the UGC has notified UGC (Minimum Standards and Procedure for Award of M.Phil./ Ph.D Degrees) Regulations, 2016; UGC (Promotion and Maintenance of Standards of Academic Collaboration between Indian and Foreign Educational Institutions) Regulations, 2016; UGC (Open and Distance Learning) Regulations, 2017; UGC (Institutions of Eminence Deemed to be Universities) Regulations, 2017; UGC (Conferment of Autonomous Status upon Colleges and Measures for Maintenance of Standards in Autonomous Colleges) Regulations, 2018 and UGC (Categorization of Universities (only) for Grant of Graded Autonomy) Regulations, 2018.
In order to encourage research and development in the country, UGC is implementing schemes, awards, fellowships, chairs and programmes under which financial assistance is provided to institutions of higher education as well as faculty members working therein to undertake quality research covering areas of knowledge across disciplines. Some of the initiatives taken by UGC are (i) Universities with Potential for Excellence; (ii) Centre with potential for excellence in particular area; (iii) Special Assistance Programme (SAP); (iv) Research Projects and (v) Basic Science Research.
UGC has also requested the Vice-Chancellors of all Universities to upgrade and review their curriculum every three years for making them more skill oriented and interdisciplinary and with a purpose of making the students employable. The introduction of Choice Based Credit System (CBCS) is another important measure taken by UGC to enhance academic standards and quality in higher education through innovation and improvements in curriculum, teaching-learning process, examination and evaluation systems. CBCS provides a 'cafeteria' type approach in which the students can take courses of their choice, learn at their own pace, undergo additional courses, acquire credits and adopt an interdisciplinary approach to learning.
Further, Government is implementing a Centrally Sponsored Scheme namely Rashtriya Uchchatar Shiksha Abhiyan (RUSA) with the aim of promoting access, equity and quality. The focus of the scheme is on serving the unserved and underserved areas. Under the scheme, central assistance is provided, inter alia, for components such as Infrastructure grants to colleges and universities, upgradation of existing colleges to model degree colleges etc. Under these components, funds are provided to institutions for strengthening of infrastructure facilities for construction/renovation of libraries, laboratories, hostels etc and for purchase of equipment in State Higher Educational Institutions (HEIs).
Tags : Higher Education Quality Improvement
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Ministry of Finance
02.04.2018
Customs
Amendment in the First Schedule to the Customs Tariff Act, 1975 in Section XVI in Chapter 85
MANU/CUST/0040/2018
WHEREAS the Central Government on being satisfied that the import duty leviable on populated, loaded or stuffed printed circuit boards, falling under tariff item 8517 70 10 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), should be increased and that circumstances exist which render it necessary to take immediate action.
Now, therefore, in exercise of the powers conferred by Sub-section (1) of Section 8A of the said Customs Tariff Act, the Central Government, hereby directs that the First Schedule to the said Customs Tariff Act, shall be amended in the following manner, namely:-
In the First Schedule to the said Customs Tariff Act, in Section XVI, in Chapter 85, against tariff item 8517 70 10, for the entry in column (4), the entry "10%" shall be substituted.
Tags : Amendment First Schedule Customs Tariff
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Press Information Bureau
01.04.2018
Indirect Taxation
Smooth roll out of e-Way Bill system from today
MANU/PIBU/0674/2018
As per decision of the GST Council, e-Way Bill system became mandatory from today i.e. 01st April, 2018 for all inter-State movement of goods. The implementation of the nationwide e-Way Bill mechanism under GST regime is being done by GSTN in association with the National Informatics Centre (NIC) and is being run on portal namely https://ewaybillgst.gov.in.
Heralding a paradigm shift in movement of goods from one State to another, trial run for e-way bills under the current GST regime was started on 16th January 2018 for the entire country.
A total of 10,96,905 taxpayers have registered on e-Way Bill Portal till date. Further 19,796 transporters, who are not registered under GST, have enrolled themselves on the e-Way Bill Portal. 1,71,503 e-way bills have been successfully generated on the portal from 00:00 hours till 17:00 hrs of 1st April, 2018.
To answer queries of taxpayers and transporters, the Central helpdesk of GST has made special arrangements with 100 agents exclusively dedicated to answer queries related to e-way bills.
E-way Bill can be generated through various modes like Web (Online), Android App, SMS, using Bulk Upload Tool and API based site to site integration etc. Consolidated e-way Bill can be generated by transporters for vehicle carrying multiple consignments.
Transporters can create multiple Sub-Users and allocate roles to them. This way large transporters can declare their various offices as sub-users.
There is a provision for cancellation of e-way Bill within 24 hours by the person who has generated the e-way Bill. The recipient can also reject the e-way Bill within validity period of e-way bill or 72 hours of generation of the e-way bill by the consignor whichever is earlier.
Tags : Roll out E-Way Bill GST
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