Indian efforts to trace Hawala operators involved in money laundering and terror financing are facing hurdles due to non-cooperation of many countries where these racketeers operate, according to a global task force.
Under the DTC Bill, the annual deduction has been raised to Rs. 1.5 lakh. From the bill It appears that investments in PPF, PF, NPS, pure life insurance policies, savings schemes as notified by the government are eligible for this deduction under EEE category.
NOTIFICATION NO. 05(RE-2010)/2009-2014- Arms and Ammunition of the following description:a) Rifles- .22 Calibres (should have at least an outside barrel diameter of 10 mm.) b) Pistols – .22 and .32 Calibres (barrels should be measured from the Breach point) c) Air Rifles/Pistols – 4.5 mm /0.177 Calibers d) Shot Guns – 12 bore (should be “Ventilated Rib” and “Single Sighting Planes”)
While senior citizens will continue to enjoy greater tax exemption, women tax payers will lose their special status under the proposed Direct Taxes Code. The Bill proposes to raise the tax exemption limit for senior citizens above 65 years to Rs 2.5 lakh per annum from Rs 2.4 lakh at present.
The proposed Direct Taxes Code (DTC), which will replace the archaic Income Tax Act, is bulkier than the existing law, as the new legislation also seeks to substitute the current Wealth Tax Act. While the proposed DTC has 319 sections and 22 schedules, there are 298 sections and 14 schedules in the existing act.
With a view to avoiding a dispute in respect of assessment of income-tax liability in the case of a non-resident (and also specified categories of residents), a Scheme of Advance Ruling was incorporated in Chapter XIX-B of the Income-tax Act. The Authority for Advance Rulings ( AAR ) pronounces rulings on the applications of the non-resident/residents submitted in the prescribed form following prescribed procedure and such rulings are binding both on the applicant and the income-tax department.
Payment of challan not done before the expiry date: If payment of challan is not made before the expiry date, the transaction gets cancelled and applicant needs to file the eForm again on MCA portal to generate a fresh challan for payment.
Tobacco Institute of India (TII) has requested for reduction in the excise duty rates on filter and non filter cigarettes so that the gap between the excise duty rates on cigarettes and other tobacco products is reduced.
Government of Jammu & Kashmir is levying tax of Rs.2000.00 per day on All India Tourist Vehicles. The vehicles carrying passengers/pilgrims for Mata Vaishno Devi are however being charged the tax of Rs.2000.00 for a period of 3 days. Similarly, vehicles carrying passengers/pilgrims for Amarnath Yatra are being charged tax of Rs.2000.00 for a period of seven days.
Levying of capitation fee is against the national policy as well as rulings of the Apex Court. A legislative proposal namely ‘The Prohibition of Unfair Practices in Technical Educational Institutions, Medical Educational Institutions and Universities Bill, 2010 has been circulated in Parliament.
