Creation of two additional benches of the Authority for Advance Rulings (Income Tax)




Creation of two additional benches of the Authority for Advance Rulings (Income Tax)

The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today gave its approval to the following:-


i. Creation of two additional benches of the Authority for Advance Rulings (Income Tax), one in New Delhi and one new bench in Mumbai;

ii. creation of two posts of Vice-Chairmen in the Apex scale and four posts of Members (two posts of Revenue Members and two posts of Law Members) in the Higher Administrative Grade (HAG+) and two posts of Secretary at the level of Commissioner of Income Tax/Joint Secretary; and

iii. one time expenditure of Rs.7.48 crores for establishment of the two additional benches and additional annual recurring expenditure of Rs. 6.61 crores for running these two additional benches.

The creation of two additional benches of the Authority would dispose of increased number of cases and pendency of cases would be reduced benefitting the tax payer and the Government. Besides, this will operationalise the facility of advance ruling for resident tax payers. The proposed additional Benches of Authority for Advance Rulings (Income Tax) will facilitate the cause of the resident tax payers in obtaining tax clarity in certain situations.

Background

In order to provide the facility of ascertaining the Income-tax liability of a non¬resident/ to plan their Income-tax affairs well in advance and to avoid long drawn and expensive litigation, a scheme of Advance Rulings was introduced under the Income-Tax Act, 1961 and the Authority for Advance Rulings was constituted. A non-resident or certain categories of resident can obtain binding rulings from the Authority on question of law or fact arising out of any transaction/proposed transactions which are relevant for the determination of his tax liability.

In order to enable resident taxpayers to obtain an advance ruling in respect of their income tax liability above a defined threshold, it has been decided to strengthen the Authority for Advance Rulings by constituting additional benches.


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PM greets the people of Kuwait on their National Day


The Prime Minister, Shri Narendra Modi has greeted the people of Kuwait on their National Day.

"Greetings to people of Kuwait on their National Day. We value our close relations with Kuwait and look forward to strengthening them further", the Prime Minister said.

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Creation of two additional benches of the Authority for Advance Rulings (Income Tax)

The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today gave its approval to the following:-

i. Creation of two additional benches of the Authority for Advance Rulings (Income Tax), one in New Delhi and one new bench in Mumbai;

ii. creation of two posts of Vice-Chairmen in the Apex scale and four posts of Members (two posts of Revenue Members and two posts of Law Members) in the Higher Administrative Grade (HAG+) and two posts of Secretary at the level of Commissioner of Income Tax/Joint Secretary; and

iii. one time expenditure of Rs.7.48 crores for establishment of the two additional benches and additional annual recurring expenditure of Rs. 6.61 crores for running these two additional benches.

The creation of two additional benches of the Authority would dispose of increased number of cases and pendency of cases would be reduced benefitting the tax payer and the Government. Besides, this will operationalise the facility of advance ruling for resident tax payers. The proposed additional Benches of Authority for Advance Rulings (Income Tax) will facilitate the cause of the resident tax payers in obtaining tax clarity in certain situations.

Background

In order to provide the facility of ascertaining the Income-tax liability of a non¬resident/ to plan their Income-tax affairs well in advance and to avoid long drawn and expensive litigation, a scheme of Advance Rulings was introduced under the Income-Tax Act, 1961 and the Authority for Advance Rulings was constituted. A non-resident or certain categories of resident can obtain binding rulings from the Authority on question of law or fact arising out of any transaction/proposed transactions which are relevant for the determination of his tax liability.

In order to enable resident taxpayers to obtain an advance ruling in respect of their income tax liability above a defined threshold, it has been decided to strengthen the Authority for Advance Rulings by constituting additional benches.

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Agreement on the New Development Bank and the BRICS Contingent Reserve Agreement

The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today gave its approval for establishing the New Development Bank (NDB) and the BRICS Contingent Reserve Arrangement (CRA).

The New Development Bank will mobilise resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, to supplement existing efforts of multilateral and regional financial institutions for global growth and development.

The establishment of the Bank will help India and other signatory countries to raise and avail resources for their infrastructure and sustainable development projects. It would also reflect the close relations among BRICS countries, while providing a powerful instrument for increasing their economic cooperation.

The BRICS CRA proposes to provide short-term liquidity support to the members through currency swaps to help mitigating BOP crisis situation, in case such a situation arises. The BRICS CRA will help India and other signatory countries to forestall short-term liquidity pressures, provide mutual support and further strengthen financial stability. It would also contribute to strengthening the global financial safety net and complement existing international arrangements (from IMF) as an additional line of defence.

The Agreement will enter into force and the Bank will begin operations only after all member countries deposit their instruments of ratification with Brazil. It will also provide the force of law to the commitments made by India in the inter-governmental agreement of the NDB including privileges and immunities that are to be extended to the Bank and its employees as specified in the Articles of Agreement.

Central Banks of the member countries will also have to finalize an Inter-Central Bank Agreement containing the operational details of swap transactions and the Standing Committee`s Operational Procedures (SCOP) before the arrangement can be operational.

Signing of the Agreement for the establishment of the New Development Bank is expected to allow India to raise and obtain more resources for the much needed infrastructure development, the lack of which is coming in the way of inclusiveness and growth as of now. Besides, the governance structure and decision making in the Bank will be equitable unlike the existing multilateral development banks.

So far infrastructure financing in India has been done from two public sources: Government and existing multilateral development banks. These have been supplemented by private sector contributions through Public-Private Partnership projects. However, in the context of fiscal consolidation, declining resources of existing MDBs and risk-averse private sector, the New Development Bank to be established by BRICS countries will make available additional resources thereby recycling the savings accumulated in emerging countries which are presently being locked up in Treasury bonds having much lower returns.

Signing of the Agreement is the first step towards economic cooperation of BRICS countries for pursuance of common goals. BRICS CRA will ensure equity and inclusiveness by providing a backup safety net arrangement in place that will allow the Government of India to go ahead with its necessary and bold policy decisions without being concerned about the international economic development that may lead to domestic imbalances and worsen BOP position.

The BRICS CRA is expected to serve the needs of our emerging economy in boosting access to additional foreign exchange reserves, should such situation arise. So far IMF support is the primary safety net that is available to India in case any BOP crisis situation arises. Pending the IMF governance reforms, India does not have much say in the IMF decisions. The proposed CRA will provide an alternative approach. This will also provide yet another window for our economy to engage with the BRICS in a more fruitful manner.


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Implementation of Project for setting up of 15,000 MW of Grid-connected Solar PV Power plants through NTPC/ NTPC Vidyut Vyapar Nigam Limited under National Solar Mission

The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today gave its approval for the implementation of the scheme for setting up of 15,000 MW of Grid-connected Solar PV Power projects under the National Solar Mission through NTPC/ NTPC Vidyut Vyapar Nigam Limited (NVVN) in three tranches namely, 3000 MW under Tranche-l under mechanism of Bundling with Unallocated Coal based Thermal Power and fixed levellised tariffs, 5,000 MW under Tranche-ll with some support from Government to be decided after getting some experience while implementing Tranche-l and balance 7,000 MW under Tranche-Ill without any financial support from the Government.

Successful completion of additional 15,000 MW capacity of Grid-connected solar PV power generation projects, mainly in the private sector, with largely private investment, under the National Solar Mission would accelerate the process of achieving grid tariff parity for solar power and also help reduce consumption of kerosene and diesel, which is presently in use to meet the unmet demand.

In Tranche-l, which will be Batch-II of Phase-II of the National Solar Mission, 3000 MW capacity of solar PV power plants will be based on bundling of solar power (3000 MW) with unallocated thermal power (1500 MW) in the ratio of 2:1 (in MW terms), for which the required 1500 MW unallocated thermal power has been made available by the Ministry of Power. The bundled power will be allotted to various States that come forward to (i) provide land for setting up the solar power projects and (ii) purchase a major portion of the bundled solar power for consumption within the State (iii) ensure connectivity to the solar power project. The capacity allotted to each such State will be set up through developers, to be selected through international competitive bidding by NTPC /NVVN. Both private and government companies would be free to bid for projects.

1000 MW capacity out of the 3000 MW under the bundling scheme will be set up on land already identified in Andhra Pradesh. The balance 2000 MW capacity under the Bundling Scheme will be allotted in other interested States that come forward.

It is estimated that implementation of Tranche-l of the scheme will entail total investment of over Rs.18,000 crore, all of which will be met by project developers, mainly private.

A Payment Security Mechanism / Working Capital Fund with an estimated corpus of Rs. 2300 crore to cover 3 months payment for bundled capacity of 3000 MW of Solar Capacity with 1500 MW NTPC Coal Power, will be set up to ensure bankability of PPAs and timely payment to developers. This will be evolved through collaborative efforts of Government of India and Solar Project Developers. The modalities for setting up of Payment Security Mechanism / Working Capital Fund will be finalized subsequently. Accruals from encashment of Bank Guarantees, penalties on developers, etc. will also go into this fund.

Some capacity will be earmarked out of the total procurement under this scheme with provisions of domestically manufactured solar cells as well as modules. The quantity to be fixed with Domestic Content Requirement (DCR) in each tender will be prescribed by Ministry of New and Renewable Energy (MNRE) based on the prevailing market conditions from time to time. Bids received under both the categories (one with DCR requirement and the other without any such requirement) will be evaluated and successful bidders selected independently. Further, this DCR will also be technology agnostic that is applied on both the crystalline silicon and thin film SPV cells and modules.

Background

The first Phase of the National Solar Mission (2010-2013) had a target of 1100 MW for Grid-connected solar power generation capacity, against which 1685 MW was set up in the country under various schemes. Further capacity addition of 9,000 MW comprising 3,000 MW under Central schemes and 6,000 MW under State initiatives/ other mechanisms was envisaged In the 2nd phase of the Mission (April 2013-March 2017).

Now that sufficient experience is available in India in this field and the Government is keen to expeditiously promote solar power in the country, it is proposed to give a quantum jump to development of solar power in India through market driven approach, wherein the role of subsidies and direct Government support is gradually phased out. Specifically, it is proposed to significantly enhance capacity addition in the 2nd phase itself under Central schemes through various mechanisms.

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Unit 3 and 4 of Kudankulam Nuclear Power Project under preparation for launch in 2015-16

The Unit 3 and 4 of the Kudankulam Nuclear Power Project (KKNPP 3&4) with 2x1000 MW capacity is being prepared for launch in 2015-16. The Kudankulam Nuclear Power Project Unit-1 (KKNPP 1) with 1,000 MW capacity has been commissioned recently while the Kudankulam Nuclear Power Project Unit-2 (KKNPP-2) with 1,000 MW capacity is under commissioning.

The Government in July 2014 had set a target of tripling the then existing nuclear power capacity of 4780 MW in the next ten years viz. 2024. Various sites have been given “In-principle” approval for additional reactors to be set up in future. Currently these sites are under pre-project activities which include land acquisition, obtaining Environmental clearances, evaluation of techno commercial offers in respect of Light Water Reactors (LWRs) to be set up with foreign technical cooperation. Some of these projects include Jaitapur Nuclear Power Project (JNPP 1&2), Kaiga (5&6) and Mahi Banswara (1&2) among others.

The safety being an ongoing process, constant review of safety aspects effecting necessary upgrades thereof in line with the evolving safety standards at par with the best international standards is a regular practice in Nuclear Power Corporation of India Limited (NPCIL).

This information was provided by MoS in the Prime Minister’s Office and Minister of State in the Ministry of Personnel, PG & Pensions, Dr Jitendra Singh in a written reply to Lok Sabha today.

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Nuclear power generation has grown from 14927 Million Units (MU) of electricity in 2008-09 to 35333 MU in 2013-14



The nuclear power generation has grown from 14927 Million Units (MU) of electricity in 2008-09 to 35333 MU in 2013-14. The capacity utilisation has also improved from about 50% in 2008-09 to 83% in 2013-14.


The target of nuclear power generation set for the five years (2012-13 to 2016-17) in the year 2011 was 241748 MU. The generation of electricity from April 2012 to January 2015 has been 98686 MU. The annual targets as fixed in the Memorandum of Understanding (MoU) signed between the Department of Atomic Energy (DAE) and Nuclear Power Corporation of India Limited (NPCIL) and achievement in 2012-13, 2013-14 and 2014-15 (upto January 2015) are as follows:

Year
Annual Target (Million Units)
Achievement (Million Units)
2012-13
31060
        32863
2013-14
31708
        35333
2014-15
38300
              30490
(Upto January 2015)

This information was provided by MoS in the Prime Minister’s Office and Minister of    State in the Ministry of Personnel, PG & Pensions, Dr Jitendra Singh in a written reply to Lok Sabha today.

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11 Indian and 13 foreign satellites launched during January 2012-February, 2015

During the last three years (January 2012-Februrary, 2015), India has successfully launched 24 satellites consisting of 11 Indian satellites and 13 foreign satellites. The details of the satellites are as follows:

a)      11 Indian satellites: RISAT-1, Satellite for Argos and Altika (SARAL), IRNSS-1A, IRNSS-1B, IRNSS-1C, INSAT-3D, Mars Orbiter Mission Spacecraft, GSAT-14, GSAT-10, GSAT-7 and GSAT-16;

b)      13 foreign satellites: SPOT-6 (France), PROITERES (Japan), SAPPHIRE (Canada), NEOSSat (Canada), NLS 8.1 (Austria), NLS 8.2 (Austria), NLS 8.3 (Denmark), STRaND-1 (UK), SPOT-7 (France), NLS 7.1 (Canada), NLS 7.2 (Canada), AISat (Germany) & VELOX-1 (Singapore).

The expenditure incurred on the launching of each of these eleven Indian satellites into the space is given below:

 (` in crore)

SN
Name of the Satellite
Launched by
Expenditure incurred on  Launching
1
RISAT-1
PSLV-C19
90.00
2
SARAL
PSLV-C20
85.00
3
GSAT-10
Procured Launch
406.82
4
IRNSS-1A
PSLV-C22
90.00
5
MarsOrbiter Spacecraft
PSLV-C25
108.34
6
GSAT-14
GSLV-D5
173.00
7
GSAT-7
Procured Launch
485.29
8
INSAT-3D
Procured Launch
485.15
9
IRNSS-1B
PSLV-C24
90.00
10
IRNSS-1C
PSLV-C26
90.00
11
GSAT-16
Procured launch
581.00

There was no satellite failure in the process of launching during the above mentioned period.

This information was provided by MoS in the Prime Minister’s Office and Minister of State in the Ministry of Personnel, PG & Pensions, Dr Jitendra Singh in a written reply to Lok Sabha today.

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456 VRCs set up to demonstrate the potential of satellite technology for development of rural areas

To demonstrate the potential of satellite technology for development of rural areas, Indian Space Research Organisation (ISRO) has so far set up 456 Village Resource Centres (VRCs). This information was provided by MoS in the Prime Minister’s Office and Minister of State in the Ministry of Personnel, PG & Pensions, Dr Jitendra Singh in a written reply to Lok Sabha today.

He further informed that these VRCs have been set up on a pilot scale, in association with selected NGOs, Trusts and State Government Departments. Village Resource Centres have provided various space technology enabled services such as tele-healthcare, tele-education, natural resources information etc.

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27 satellites operational in the country and action has been taken towards developing 26 indigenous satellites

There are 27 satellites that are operational in the country currently. This information was provided by MoS in the Prime Minister’s Office and Minister of State in the Ministry of Personnel, PG & Pensions, Dr Jitendra Singh in a reply to Lok Sabha today.

These are as follows:

(i) 11 Communication Satellites namely, INSAT-3A, INSAT-3C, INSAT-4A, INSAT-4B, INSAT-4CR, GSAT-7, GSAT-8, GSAT-10, GSAT-12, GSAT-14 and GSAT-16.

(ii) 12 Earth Observation Satellites namely, Resourcesat-2, RISAT-1, RISAT-2, Cartosat-1, Cartosat-2, Cartosat-2A, Cartosat-2B, Oceansat-2, SARAL, Kalpana-1, Megha-Tropiques and INSAT-3D.

(iii) 3 Navigational Satellites namely, IRNSS-1A, IRNSS-1B and IRNSS-1C

(iv) 1 Mars Orbiter Mission

(a) As part of XII Five Year Plan (2012-17), action has been taken towards developing 26 indigenous satellites, which includes (i) 6 Communication satellites namely GSAT-15, GSAT-9, GSAT-6, GSAT-6A, GSAT-7A and GSAT-11 (ii) 13 Earth observation satellites namely, Resourcesat-2A, Cartosat-2C, Cartosat-2D, Cartosat-2E, GISAT-1, GISAT-2, INSAT-3DR, INSAT-3DS, Cartosat-3A, Cartosat-3B, Technology Demonstrator Micro Satellite (TD-MS), Hyperspectral Imaging Satellite and RISAT-2A; (iii) 4 Navigation satellites namely IRNSS-1D, IRNSS-1E, IRNSS-1F and IRNSS-1G; (iv) 3 Space science satellites namely Astrosat, Chandrayaan-2 and Aditya.

95 Ku-band (a part of K band) transponders onboard indigenous communication satellites are being utilized for various communication applications. Replying to the discussion, the minister said that the government is also working on resolving the connectivity issues in the hilly areas.

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Creation of two additional benches of the Authority for Advance Rulings (Income Tax) Creation of two additional benches of the Authority for Advance Rulings (Income Tax) Reviewed by Ajit Kumar on 2:53 PM Rating: 5

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