By: D.K. Choudhary
CBDT Clarifies No TDS or Advance Tax Credit for Income under PMGKY
i. The Central Board of Direct Taxes (CBDT) on January 18, 2017 cleared that income declared under Pradhan Mantri Garib Kalyan Yojna (PMGKY) would not be entitled to get any credit by way of advance tax paid or the tax deducted at source (TDS) or tax collected at source (TCS)
ii. This is in contrast to the earlier Income Declaration Scheme (IDS) under which these credits were allowed.
iii. PMGKY was set up to give an opportunity to those who deposited tax-evaded money in bank-demonetised currencies. It was opened on December 17, 2016 and will remain open till March 31.
iv. Under the scheme, a person declaring undisclosed income would need to pay a tax of 30%, in addition to a penalty of 10% and a Pradhan Mantri Garib Kalyan cess of 33% on the tax.
v. Under the Income Declaration Scheme (‘IDS’), the government has allowed TDS credit in those cases where such credit has not already been claimed in the income-tax return.
Lloyd’s Gets Final Approval from IRDAI to Open First Branch in India
i. London’s insurance giant Lloyd has received the final approval from the Insurance Regulatory and Development Authority (IRDA) on January 19, 2017 to set up its first branch in India.
ii. The specialist insurance and reinsurance company would open its first branch office in India before April 2017 and will be located at Mumbai.
iii. Lloyd’s will bring expertise and specialist capacity to India’s insurance market and work in partnership with local insurance businesses to develop innovative solutions that meet the unique needs of the growing economy.
Insurance Regulatory and Development Authority (IRDA)
♦ The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous, statutory agency tasked with regulating and promoting the insurance and re-insurance industries in India.
♦ Headquarter: Hyderabad, Telangana
♦ Chairman: T.S. Vijayan
PNB and IPPB team up for technology support
New Delhi based Punjab National Bank signed a memorandum of understanding(MoU) with India Post Payments Bank(IPPB) to provide technology platform for pilot launch of IPPB on receipt of regulatory nod from the Reserve Bank of India.
India Post Payments Bank(IPPB) :
i. The India Post Payments Bank (IPPB) has been recently incorporated as a Public Limited Company under the Department of Posts with 100% GOI equity.
ii. The total corpus of the payments bank is of Rs 800 crore
World Bank Sanctions Rs 1,376 Cr For Tripura Power Upgradation
i. Washington based World Bank has sanctioned Rs 1,376 crore for upgradations and improvement of the Tripura power system network on January 19, 2017. This was announced by Tripura’s power minister Manik Dey.
ii. The Power Upgradation project is divided into 5 phases. SPML Infra Ltd has got the contract of the first phase with the budget of Rs 461 crore .
iii. A large number of 132 KV and 33 KV substations will be constructed and upgraded under the project across Tripura.
World Bank :
♦ CEO: Dr. Jim Yong Kim
♦ Headquarters: Washington, D.C., United States
♦ Founded: 27 December 1945
♦ Motto: Working for a World Free of Poverty