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FinMin promises steps to attract capital flows
GST dispute resolution body to be set up: Shome
Gold, silver advance on global cues
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investor guidance Estate liable to file return of decease Q: What is the procedure to close the file of a deceased person (salaried) who used to file income tax return? Also, please let me know the status of filing return by a retired person whose gross income is below the taxable limit.
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FinMin promises steps to attract capital flows
Mumbai, August 24 “All measures to attract fund flows are under consideration,” Financial Services Secretary Rajiv Takru told mediapersons after the FM chaired meetings with FIIs and top bankers here. “I think you should see something coming up shortly, say within a week or in the next 10 days,” he said. Takru did not divulge details about the nature of the measures — whether they would be a sovereign bond issue, NRI bonds or a quasi-sovereign mode of debt raising. Concerns among investors about the widening current account deficit have led to turmoil in the stock markets and a sharp depreciation of the rupee. Chidambaram held a closed-door meeting with top bankers and also met FIIs, whose money is key to funding CAD, as the government sought to allay apprehensions about the economic situation and apprised them of steps taken to boost growth and stabilise the rupee. “FIIs have sought certain explanations, which the FM gave them,” Takru said, without elaborating on what issues were raised at the meeting. There had been concerns about a return to capital controls after the Reserve Bank of India (RBI) last week announced curbs on outflows by local companies and residents in a bid to stem the rupee slide. On Thursday, Chidambaram said no capital control measures are planned. Takru said several suggestions came up during the meeting with banks. Lenders, especially the State Bank of India, have been opposing the idea of issuing NRI bonds, citing legal complications in the overseas markets. Chidambaram did not meet reporters outside the hotel where he held discussions with bankers and FIIs. To attract foreign funds, the immediate steps could include nudging banks to increase interest rates on NRE and FCNR-B deposits, which are already above 10 per cent. Asked if banks were given any direction to hike NRE deposit rates and hold lending rates, Takru said, "We don't force or even nudge banks to do anything like that. It's up to banks to decide, based on the availability of funds." On the revival of projects, he said, "Within the next week, nine large stalled projects are coming up for final decision before the cabinet. These projects are in the power, coal and transport sectors." He also said in the last one month alone, as many as 27 large stalled infrastructure projects worth over Rs 1.1 trillion were cleared. “The meeting was mainly to seek ideas and suggestions on what can be done about capital inflows. It was a very good and positive meeting,” Kochhar told reporters afterwards. State Bank Chairman Chaudhuri said, “There was no directive, it was only a consultation.”
— PTI |
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GST dispute resolution body to be set up: Shome
Kolkata, August 24 “A GST dispute resolution authority will be set up for settling issues arising out after its implementation across the country,” Shome said at a seminar organised by Assocham here. The Parliamentary Standing Committee on GST had submitted its report on August 7 and dealt with a number of issues, he said. The panel suggested that petrol, tobacco and alcohol should be brought under the GST base, Shome added. In the case of tobacco and alcohol, both the items would be under GST, but the Centre and states would have the right to impose selective excise on them. The panel also suggested that the issues like dual authority and threshold limit should be left to the GST Council. On the direct tax code (DTC), Shome said the Finance Ministry had prepared a draft paper that was being circulated among the various ministries. “The ministries will be given appropriate time to deliberate on them after which it would tabled in Parliament,” Shome added.
— PTI |
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Gold, silver advance on global cues
Gold staged a smart rally and hit a nine-month high at the Mumbai bullion market today on strong buying from stockists amid jewellery and investment demand in the backdrop of surge in the global commodity market. Silver also spurted by Rs 1,730 to Rs 53,530 per kg on increased offtake by industrial units and coin makers. Traders said brisk buying by stockists to meet the festive season demand. Firm global trend where gold jumped to a 11-week high, topping 1,400 dollar an ounce, as sales of new US homes fell, boosting speculation that the Federal Reserve will maintain economic stimulus, also supported the upsurge, they said. Gold in New York, which normally set price trend on the domestic front, rose by 1.5 per cent to $1,396.30 an ounce, after touching $1,400.38 dollar, highest since June 7.
— PTI |
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investor guidance
Q: What is the procedure to close the file of a deceased person (salaried) who used to file income tax return? Also, please let me know the status of filing return by a retired person whose gross income is below the taxable limit.
— Vaithee E All you have to do is to inform the ITO that the returns will not be filed in future giving the reasons for the same. If the income earned during the year till the death of the person exceeds the basic exemption limit, then a tax return has to be filed by the estate of the deceased. Regarding your second query, note that if a person’s income (before claiming deductions) is below the exemption limit, then tax return need not be filed. However, if such person desires to file a nil return, then it has to be filed in the usual course by filling out the appropriate form. Q: I had filed my returns for FY 12 on July 7, 2012, much before the last date (July 31). As per the return, the refund due to me was Rs 10,500. I received a refund order (dated 6.1.13) for Rs 12,259, which included Rs 1,169 as interest payable by the department to me, through a cheque dated July 22, 2013. There is a gap of over six months between date of refund order and cheque issued. It is obvious that the interest paid to me has been computed up to the date of the order (January 6) and not the date when the cheque was issued (July 22). Am I entitled to get further interest up to July 22, 2013 as the tax department has delayed the refund? — Tunda The Section 244A dealing with interest on refunds states “… interest shall be calculated at the rate of one-half per cent for every month or part of a month comprised in the period from April 1 of the assessment year to the date on which the refund is granted.” In your case, the refund was granted on January 6, and the cheque was issued on July 22. This gives a rent-seeking opportunity to assessing officers to grant the refund due along with interest thereon and sleep over the order. The authorities should have plug this. You will do well if you fill an appeal to the commissioner. |
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Mumbai, August 24
New Delhi/Mumbai, August 24
