13:51 IST
Lok Sabha
The Government has decided to make it compulsory to quote Unique Transaction Number (UTN) in the Income-tax return forms to be filed by all the assessees to whom such number has been allocated by the Income-tax Department. Since the UTN has not been communicated to the taxpayers, therefore, the requirement of quoting UTN in Income-tax return form for assessment year 2009-10 has been kept in abeyance.
Unique Transaction Number would be allotted against each transaction in which tax has been deducted or collected at source. It is proposed to make it compulsory to quote this Number in the Income-tax return forms so as to ensure prompt verification and granting of tax credits to the tax payers.
This system of allotting Unique Transaction Number is expected to become operational by 1st January, 2010.
This information was given by Minister of State for Finance, Shri S.S. Palanimanickam in written reply to a question raised in Lok Sabha today.
BSC/BY/GN-276/09
Showing posts with label Income tax to Sikkim. Show all posts
Showing posts with label Income tax to Sikkim. Show all posts
Sunday, July 26, 2009
Thursday, May 28, 2009
FM FIRST PRESS CONFERENCE
Finance Minister Shri Pranab Mukherjee addressed his first press conference here today, after joining office on 25th May, 2009. Following is the text of his opening remarks at the press conference:
“According to our manifesto, the new Government is required to present the Union Budget within 45 days of coming to power. We will adhere to this schedule and propose to present the Budget in the first week of July. The regular budget 2009-10 exercises are underway in full swing. Reviving the growth momentum of our economy which has been affected by the global financial crisis is the top most priority of this Government. The fiscal prudence has to be kept in mind while taking steps for reviving the economy. As you all know, a major consequence of the global financial crisis has been the loss of confidence among industry and business. Various coordinated steps taken by the government and the RBI have stabilised the economy in a short period of time. The economic system was keenly looking forward to a stable and effective government to steer it out of the current situation. The mandate of the people has provided that booster dose and led to a widespread “feel good” sentiment. I am aware that we need to rapidly build on that with concrete steps which we shall do. We are assessing the impact of three doses of economic stimulus we announced in December, in January and in the Interim Budget.
Sustained stimulus to growth can be harnessed by the next round of economic reforms. We have a broad plan of action in mind. I will get additional inputs when I have my pre-budget consultations with different stakeholders. All this will be distilled into a concrete short-term and medium-term vision and strategy for India’s economic growth. Industry and business have been hurt by the cost of finance and its easy availability. While much has been done in the last 8 months and international capital flows have resumed, the cost and the speed with which finance can be accessed remains a matter of concern.
One of the first steps I propose to take is to meet bankers and get them committed to a more benign plan of action. The government has the opportunity to present its vision and approach for the next five years in the forthcoming budget. Broadly, the election results have vindicated the strategy of “inclusive growth”. I have no hesitation in saying that alongwith reviving the momentum of growth and employment creation, our government will strengthen the various “inclusive” elements in the coming budget. The Government will have to focus on implementing and strengthening its infrastructure investments. These concerns will be addressed with a view to impart further momentum for an early return to the high growth path of recent years. The pipeline of infrastructure projects will be re-appraised and made more robust. Where necessary, policy and procedures will be calibrated to give a boost to infrastructure spending. Prophets of doom have been unduly focusing on increased public spending and consequent increase in the revenue and fiscal deficits in the recent past. We are hopeful that an early return to our recent growth performance will help us come back to our preferred path of fiscal prudence. Let me say unambiguously that we are committed to restoring growth and employment and that would not have been possible without increased spending funded by incremental borrowing. This would need to be further continued in 2009-10-the current year. However, we are equally committed to the process of fiscal consolidation over a period of say 2 to 3 years. We need to seize the opportunity presented by the current circumstances for pushing long pending reform measures. These include measures in the area of financial sector and real economy, to make the economy more competitive and the economic regulatory and oversight system more efficient, quick and responsive to global developments. As you know, the Prevention of Money Laundering Act Amendment was passed by Parliament recently. We propose to bring this into force to make India’s Anti- money Laundering regime stronger.”
“According to our manifesto, the new Government is required to present the Union Budget within 45 days of coming to power. We will adhere to this schedule and propose to present the Budget in the first week of July. The regular budget 2009-10 exercises are underway in full swing. Reviving the growth momentum of our economy which has been affected by the global financial crisis is the top most priority of this Government. The fiscal prudence has to be kept in mind while taking steps for reviving the economy. As you all know, a major consequence of the global financial crisis has been the loss of confidence among industry and business. Various coordinated steps taken by the government and the RBI have stabilised the economy in a short period of time. The economic system was keenly looking forward to a stable and effective government to steer it out of the current situation. The mandate of the people has provided that booster dose and led to a widespread “feel good” sentiment. I am aware that we need to rapidly build on that with concrete steps which we shall do. We are assessing the impact of three doses of economic stimulus we announced in December, in January and in the Interim Budget.
Sustained stimulus to growth can be harnessed by the next round of economic reforms. We have a broad plan of action in mind. I will get additional inputs when I have my pre-budget consultations with different stakeholders. All this will be distilled into a concrete short-term and medium-term vision and strategy for India’s economic growth. Industry and business have been hurt by the cost of finance and its easy availability. While much has been done in the last 8 months and international capital flows have resumed, the cost and the speed with which finance can be accessed remains a matter of concern.
One of the first steps I propose to take is to meet bankers and get them committed to a more benign plan of action. The government has the opportunity to present its vision and approach for the next five years in the forthcoming budget. Broadly, the election results have vindicated the strategy of “inclusive growth”. I have no hesitation in saying that alongwith reviving the momentum of growth and employment creation, our government will strengthen the various “inclusive” elements in the coming budget. The Government will have to focus on implementing and strengthening its infrastructure investments. These concerns will be addressed with a view to impart further momentum for an early return to the high growth path of recent years. The pipeline of infrastructure projects will be re-appraised and made more robust. Where necessary, policy and procedures will be calibrated to give a boost to infrastructure spending. Prophets of doom have been unduly focusing on increased public spending and consequent increase in the revenue and fiscal deficits in the recent past. We are hopeful that an early return to our recent growth performance will help us come back to our preferred path of fiscal prudence. Let me say unambiguously that we are committed to restoring growth and employment and that would not have been possible without increased spending funded by incremental borrowing. This would need to be further continued in 2009-10-the current year. However, we are equally committed to the process of fiscal consolidation over a period of say 2 to 3 years. We need to seize the opportunity presented by the current circumstances for pushing long pending reform measures. These include measures in the area of financial sector and real economy, to make the economy more competitive and the economic regulatory and oversight system more efficient, quick and responsive to global developments. As you know, the Prevention of Money Laundering Act Amendment was passed by Parliament recently. We propose to bring this into force to make India’s Anti- money Laundering regime stronger.”
Tuesday, March 31, 2009
Chamling commits IT exemption to business community
Chamling commits IT exemption to business community
Staff Reporter
Source: Sikkim Express)
GANGTOK, March 30: The ruling Sikkim Democratic Front (SDF) party will be formally releasing its list of candidates for the forthcoming Assembly and Lok Sabha elections on April 3 on the auspicious occasion of Ram Navami.
This was informed by SDF president and Chief Minister Pawan Chamling during a meeting with members of the business community at Samman Bhavan here today.
The Chief Minister said that the SDF party will be announcing its candidates on the auspicious occasion of Ram Navami and the party will create a Ram Rajya in Sikkim, informed some businessmen who attended the meeting.
The Chief Minister also reiterated that the SDF party is committed to deliver income tax exemption to the left out business community of Sikkim at par with Sikkim Subject holders.
The commitment was made during the interaction of the Chief Minister with the members of the business community at Samman Bhavan. Some 250 members of the business community from all parts of the State had been invited by the Chief Minister for an interaction which lasted almost two hours.
The Chief Minister said that he is working to deliver income tax exemption to the business community and promised that he will achieve this, said one businessman who attended the meeting. “The meeting was very fruitful”, he said.
It is informed that the Chief Minister during the meeting underlined the rapid developmental strides Sikkim has been making benefiting all sections of the Sikkimese society including the business community. He also appealed the business community to take up new business ventures in tune with the changing times, it is informed.
Particularly focusing on the commerce and trade sector in Sikkim, Mr. Chamling highlighted the new opportunities before the local trading community presented by Nathu La border trade and coming up projects like Pakyong airport, rail link up to Rangpo. He also called up the business community to actively participate in the floriculture sector of the State, said one businessman. The business community was appealed to come ahead to help the farmers engaged in floriculture and make the sector stable, he said.
The Chief Minister also called up the business community to come up with new industrial projects and said that he was ready to give land and loans, said another businessman who attended the meeting. The Chief Minister pointed out that outside companies are only come forward for such projects and questioned why the locals are not coming forward, he said.
The Chief Minister was also very keen that the local businessmen and investors should come forward for doing mini-hydel power projects in the State, it is informed. He also highlighted the beautification works that was done in Gangtok and Namchi and informed that similar projects are coming up in other urban areas of the State like Rangpo and Namchi.
Staff Reporter
Source: Sikkim Express)
GANGTOK, March 30: The ruling Sikkim Democratic Front (SDF) party will be formally releasing its list of candidates for the forthcoming Assembly and Lok Sabha elections on April 3 on the auspicious occasion of Ram Navami.
This was informed by SDF president and Chief Minister Pawan Chamling during a meeting with members of the business community at Samman Bhavan here today.
The Chief Minister said that the SDF party will be announcing its candidates on the auspicious occasion of Ram Navami and the party will create a Ram Rajya in Sikkim, informed some businessmen who attended the meeting.
The Chief Minister also reiterated that the SDF party is committed to deliver income tax exemption to the left out business community of Sikkim at par with Sikkim Subject holders.
The commitment was made during the interaction of the Chief Minister with the members of the business community at Samman Bhavan. Some 250 members of the business community from all parts of the State had been invited by the Chief Minister for an interaction which lasted almost two hours.
The Chief Minister said that he is working to deliver income tax exemption to the business community and promised that he will achieve this, said one businessman who attended the meeting. “The meeting was very fruitful”, he said.
It is informed that the Chief Minister during the meeting underlined the rapid developmental strides Sikkim has been making benefiting all sections of the Sikkimese society including the business community. He also appealed the business community to take up new business ventures in tune with the changing times, it is informed.
Particularly focusing on the commerce and trade sector in Sikkim, Mr. Chamling highlighted the new opportunities before the local trading community presented by Nathu La border trade and coming up projects like Pakyong airport, rail link up to Rangpo. He also called up the business community to actively participate in the floriculture sector of the State, said one businessman. The business community was appealed to come ahead to help the farmers engaged in floriculture and make the sector stable, he said.
The Chief Minister also called up the business community to come up with new industrial projects and said that he was ready to give land and loans, said another businessman who attended the meeting. The Chief Minister pointed out that outside companies are only come forward for such projects and questioned why the locals are not coming forward, he said.
The Chief Minister was also very keen that the local businessmen and investors should come forward for doing mini-hydel power projects in the State, it is informed. He also highlighted the beautification works that was done in Gangtok and Namchi and informed that similar projects are coming up in other urban areas of the State like Rangpo and Namchi.
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