Central Board of Direct Taxes (CBDT) signs ten (10) more Advance Pricing Agreements (APAs)

Central Board of Direct Taxes (CBDT) signs ten (10) more Advance Pricing Agreements (APAs) pertaining to various sectors of the economy like Telecom, Pharmaceutical, Banking & Finance, Steel, Retail and Information Technology etc.; With this, the total number of APAs entered into by the CBDT reaches 140.

The Central Board of Direct Taxes (CBDT) has entered into 10 more Advance Pricing Agreements (APAs) over the last one week, including 7 Unilateral APAs signed today. Two of these ten agreements are Bilateral APAs with the United Kingdom and Japan. Seven of these Agreements have Rollback provisions in them. 

         With this, the total number of APAs entered into by the CBDT has reached 140. This includes 10 Bilateral APAs and 130 Unilateral APAs. In the current financial year, a total of 76 APAs (7 Bilateral APAs and 61 Unilateral APAs) have already been entered into. The CBDT expects more APAs to be concluded and signed before the end of the current fiscal.

The APAs entered into over the last week pertain to various sectors of the economy like Telecom, Pharmaceutical, Banking & Finance, Steel, Retail, Information Technology, etc. The international transactions covered in these agreements include Payment of Royalty Fee, Trading in Goods, IT Enabled Services, Software Development Services, Marketing Support Services, Clinical Research Services, Non-binding Investment Advisory Services, Payment of Interest on ECB, etc. 

The APA Scheme was introduced in the Income-tax Act in 2012 and the “Rollback” provisions were introduced in 2014. The scheme endeavours to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and setting the prices of international transactions in advance. Since its inception, the APA scheme has evinced a lot of interest from taxpayers and that has resulted in more than 700 applications (both unilateral and bilateral) being filed so far in about five years.

         The progress of the APA Scheme strengthens the Government’s resolve of fostering a non-adversarial tax regime. The Indian APA programme has been appreciated nationally and internationally for being able to address complex transfer pricing issues in a fair and transparent manner.

Index of Eight Core Industries (Base: 2004-05=100)

1.       The summary of the Index of Eight Core Industries (base: 2004-05) is given at the Annexure.

2.       The Eight Core Industries comprise nearly 38 % of the weight of items included in the Index of Industrial Production (IIP).  The combined Index of Eight Core Industries stands at 191.8 in January, 2017, which was 3.4 % higher compared to the index of January, 2016. Its cumulative growth during April to January, 2016-17 was 4.8 %.

Coal

3.       Coal production (weight: 4.38 %) increased by 4.8 % in January, 2017 over January, 2016. Its cumulative index during April to January, 2016-17 increased by 2.3 % over corresponding period of previous year.

Crude Oil

4.       Crude Oil production (weight: 5.22 %) increased by 1.3 % in January, 2017 over January, 2016. Its cumulative index during April to January, 2016-17 declined by 2.8 % over the corresponding period of previous year.

Natural Gas

5.       The Natural Gas production (weight: 1.71 %) increased by 11.9 % in January, 2017 over January, 2016. Its cumulative index during April to January, 2016-17 declined by 1.9 % over the corresponding period of previous year.

Refinery Products (93% of Crude Throughput)

6.       Petroleum Refinery production (weight: 5.94%) declined by 1.5 % in January, 2017 over January, 2016. Its cumulative index during April to January, 2016-17 increased by 6.8 % over the corresponding period of previous year.

Fertilizers

7.       Fertilizer production (weight: 1.25%) declined by 1.6 % in January, 2017 over January, 2016. Its cumulative index during April to January, 2016-17 increased by 2.9 % over the corresponding period of previous year.

Steel (Alloy + Non-Alloy)

8.       Steel production (weight: 6.68%) increased by 11.4 % in January, 2017 over January, 2016. Its cumulative index during April to January, 2016-17 increased by 9.2 % over the corresponding period of previous year.

Cement

9.       Cement production (weight: 2.41%) declined by 13.3 % in January, 2017 over January, 2016. Its cumulative index during April to January, 2016-17 increased by 1.0 % over the corresponding period of previous year.

Electricity

10.     Electricity generation (weight: 10.32%) increased by 4.8 % in January, 2017 over January, 2016. Its cumulative index during April to January, 2016-17 increased by 5.4 % over the corresponding period of previous year.

Note 1: Data are provisional. Revision has been made based on revised data received for corresponding month of previous year in respect of Coal, Crude Oil, Refinery Products, Fertilizer, Steel, Cement and Electricity. Accordingly, indices for the month of January, 2016 have been revised.

Note 2: Since October, 2016, Electricity generation data from Renewable sources is also included.

Note 3: Release of the index for February, 2017 will be on Friday, 31^st March, 2017.

Growmoney Voice

Growmoney Voice

(Intra Day Tips Given for educational / academic purpose – see Notes given at the end of blog)

28 /02/2017 (Intraday trading hours : 09.45 AM to 3 PM)

NIFTY Future:

Range : 8888 - 8941

Likely to open between : 8901 - 8928

Buy above 8930; Tgts - 8949/8973/8996/9020 ; sl - 8907

Sell below 8906 ; Tgts - 8887/8863/8840/8816 ; sl - 8929

Break down - 8887 ; Break up - 8942

click : http://thenewsofuse.blogspot.in/

Over 52 pc turnout till 4 PM in ph-V of UP polls

Lucknow, Feb 27 (PTI) Amid tight security, an estimated 52 per cent of 1.81 crore electorates today cast their votes till 4 PM during the fifth phase of polling in Uttar Pradesh where all eyes are set on Amethi and Faizabad.

Polling is on, by and large peacefully, in 51 Assembly constituencies spread over 11 districts of the state.

"Over 52 per cent polling was recorded till 4 PM," poll officials said here.

The exercise was slow in the first two hours but picked up pace gradually, with the first-time voters seen exercising their franchise quite enthusiastically.

Prominent contestants in this phase include controversial minister Gayatri Prasad Prajapati from the ruling Samajwadi Party, who is facing Amita Singh from Congress and BJP's Garima Singh in Amethi, the Lok Sabha constituency of Rahul Gandhi.

Prajapati, against whom an FIR has been lodged in an alleged rape case, said the people were with him and there was a strong wave in the favour of ruling SP. "Chief Minister Akhilesh Yadav will become the CM again," he claimed.

Amita, wife of Congress leader Sanjay Singh, hoped people would support the best candidate "and I will definitely win."

Garima, the first wife of Sanjay, on the other hand said there was no development in the constituency and people were facing problems.

The districts going to polls in this phase are Balrampur, Gonda, Faizabad, Ambedkar Nagar, Bahraich, Shravasti, Basti, Siddharth Nagar, Sant Kabir Nagar, Amethi and Sultanpur.

Faizabad is another hot seat with BJP's Ram Temple issue once again figuring in its manifesto this time.

Ayodhya Assembly seat, which falls in Faizabad district, used to be a traditional stronghold of BJP since the Ram Temple movement days. But it was snatched by SP in 2012 and this time the saffron party is trying to wrest it back.

Due to death of SP candidate Chandrashekhar Kanaujia in Alapur (Ambedkar Nagar), the EC has announced fresh date of voting in this constituency on March 9.

The SP had won 37 seats out of 52 (total seats in this phase including Alapur) in the 2012 Assembly polls. While the BJP and Congress won five seats each, the BSP had won 3 and the Peace Party 2.

The turnout in these constituencies in 2012 was 57.09 per cent.

Jaitley to represent Indian govt at historic palace reception

London, Feb 23 (PTI) Finance Minister Arun Jaitley will arrive here tomorrow to represent the Indian government at a historic reception hosted by Queen Elizabeth II to launch the UK-India Year of Culture 2017.

Bilateral talks with Foreign Secretary Boris Johnson and Chancellor of the Exchequer Philip Hammond are among the ministerial meetings confirmed on his agenda, during which a wide range of issues will be discussed.

The extradition of embattled liquor baron, Vijay Mallya, from the UK to India may be among the topics that come up during the discussions, according to sources in London.

Jaitley will also hold a series of meetings with UK-based investors and CEOs during the five-day visit.

"Arun Jaitley will speak on India's current economic and financial climate, from the government's high-profile 'Make in India' campaign to its recent, radical demonetisation of Indian currency. This will be the first such speech by the Finance Minister since the presentation of the new Budget," said the London School of Economics (LSE), where the minister will officially kick off his visit on Saturday with a lecture entitled 'Transforming India: Vision for the Next Decade'.

On Sunday, February 26, Jaitley will be the chief guest at a reception organised by the Federation of Indian Chamber of Commerce and Industry (FICCI), British Council and High Commission of India to celebrate UK India Year of Culture.

Jaitley will then attend the market opening ceremony of the London Stock Exchange on February 27 followed by a round-table with investors, issuers of Masala Bonds and tech experts, among others.

He will then address CEOs and senior business leaders from the India-UK sphere at an event titled "In Conversation with Arun Jaitley" organised by FICCI and UK India Business Council (UKIBC).

"Through a dialogue with James Kynge, Emerging Markets Editor at the 'Financial Times', Arun Jaitley will share his views on the investment opportunities in India, how his recent Budget will impact UK businesses, and on the future of the UK-India trade and investment relationship," UKIBC said.

I don't form personal equations at work: Kangana Ranaut

New Delhi, Feb 22 (PTI) Kangana Ranaut is rarely seen mingling around with her co-stars and the actress says the call is intentional as she does not like forming personal relationships at the workplace.

The 29-year-old actress says she does believe in making her co-actors comfortable but avoids being over-friendly.

"There should be a comfortable environment on set. But I won't recommend one should form personal equations at work. I don't do that as I feel it will come in the way of your work.

"Comfort with co-stars is good but too much comfort is not good. It is good to be formal at work. I prefer sticking just to my work but at the same time I like being someone who is approachable," Kangana told PTI.

The actress believes working women should always carry the "I mean business" attitude if they want their colleagues to respect them.

"I don't say it only for movie sets, I recommend it to all the women as I believe when you come with 'I mean business' attitude, you get respect. I feel that respect is very important to operate in the most dignified way.

"We keep complaining about the fact that we don't get respect but I believe one needs to maintain the dignity. There is a very fine line between being friendly and over-friendly." 

The actress will next be seen in Vishal Bhardwaj's "Rangoon" which also stars Shahid Kapoor and Saif Ali Khan.

Reports of a cold war between Kangana and her "Rangoon" co-star Shahid Kapoor have been doing the rounds since they started promoting the film. While Shahid said he shares a "strictly professional" relationship with Kangana, she called him "moody" on a TV chat show recently.

Asked about her experience of working with Shahid and Saif, Kangana, praises them as "amazing actors". She says "Rangoon" turned out to be one of the best experiences of her career because of the cast.

"I feel you need very good actors to support the script because if every character is activated it will just bring the script alive and that is very important. That is what we as actors look forward to.

"We have a great cast. They (Shahid and Saif) are not just stars, they are amazing actors as well. I feel this is by far the best opportunity I have had to work with a great team." 

The actress, who also has Hansal Mehta's "Simran" and Ketan Mehta's "Rani Laxmi Bai" lined up, is elated with the way things are going in her professional life.

"In terms of career, it is the best phase. I am getting good opportunities and also the central roles where I have the possibility of constant growth," she says.

Cabinet approves enhancement of capacity from 20,000 MW to 40,000 MW of the Scheme for Development of Solar Parks and Ultra Mega Solar Power Projects

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister, Shri Narendra Modi, today approved the enhancement of capacity from 20,000 MW to 40,000 MW of the Scheme for Development of Solar Parks and Ultra Mega Solar Power Projects. The enhanced capacity would ensure setting up of at least 50 solar parks each with a capacity of 500 MW and above in various parts of the country. Smaller parks in Himalayan and other hilly States where contiguous land may be difficult to acquire in view of the difficult terrain, will also be considered under the scheme. The capacity of the solar park scheme has been enhanced after considering the demand for additional solar parks from the States. 

The Solar Parks and Ultra Mega Solar Power Projects will be set up by 2019-20 with Central Government financial support of Rs.8100 crore. The total capacity when operational will generate 64 billion units of electricity per year which will lead to abatement of around 55 million tonnes of CO2 per year over its life cycle. 

It would also contribute to long term energy security of the country and promote ecologically sustainable growth by reduction in carbon emissions and carbon footprint, as well as generate large direct & indirect employment opportunities in solar and allied industries like glass, metals, heavy industrial equipment etc. The solar parks will also provide productive use of abundant uncultivable lands which in turn facilitate development of the surrounding areas.

All the States and UTs are eligible for benefits under the scheme. The State Government will first nominate the Solar Power Park Developer (SPPD) and also identify the land for the proposed solar park. It will then send a proposal to MNRE for approval along with the name of the SPPD. The SPPD will then be sanctioned a grant of upto Rs.25 Lakh for preparing a Detailed Project Report (DPR) of the Solar Park. Thereafter, Central Financial Assistance (CFA) of up to Rs. 20 lakhs/MW or 30 percent of the project cost including Grid-connectivity cost, whichever is lower, will be released as per the milestones prescribed in the scheme. Solar Energy Corporation India (SECI) will administer the scheme under the direction of MNRE. The approved grant will be released by SECI.

The solar parks will be developed in collaboration with State Governments/UTs. The State Governments/UTs are required to select the SPPD for developing and maintaining the solar parks.

Ministry of New and Renewable Energy (MNRE) is already implementing a scheme for development of at least 25 solar parks with an aggregate capacity of 20,000 MW, which was launched in December 2014. As on date, 34 solar parks of aggregate capacity 20,000 MW have been approved which are at various stages of development.

No post-poll alliance with BSP or any party in UP: Amit Shah

Varanasi, Feb 22 (PTI) BJP President Amit Shah today ruled out any post-poll alliance with the BSP or any other party in the event of a hung assembly in Uttar Pradesh, confident that the party will get a "full majority".

As UP gears up for the fourth phase of the seven-phase Assembly elections tomorrow, Shah, 52 , also said that the BJP not naming a chief ministerial candidate was part of the party's poll "strategy".

"Kisi se bhi haath milane ka dur-dur tak koi swaal nahin uthatha (there is no question by far of joining hands with any party)," he said when asked during a wide-ranging interview to PTI if the BJP would be willing to ally with the BSP or any other party to form a government in the politically crucial state if it fell short of a majority.

The comments by Shah come against the backdrop of some poll surveys and political experts projecting a hung assembly in UP given that all the three players the SP-Congress, BSP and BJP have a robust set-up and a loyal social base in the state.

Shah, who has campaigned extensively in UP, acknowledges the importance of the poll outcome in the state to 2019 Lok Sabha polls but at the same time he feels that the results would be even more crucial for the country's development.

Working hard to recreate the magic of 2014 that gave BJP 71 of the 80 Lok Sabha seats in the face of stiff competition from the SP-Congress alliance and Mayawati's BSP, the BJP strongman answered a wide range of questions on the elections in UP and four other States and their importance to the party as well as to Prime Minister Narendra Modi who has also campaigned intensely in the country's biggest state.

Shah expressed confidence that his party will form the next government in UP, Uttarakhand and Goa with "full majority" but is unwilling to make a prediction about Punjab, noting that it was a triangular contest there involving the SAD-BJP, Congress and AAP.

"In Goa, Uttarakhand and UP, we will form governments with full majority. It is 'trikoniay muqablaa hai (triangular contest) in Punjab, so it is difficult to make a guess who will win," he added. .

B'desh says will not allow anti-India forces to operate

Dhaka, Feb 21 (PTI) Bangladesh today assured India that its soil will not be allowed to be used by anti-India elements and denied existence of any camp of Northeast insurgent groups.

This was conveyed to the Director General (DG) of the Border Security Force (BSF) K K Sharma by chief of Border Guard Bangladesh (BGB) Major General Abul Hossain during the 44th border coordination conference held here.

According to a joint statement, "DG BGB stated that there are no Indian Insurgent Groups camp/ hideout inside Bangladesh. DG BGB further mentioned that Bangladesh does not allow her soil to be used by any entity or element hostile to any country which stems from the principle position of the highest leadership of the country".

DG BSF sought further cooperation from BGB for destruction of reported hideouts of (Indian Insurgent Groups) in Bangladesh and safe release of Indian nationals whenever abducted by them, it said.

The five-day meet highlighted the importance of Coordinated Border Management Plan (CBMP) in curbing the menace of trans-border crimes like smuggling of arms, ammunition, explosives, drugs and narcotics including Yaba (Amphetamine), fake currency notes, gold and cattle, breaching of IBB (Indo-Bangladesh Border) fence, dacoities, theft, abductions etc and both sides agreed to implement CBMP in letter and spirit.

Both sides agreed to take effective steps to prevent human trafficking and illegal crossing.

Both the delegation agreed to enhance joint capacity building of personnel from either side, sharing of information regarding organised criminal activities, increased surveillance in areas vulnerable to crimes of the border.

In this regard, mapping of vulnerable areas to trans- border criminal activities will be updated as and when required and before each DG-level talk, the statement said.

The chief of Border Guard Bangladesh expressed grave concern on the incidents of firing and killing of Bangladeshi nationals and emphasised the need for bringing the death toll to zero through exercising extreme caution by BSF and sensitising Indian nationals.

Highlighting the fact that though the non-lethal strategy has proved extremely successful in reducing deaths in the border, DG BSF said that it has also resulted in an alarming increase in incidents of attacks by the criminals on BSF personnel.

He also conveyed that BSF personnel fire with non-lethal weapon only in self-defense. DG BSF sought cooperation of BGB in stopping Bangladeshi nationals from crossing the IB, the joint statement said.

Govt not to support Bill to declare Pak a 'terror state'

New Delhi, Feb 21 (PTI) A Private Member's Bill, which seeks to declare Pakistan a country sponsoring terrorism, will be opposed by the government in Parliament.

'The Declaration of Countries as Sponsor of Terrorism Bill, 2016', moved by Independent member Rajeev Chandrasekhar in Rajya Sabha, "seeks to call out states like Pakistan that continue to associate, promote, patronise and sponsor terrorism against our nation" and provides for snapping all economic and trade relations with that country.

"India can't declare any country a 'Terror State' as it has to maintain diplomatic relations with all countries.

Besides, in principle it is very rare that government supports any Private Member's Bill," a Home Ministry official said.

The Home Ministry has conveyed to the Rajya Sabha Secretariat about its opposition to the Bill, saying such a move may "jeopardise" international relations.

While moving the Bill on February 3, Chandrasekhar had stated that for decades, India and other countries in the region have been victims of terror attacks from organisations and individuals based in and with the support of elements in Pakistan.

"Yet for decades we have remained engaged with Pakistan in an attempt to draw it into the mainstream. This Bill is to finally put into motion the process of calling terror sponsors to account," Chandrasekhar said.

He also quoted data to say that from 1998 to 29, January 2017 14,741 civilians have been killed in terror attacks in this country, 6,274 security force personnel lost their lives and we have 23,146 terrorists.

He also referred to the terror attack on Parliament, the Indian 'temple of democracy', on December 13, 2001, to press his point.

Stating that "Pakistan's history and track record of fostering terrorism and terrorists is long and indeed distinguishable and incontrovertible," he added, "It is time that we stop running to other countries to declare Pakistan a terror state and stood up and did this job ourselves." 

Asserting that the world is getting tired and has lost patience with "rogue nations", he said as the global opinion consolidates around the conduct of some countries like Pakistan, the focus will naturally come on what India and the Indian Parliament's approach to that threat is.

Chandrasekhar said the Bill can apply in the future also to other countries that directly or indirectly aid terror attacks against India.