Sunday, 30 April, 2017

Vistra India Update 326

April 16th- 30th , 2017

Income Tax

Extension of time for filing declaration under the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016

The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (PMGKY) had commenced on 17th December, 2016 and was open for declarations up to 31st March, 2017. Representations from stakeholders have been received stating that in some cases tax, surcharge and penalty have been paid on or before 31st March, 2017 but the corresponding deposit under the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016 (Deposit Scheme) could not be made by the said date. Accordingly, DEA vide notification S.O.1218(E) dated 19th April, 2017 has extended the date of making deposit under the Deposit Scheme upto 30th April, 2017 in respect of cases where tax, surcharge and penalty under PMGKY has been paid on or before 31st March, 2017.  Subsequently, CBDT vide Circular No.14 of 2017 dated 21st April, 2017 has extended the date of filing of declaration under PMGKY to 10th May, 2017 in cases where tax, surcharge and penalty under PMGKY has been paid on or before the 31st March, 2017, and deposit under the Deposit Scheme has been made on or before the 30th April, 2017.

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Service Tax 

Extension of due date for submission of Form ST-3 for the period 1st October 2016 to 31st March 2017

Due to technical difficulties faced by the assesses in filing Form ST-3, the Department of Revenue, Ministry of Finance vide Order No. 01/2017 has extended the due date of filing of Form ST -3 for the period from October 01, 2016 to March 31, 2017 from 25th April 2017 to 30th April 2017.

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Customs 

Publishing of rate of exchange for conversion of the foreign currency

The Central Board of Excise and Customs (CBEC) vide Notification No. 40 /2017 - Customs (N.T.) notified the rate of exchange for conversion of the foreign currency into Indian currency or vice versa for Export and Import of goods, with effect from 21st of April 2017.  

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Labour Laws 

Declaration of Provident Fund Interest rate for FY 2016-17

The Employees Provident Fund Organization (EPFO) has issued a circular dated 27th April 2017 declaring 8.65% as the interest rate for the year 2016-17.

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Amendment to rules for granting of advances to Provident Fund (PF) members for illness in certain cases and to members who are physically handicapped.

Ministry of Labour and Employment has issued a notification dated 25th April 2017 wherein a PF member would no longer be required to submit any medical certificate or any other certificate or document or any proforma whatsoever to avail advance under Paragraph 68J and Paragraph 68 N of the Employee’s Provident Fund Scheme, 1952.

Paragraph 68-J- Advance from the Fund for illness in certain cases

a) The PF member is allowed non-refundable advance from his account in cases of hospitalization lasting for one month or more, major surgical operation in a hospital, suffering from Tuberculosis, leprosy, paralysis, cancer, mental de-arrangement, heart ailment.

b) The PF member should have been granted leave by his employer for treatment of the said illness. 

c) The sub-paragraph (2) and proviso to sub-paragraph (3) has been omitted wherein medical certificate had to be submitted. 

d) PF member would now be required to submit a self-declaration as per the Composite Claim form to avail the advance from PF for illness mentioned in (a) above.

e) The amount advanced under this paragraph shall not exceed the member’s basic wages and dearness allowance for six months or his own share of contribution with interest in the Fund, whichever is less.

Paragraph 68-N- Grant of Advance to members who are physically handicapped. 

a) The PF member who is physically handicapped is allowed a non-refundable advance from his account for purchasing an equipment required to minimize the hardship on account of handicap.

b) The sub-paragraph (2) has been substituted wherein medical certificate had to be submitted. A self-declaration as per the Composite Claim form only has to be submitted to avail advance for the purchase of equipment.

c) The amount advanced under this paragraph shall not exceed the member’s basic wages and dearness allowance for six months or his own share of contributions with interest thereon or the cost of the equipment, whichever is the least.

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Events

26 Sep
Monaco | 26 Sep - 29 Sep
Singapore | 27 Sep
Mauritius | 30 Sep
Mexico City | 4 Oct - 5 Oct
Luxembourg | 4 Oct - 5 Oct
Munich | 8 Oct - 10 Oct
Munich | 9 Oct
9 Oct - 10 Oct
Warsaw | 18 Oct
Dublin | 18 Oct
Chicago | 24 Oct - 25 Oct
London | 25 Oct - 26 Oct

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