Taxation
Fresh guidelines for stay on tax appeal issued
New Delhi : Giving relief to taxpayers, the Central Board of Direct Taxes (CBDT) on Thursday issued fresh guidelines to field officers for granting stay of demand at the first appeal stage, an official statement said.
 
"Under the new guidelines, the assessing officer shall grant stay of demand till the disposal of first appeal on payment of 15 percent of the disputed demand before commissioner (appeals)," the finance ministry statement said.
 
In case the assessing officer proposes deviation from the standard pre-payment of 15 percent, he shall refer it to the administrative principal commissioner or commissioner, who will decide the quantum of demand to be paid as lump sum payment for a stay of the balance demand.
 
"Where stay of demand is granted on payment of 15 percent of the disputed demand and the assessee is still aggrieved, he can approach the jurisdictional administrative principal commissioner or commissioner for a review of the assessing officer's demand," the statement added.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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60 percent premium for gas from difficult fields: Sources
New Delhi : Following the union budget 2016-17 proposal to incentivise gas exploration in difficult areas, the government is set to raise the price of domestic natural gas by around 60 percent for their undeveloped gas discoveries from such areas, an official source said on Thursday.
 
Domestically-produced gas price is currently priced at $3.82 per million British thermal unit (mbtu) that will undergo a revision from April.
 
An official source here told IANS that the government plans to pay a price for gas discoveries in deep-sea, ultra-deep sea and high-temperature, high-pressure areas as per a formula based on the average of landed price of naphtha, fuel oil and liquefied natural gas (LNG).
 
The union cabinet will decide whether the formula will employ a normal or weighted average of naphtha, fuel oil and LNG, he said.
 
The price derived with this method will go over $6 per mmBtu that would benefit explorers like state-run ONGC and the Mukesh Ambani-led Reliance Industries Ltd (RIL), the source added.
 
The Oil and Natural Gas Corp (ONGC) has earlier said that production from discoveries in difficult areas are not viable at current prices.
 
Several discoveries of ONGC, RIL and the Gujarat State Petroleum Corp (GSPC) in KG Basin on the eastern offshore alone are lying idle owing to the lack of a profitable price.
 
Presenting the budget in parliament on Monday, Finance Minister Arun Jaitley said: "Government is considering incentivising gas production from deep-water, ultra deep-water and high-pressure high-temperature areas, which are presently not exploited on account of higher cost and higher risks."
 
"A proposal is under consideration for new discoveries and areas which are yet to commence production, first, to provide calibrated marketing freedom; and second, to do so at a pre-determined ceiling price to be discovered on the principle of landed price of alternative fuels," he added.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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AIBEA opposes privatisation of IDBI Bank

AIBEA has written to the Finance Minister opposing the privatisation of IDBI Bank, according to a release form CH Venkatachalam, General Secretary, AIBEA

 

All India Bank Employees Association (AIBEA) opposed the privatisation of IDBI Bank, in spite of the frequent statements to the contrary by the government and bank management, according to a release from CH Venkatachalam, General Secretary, AIBEA. He feels that there have been repeated attempts by the government to privatise IDBI Bank in the recent past and AIBEA observed a strike on 27 November 2015 opposing the move of the government.
 
According to Venkatachalam, “IDBI/IDBI Bank is meant to cater to the needs of development finance.  But, right from the beginning it is used as a milking cow to loot in the name of corporate loans.”
 
He feels that the bank management should make every effort to recover the bank’s bad loans and that it is regretful that the government is considering privatisation as an option.
 
Venkatachalam concluded by saying, “from AIBEA we have addressed a letter to Finance Minister and advised all our units to address similar letter to Finance Minister.  AIBEA will shortly give agitational programmes on this issue.”
 
 

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