Taxation
PM sets up panel to review taxation of IT, development centres

The PM said, there is still a need to address issues like the approach to taxation of Development Centres, tax treatment of 'onsite services' of domestic software companies and also the issue of finalising the Safe Harbour provisions

 
New Delhi: In yet another move to provide clarity on taxation issues, Prime Minister Manmohan Singh on Monday set up a committee to look into such matters pertaining to IT sector and research and development related activities, reports PTI.
 
The panel, headed by former Central Board of Direct Taxes (CBDT) chairman N Rangachary, will be in addition to the one set up to review the General Anti-Avoidance Rules (GAAR) provisions to address the concerns of foreign investors.
 
The new four-member committee will hold consultations with stakeholders and related government departments to finalise the approach to taxation of Development Centres and suggest appropriate measures.
 
"...it was felt that there is still a need to address some other issues relating to the taxation of the IT Sector such as the approach to taxation of Development Centres, tax treatment of 'onsite services' of domestic software firms, and also the issue of finalising the Safe Harbour provisions announced in Budget 2010," a PMO statement said.
 
Safe Harbour principles are international disclosure practices to check litigations in transfer pricing -- an accounting mechanism undertaken by MNCs to reduce tax liabilities.
 
"Safe Harbour provisions have the advantage of being a good risk mitigation measure, provide certainty to the tax payer," the statement said.
 
Earlier this month, the Prime Minister had set-up a panel headed by ICRIER chief and taxation expert Parthasarathi Shome to bring "greater clarity" and prepare a roadmap for GAAR by 30th September for its implementation.
 
Rangachary is also a member of the GAAR panel.
 

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About 200 trains running behind schedule due to Northern grid failure

Efforts are on to move these passenger trains by using diesel engines of other running goods trains

 
New Delhi/Chandigarh: Train movement in north India was disrupted this morning due to the collapse of the Northern Grid with around 200 trains running behind schedule, reports PTI.
 
Railway officials said the train movement was affected in seven divisions -- Delhi, Ambala, Agra, Jhansi, Allahabad, Moradabad and Kota. "Around 200 trains were affected," they said.
 
A number of passenger trains bound for Delhi and beyond, Chandigarh, Amritsar, Jammu, Ferozepur and Kalka were stranded at way side stations due to failure of electricity, a senior railway official told PTI in Chandigarh.
 
He said efforts were on to move the passenger trains with diesel engines after detaching them from running goods trains which would remain halted at way side railway stations.
 
The stations where passenger trains were stranded include Ambala, Kurukshetra, Phillaur, Sirhind, Ludhiana, Phagwara and Karnal.
 
Some trains were stranded mid way as the electric engines hauling them came to a halt due to failure of power at about 2.30am.
 
Kalka Chandigarh Delhi Shatabdi Express left the local station 90 minutes behind scheduled departure of 6.53am after a diesel engine was attached to it.
 
The trains affected include Amritsar Delhi Shatabdi Express, Allahabad Chandigarh Unchahaar, Lucknow Chandigarh Sadbhavna, Howraha Kalka Mail, Delhi Jammu Mail and a number of other super fast, express, passenger and local trains.
 
The official said that the signal system had also blanked at a number of places due to the power failure.
 

 

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Post office to launch mobile remittance scheme

In the first phase the mobile remittance scheme will be implemented in selected states like Kerala, Bihar, New Delhi and Punjab

Kottayam: The Postal Department is launching an instant money remittance scheme, mobile remittance scheme, in tie-up with the BSNL infrastructure by next month, Chief Postmaster General (Kerala Circle) Sobha Koshy said, reports PTI.

In the first phase the scheme will be implemented in selected states like Kerala, Bihar, New Delhi and Punjab, Koshy told reporters after releasing a special postal cover in connection with the ruby jubilee celebrations of Kottayam Press Club.

In Kerala the scheme will be implemented in selected 30 post offices in Idukki, Aluva and Pathanamthitta. As per the scheme a person can send money through the post office which will send a message to the other post office about the amount to be given to the other person, she said.

Koshy said the process of computerising the entire postal network in the country, numbering 1.55 lakh post offices, was going on. In Kerala out of 1507 post offices, except 29 post offices rest are computerised.

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