Page 13 - Banking Finance July 2017

ROUNDUP

Capital gains tax exemp- Aadhaar made mandatory subside and pension
tion schemes
The Central Board of Direct Taxes re- Those availing kerosene subsidy or contributing for the pension scheme will now
cently issued a be required to furnish proof of possession of Aadhaar num-
notification ber or undergo the enrolment process to get the ben-
mentioning a efits. The last date to get the Aadhaar or enrolment for
list of specified getting it will be 30 September, in case of kerosene sub-
transactions sidy. For the Atal Pension Yojana, the deadline for get-
where payment of STT would be man- ting the Aadhaar was 15 June as mentioned in an official order.
datory to get the benefit of exemption
from capital gains tax. These include Switzerland ratifies automatic exchange of information
acquiring existing listed equity shares
through a preferential issue in a com- with India
pany whose shares are not frequently Switzerland on Friday ratified automatic exchange of financial account informa-
traded, transactions off the stock ex- tion with India and 40 other jurisdictions to facilitate
change, and acquisition during the immediate sharing of details about suspected black
delisting period of the company. money, even as it sought strict adherence to confiden-
tiality and data security. Adopting the dispatch on in-
How the Jeep came to troduction of the AEOI, a global convention for auto-
be made in India matic information exchange on tax matters, the Swiss
Federal Council said the implementation is planned for 2018 and the first set of
The iconic jeep is nknown for a lot of
off roading, data should be exchanged in 2019.
and this is
something Maruti more valued than Infosys, ONGC
the Indians Maruti stock prices increase valuing more than the software major Infosys and
weren't government-run explorations giant ONGC. Maruti's
known for. So, five years ago, when market capitalisation of Rs 2.25 lakh crore ranks it
Mark T. Allen and his team of design- eighth on the valuations league table, which is led by
ers were tasked with designing the TCS with Rs 4.9 lakh crore. Backed by strong sales
Jeep Compass, a sports utility vehicle numbers, especially by some of its newly launched
(SUV) for emerging markets, they had models like Baleno and Brezza, Maruti's stock has
no clue that India would end up not just gained nearly 80% in the last one year, compared to a 17% rise in the sensex.
as one of the four manufacturing sites
for the Compass, but as the export Aadhaar must for I-T returns from July 1
base for all right-hand drive models. Those who do not have an Aadhaar will have to provide the enrolment number
in their returns or PAN application, the tax depart-
Income tax collections ment said in a statement. But base on the court
had a healthy growth ruling, the government has now made it voluntary
to link PAN and Aadhaar on the tax department
Net income tax collection till 15 June website. A day after the Supreme Court upheld the
grew at a healthy 26.2% to Rs law making Aadhaar linking with PAN mandatory,
1,01,024 crore from across the coun- the government said all income tax returns and PAN applications from July 1 will
try as of 15 June from Rs80,075 crore require the unique identity number.
in the year ago period. Among the
metros, Mumbai registered the high- Tax scrutiny reply to be filed online
est revenue collection growth with a
Instead of having to make the rounds of the I-T department with a sheaf of
138% growth at Rs 22,884 crore from papers in response to notices received, tax payers can soon upload them on the
Rs 9,614 crore a year ago.
department's e-filing portal sitting in comfort of one's own premises..

BANKING FINANCE | JULY | 2017 | 13

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