Budget 2024 Updates

TPO gets powers to deal with domestic transactionsOne more Vivad Se Vishwas Scheme; Date to be notifiedNo deduction u/s 37 for settlement amount if paid for violation of any lawFM proposes to lessen tedium of TDS; reduces rates in many casesFM overhauls capital gains regime; to come into play from todayFM hikes exemption limit for long-term capital gain to Rs 1.25 lakh + hikes tax rate to 12.5% on specified financial assetsTourism: Temple corridors to be developed in BiharCGST - Finance Bill proposes to amend Sec 9 to take ENA out of purview of GST + inserts Sec 11A to regularise non-levy of tax on general practice in tradeCGST - Sub-sections to be inserted in Act to relax time-limit to avail ITC u/s 16(4) + New Sec 74A proposed to provide for common time limit for demand notices in fraud cases3.4% of GDP allocated as Capital expenditure to support infra sectorCGST - Proviso to be inserted in Sec 30(2) to provide for enabling conditions for revocation of registration + Amendment in Sec 39 to mandate return filing by TDS deductors even if there is no deduction in a particular monthIGST - Amendment proposed to prohibit refund of unutilised ITC on zero-rated supplyIncome tax - Finance bill revamps re-assessment regime againCustoms - Finance Bill proposes to amend Sec 28DA for acceptance of different types of proof of origin under FTAsFM hikes standard deduction to Rs 75K for new ITR regime + revises tax rates for all income slabs + Rs 7000 Cr revenue foregoneIncome tax - Search & Seizure cases - Block assessment is backBudget withdraws 2% equalisation levyFM reduces corporate tax rate for foreign companies to 35%FM proposes vivad se vishwas scheme + hikes monetary limits for filing appealsFM proposes 20% capital gains tax on short-term assets + listed financial assets held for more than one year to be classified as long-termGovt scraps TDS on Mutual Funds + decriminalises delay in depositing TDS + rationalisation of compounding of offences + revamps reassessment periodBudget proposes comprehensive review of I-T Act, 1961 + simplifies provisions for charities and TDSFM reduces customs duty on gold and silver to 6% + Nil BCD on nickel cathodeBudget proposes to reduce BCD on mobile phone and chargers to 15% + exempts 25 minerals from customs dutyFM exempts cancer medicines from Customs duty + amends BCD for various machinesFM proposes Rs 48 lakh expenditure outlay; 4.9% fiscal deficitFM announces Rs 1 lakh crore fund for developing space economyPromotion of Tourism - Vishnupad temple and Bodh Gaya temple corridors to be supportedFM announces over Rs 11 lakh crore capital expenditure in current fiscalGovt to invest in small Nuclear energy plants in partnership with private playersCentre to ask States to lower stamp duty for women purchasers of housesIBC - More Benches of NCLT to be set up to speed up recoveryFM spikes limit of Mudra loan to Rs 20 lakhsBudget offers financial aid to labour-intensive MSMEs in manufacturing sectorGovt announces 3 crore additional houses under PM SchemeGovt to secure Rs 15K loan for AP from multilateral agenciesGovt to frame new policy for all-round development of Bihar, Jharkhand and OdishaGovt to give one-month salary to all new recruits in formal sector through EPFOGovt to promote vegetable clusters closer to urban settlementsGovt to focus on productivity of agriculture with climate-resilient seedsFM allocates Rs 2 lakh outlay for PM's five schemes for job creation and farmersFM Nirmala Sitharaman presents 7th Union Budget in ParliamentBudget 2024: FM arrives at Parliament; Speech to begin at 11AMEconomic Survey 2023-24 - from GST PerspectiveUkrainian FM goes on tour to ChinaI-T- Additions framed u/s 69A are untenable where affidavits submitted by assessee's parents to explain source of cash deposits, were discarded by AO without consideration : ITATSurvey acknowledges productivity loss due to mental health disordersI-T- Short term capital gains returned by the assessee in terms of provisions of section 50 of the Act on assets held for a period of more than 36 months be treated as long term capital gains: ITATExpenditure on social services up from 6.7% to 7.8% of GDP: SurveyI-T-Additions framed u/s 68 are upheld where assessee is unable to prove genuineness of transaction involving purchase and sale of penny stock: ITATTrade deficit contracts to USD 78 bn from USD 126 bn in 2023I-T-Re-assessment is invalidated when there is no failure on part of assessee to make full and true disclosure of facts necessary for assessment: ITATCorporate profitability has peaked to 15-yr-old high between 2020-2023: SurveyI-T- When cash generated out of sales has been credited in the books of accounts, the provisions of Sec.69A could not be invoked: ITATBudget 2024: More relief for senior citizens & individual taxpayers on card; tweaking of capital gains tax likely; steady capital expenditure to stayI-T- If any amount invested is purely a strategic investment & for purpose of commercial expediency, then AO cannot hold such investments to be for non-business purpose: ITATGoogle backpedals on plan to scrap cookies from ChromeCus - For a HNWI individual, an expensive watch of 'Rolex' make would be his personal effect but same may not be the case if the person is of mere means - Pendant studded with diamonds not liable for confiscation: HCGovt amends Recruitment Rules for Debts Recovery TribunalGST - Even if no date, time or place of hearing is indicated in the notice issued, it was the duty of assessee to file his reply to SCN, which was admittedly received - Plea regarding violation of principles of natural justice cannot be countenanced: HCAbhinav Bindra conferred with Olympic OrderGST - Mismatch between value of e-way bills generated on portal and returns filed in Form GSTR-3B - Petitioner did not provide a comprehensive explanation - To remit sum of Rs.3.50 crores within six weeks - Matter remanded: HCHackers mercilessly hack Bangladesh PM’s website along with police portalsGST - Rule 30 of Rules, 2017 - Assessing officer ought to have issued summons and obtained clarification rather than estimating the outward supply value at 110% of purchase value - Order set aside and matter remanded subject to remit of 10% disputed tax demand: HCUS law-makers call for resignation of Secret Service chief in Trump assassination caseGST - Net ITC shown incorrectly - An inadvertent error was committed and such error was rectified, albeit irregularly, however, sum recovered from petitioner's bank account - Order set aside and matter remanded: HCKarnataka IT Industries piling pressure on govt to extend working hoursGST - Since notification is declared unconstitutional, Amount of IGST paid pursuant to Entry No. 10 of Notification No. 10 of 2017 is to be refunded along with statutory interest: HCStudy says earth’s water depleting fastFDI inflows slide to USD 26.5 bn in 2024 from USD 42 bn in 2023: Economic Survey
Principal Secy to PM shares six mantras to deal with disaster management


By TIOL News Service

NEW DELHI, JUNE 13, 2024: THE two-day annual conference of relief commissioners/secretaries (Disaster Management) and State Disaster Response Force (SDRF), Civil Defence, Home Guard & Fire Services of State/UTs-2024 concluded in New Delhi yesterday. Principal Secretary to the Prime Minister of India Dr. P. K. Mishra, chaired the valedictory session. Union Home Secretary, Ajay Kumar Bhalla, also attended the session along with other senior officers from the Ministry of Home Affairs.

Speaking on the occasion, Dr. P K Mishra said that India has demonstrated its ability to respond and reach out to other countries when disasters have struck. Our international collaborative efforts like Coalition for Disaster Resilient Infrastructure (CDRI) and the new G20 Working Group on Disaster risk management have been lauded all over the world. He said that while we can take pride in achievements in area of disaster management in and around the world, we cannot remain satisfied and need to have a clear vision for the future. Dr. P K Mishra highlighted six mantras to be focused in the days to come which will strengthen our position in a long run;

1. Disaster management should reach the local level, each city, town, village and hamlet, up to the family level should have the basic awareness, capacity and resources to deal with disasters.

2. A calendar of mitigation measures should be prepared to avoid repetitive and seasonal problems. Implementing basic vulnerability reduction measures like de-silting of drains etc. and better solid waste disposal in cities could help tide up urban flooding problems.

3. Focus of disaster management is now shifting from response to resilience. There is a need to plan for the future with mitigation and resilience as its pillars. India has institutional mechanism in the form of disaster mitigation fund. Much of the infrastructure of the Viksit Bharat is yet to be built. In next few years there is going to be lot of expansion in infrastructure. All future infrastructures must have resilience inbuilt in their architecture at the blueprint stage itself.

3. Use of technology, robotics, artificial intelligence, big data etc. to be leveraged in the fields of early warning system, common alert protocols, periodical monitoring of lakes through satellite, state of the art equipment for rescue and relief etc. He expressed belief that technology is going to be used more and more in future.

4. Prepare for black swan events that can cause large scale disruptions of economies, societies and well being for eg. COVID 19. There is a need to learn from such events and ensure that the learning is not forgotten.

5. Disasters cannot be managed by the single agency, or department, or ministry on its own. It requires whole of the government, whole of the society approach. We need to broaden our efforts to include not only disaster management agencies but other stakeholder agencies too. The Silkyara tunnel rescue was a testament of coming together of all agencies across the government which pooled their resources and expertise to ensure the rescue of the trapped labourers. States will have to develop capacity to assist not only themselves and their own people but also the adjoining districts of other states.

6. The two-day conference was attended by more than 300 delegates from State Governments / UTs, Ministries/Departments/Organizations of Central Government and from SDRFs/Fire Services in the States/UTs.

During the two-day conference, various sessions were organized and the experts dwelled upon the subjects like Early Warning, Post Disaster Loss Assessment, Roles of Disaster Response Forces, Coastal Hazards, satellite based early warning on tsunami, storm surge and cyclones etc.

The Ministry of Home Affairs (MHA) organizes the Annual Conference of Relief Commissioners of States/ UTs before the onset of monsoon season, to review their preparedness for dealing with any natural disaster, which may occur during the monsoon period. Simultaneously, NDRF organizes capacity building conference for State Disaster Response Forces (SDRFs), Civil Defence, Home Guard & Fire Services of States/ UTs for the preparedness of response forces.

With a view to bring synergy in response efforts, as well as to take Relief Commissioners/ Revenue Secretaries on board for strengthening of SDRF; this year MHA organised a combined conference.

Issues ranging from preparedness on South West Monson as well as how to look into managing emerging risks of Glacial Lake Outburst Flood (GLOF), Forest Fire & CBRN were discussed in the conference.


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