Skip to main content

Cabinet nod for new Ports Bill

By
The Cabinet on Wednesday has approved the proposal of Ministry of Shipping to replace the Major Port Trusts Act, 1963 by the Major Port Authorities Bill, 2016.
This will help major ports to perform with greater efficiency as they will get full autonomy in decision making.
“With a view to promote the expansion of port infrastructure and facilitate trade and commerce, the proposed Bill aims at decentralising decision making and to infuse professionalism in governance of ports,” a government statement said.
The new Major Ports Authority Bill, 2016 would help in faster and transparent decision making benefiting the stakeholders and better project execution capability, it said.
The Bill is aimed at reorienting the governance model in central ports to landlord port model in line with the successful global practice. This will also help in bringing transparency in operations of Major Ports.
The new Bill is compact in comparison with the Major Port Trusts Act, 1963 as the number of sections has been reduced to 65 from 134.
The new Bill has proposed a simplified composition of the Board of Port Authority which will comprise 11 members from the present 17-19 members.
In other decisions, the Cabinet apprised of the Memorandum of Understanding signed between Indian Space Research Organisation (ISRO) and United States Geological Survey (USGS) for cooperation in the exchange and use of US Land Remote Sensing Satellite Data. The MoU was signed on July 9, in Bengaluru.
The Cabinet also approved the protocol amending the agreement between India and Tajikistan for avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income.
It has also approved proposal of the Ministry of Agriculture and Farmers Welfare for Signing of an Agreement between India and Kyrgyzstan on cooperation in the field of agriculture and food related industry.
The Cabinet chaired by Prime Minister Narendra Modi has also given its ex-post facto approval to India’s approach to Climate Change Negotiations at the Conference of Parties (COP) to the United Nations Framework Convention on Climate Change (UNFCC), held in Marrakesh, Morocco during November 7-18.
Business Standard New Delhi,15th December 2016

Comments

Post a Comment

Popular posts from this blog

New income tax slab and rates for new tax regime FY 2023-24 (AY 2024-25) announced in Budget 2023

By
  Basic exemption limit has been hiked to Rs.3 lakh from Rs 2.5 currently under the new income tax regime in Budget 2023. Further, the income tax slabs in the new tax regime has been changed. According to the announcement, 5 income tax slabs will be there in FY 2023-24, from 6 income tax slabs currently. A rebate under Section 87A has been enhanced under the new tax regime; from the current income level of Rs.5 lakh to Rs.7 lakh. Thus, individuals opting for the new income tax regime and having an income up to Rs.7 lakh will not pay any taxes   The income tax slabs under the new income tax regime will now be as follows: Rs 0 to Rs 3 lakh - 0% tax rate Rs 3 lakh to 6 lakh - 5% Rs 6 lakh to 9 lakh - 10% Rs 9 lakh to Rs 12 lakh - 15% Rs 12 lakh to Rs 15 lakh - 20% Above Rs 15 lakh - 30%   The revised Income tax slabs under new tax regime for FY 2023-24 (AY 2024-25)   Income tax slabs under new tax regime Income tax rates under new tax regime O to Rs 3 lakh 0 Rs 3 lakh to Rs 6 lakh 5% Rs 6
Post a Comment
Read more

Jaitley plans to cut MSME tax rate to 25%

By
Income tax for companies with annual turnover up to ?50 crore has been reduced to 25% from 30% in order to make Micro, Small and Medium Enterprises (MSME) companies more viable and also to encourage firms to migrate to a company format. This move will benefit 96% or 6.67 lakh of the 6.94 lakh companies filing returns of lower taxation and make MSME sector more competitive as compared with large companies. However, bigger firms have shown their disappointment since the proposal for reducing tax rates was to make Indian firms competitive globally and it is the large firms that are competing globally. The Finance Minister foregone revenue estimate of Rs 7,200 crore per annum for this for this measure. Besides, the Finance Minister refrained from removing or reducing Minimum Alternate Tax (MAT), a popular demand from India Inc., but provided a higher period of 15 years for carry forward of future credit claims, instead of the existing 10-year period. “It is not practical to rem
1 comment
Read more

Don't forget to verify your income tax return in August: Here's the process

By
  An ITR return needs to be verified within 120 days of filing of tax return. Now that you have filed your income tax return, remember to verify it because your return filing process is not complete unless you do so. The CBDT has reduced the time limit of ITR verification to 30 days (from 120 days) from the date of return submission. The new rule is applicable for the returns filed online on or after 1st August 2022. E-verification is the most convenient and instant method for verifying your ITR. However, if you prefer not to e-verify, you have the option to verify it by sending a physical copy of the ITR-V. Taxpayers who filed returns by July 31, 2023 but forget to verify their tax returns, will get the following email from the tax department, as per ClearTax. If your ITR is not verified within 30 days of e-filing, it will be considered invalid, and may be liable to pay a Late Fee. Aadhaar OTP | EVC through bank account | EVC through Demat account | Sending duly signed ITR-V through s
Post a Comment
Read more