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The preparation and presentation of the Union Budget are set for a complete overhaul from the next financial year (2017- 18). Almost all processes — pre- Budget meetings, statement of Budget estimates, Budget at aglance, expenditure statements volumes Iand II, demand for grants, as well as the mediumterm expenditure framework — are set for change. The process could also move from inputbased budgeting to budgeting linked to outputs and outcomes, to be consolidated by the finance ministry’s Budget division, Business Standard has learnt. These changes would primarily be necessitated by the abolition of the Plan and non- Plan classification of expenditure, and are likely to include three- year rolling targets for all central government departments and schemes. The spending will be classified into only revenue and capital expenditure. The work on these changes is already said to have been started in various departments, including the finance ministry and NITI Aayog. All major docu

Date Act Applicable Form Obligation 05/08/2016 Income Tax Form No. ITR-1,2,3,4 Filing of I.T. Returns by Individuals , HUF (without Audit) 05/08/2016 Income Tax Form No ITR.-5 Filing of I.T. return by Firms,AOPs, BOIs (without audit) 05/08/2016 Income Tax Form No ITR.-7 Filing of I.T. Return by Trusts, Political party etc.(without audit) 06/08/2016 Service Tax Challan No.GAR-7 E-Payment of Service Tax for July by Cos 07/08/2016 Income Tax Form No.27C (TCS) Submission of Forms received in July to IT Commissioner 07/08/2016 Income Tax Challan No.ITNS-281 Payment of TDS/TCS deducted/collected in July 10/08/2016 Excise ER-1 Return for Non SSI assessees for July 10/08/2016 Excise ER-2 Return for EOUs for July 10/08/2016 Excise ER-6 Return by units paying duty > 1 crore (CENVAT + PLA) for July 12/08/2016 D-VAT BE-2 Advance information for 2nd fortnight of Aug of functions with booking cost > Rs 1 lakh in Banquet Halls,hotels etc. in Delhi 14/08/2016 Income Tax Form 16B Iss

To encourage listing of startups, the Securities and Exchange Board of India (Sebi) on Friday proposed an easier framework that allows more investor categories, relaxed shareholding norms and reduced trading lot amount. In this regard, the markets regulator has mooted changes to the framework of institutional trading platform (ITP), which has not seen much traction, even though it was put in place in August 2015. The rules were brought in to encourage Indian startups and entrepreneurs to remain within the country rather than go abroad for raising funds. Seeking to widen the eligibility ambit for getting listed on ITP, Sebi has proposed increasing the category of eligible investors when it comes to shareholding before the listing. Besides QIBs ( qualified institutional buyers), family trusts or systematically important non- banking financial companies ( NBFCs) registered with the Reserve Bank of India, intermediaries registered with Sebi and category III FPIs ( Foreign Portfolio

The Securities and Exchange Board of India ( Sebi) on Friday proposed changes to the Institutional Trading Platform (ITP), to draw more companies to it. Comment on the discussion paper has been invited till August 14. Introduced in 2013, the platform allows companies, particularly in information technology ( IT), to list without necessarily doing an Initial Public Offer of equity. So far, only around 40 companies are listed on the ITP platforms of the BSE or the National Stock Exchange. IT companies to qualify on this platform need Qualified Institutional Buyer ( QIB) shareholding of at least 25 per cent; other companies need 50 per cent. Sebi has proposed to expanded the definition of QIBs to investors such as family trusts and individual foreign investors. Also, to do away with the 25 per cent cap on single investors listed on the platform. Further, it proposes to reduce the minimum institutional investor participation, from 75 per cent to 50 per cent. Also, to increase the c

The Union government on Friday extended the deadline for government officials as well as employees of non- profit organisations to file income and asset details. The last date to file these details was July 31, which has now been extended to December 31. This is the sixth extension for the roughly five million government employees following apending court case, where the wife of a senior bureaucrat has challenged the government order asking the spouses and dependents of civil servants to disclose their income and assets. This was the first extension for employees of non- government organisations and trusts, who through a recent notification were brought under the ambit of the Lokpal and Lokayuktas Act, 2013, thus being treated on a par with public servants. According to the new rules, NGOs receiving government funding of Rs.1 crore and foreign donation of Rs. 10 lakh should file returns disclosing their assets and liabilities. Business Standard New Delhi,30 july 2016

The last date for filing incometax (I- T) returns has been extended to August 5. Tax returns for 2015- 16 (assessment year 2016- 17) were originally to be filed by July 31. But in view of the day- long strike at public sector banks, the deadline has been extended to August 5. For Jammu and Kashmir, the deadline will be August 31 in view of the ongoing turmoil in the state. “In view of Friday’s bank strike and disturbance in J& K, the due date of I- T return filing is being extended,” Revenue Secretary Hasmukh Adhia tweeted on Friday. This extension is given to avoid any inconvenience to the taxpayers, while making payments pertaining to returns of income for assess ment year 2016- 2017 by July 31, 2016, due to bank strike on July 29 and July 31 being a bank holiday, stated the finance ministry. Business Standard New Delhi,30 july 2016

The government on Friday listed the Goods and Services Tax ( GST) Constitution amendment Bill for discussion and passage in the Rajya Sabha for the week starting Monday. Asked about the prospects of its passage, Finance Minister Arun Jaitley said: “I am keeping my fingers crossed.” Sources speculated the Bill might be taken up on Tuesday. However, government strategists refused to confirm this. Parliamentary Affairs Minister Ananth Kumar said: “ We will take up the Bill when confident that a consensus exists.” Senior government strategists were unwilling to say more than that, lest any comments might vitiate the hard- fought consensus, which the government hopes will last enough days for the much awaited Bill to sail through the Upper House of parliament. On any more outreach to the Congress and other political parties, a senior minister said all the negotiations and consultations had been concluded. On the contentious subject of whether the Centre or state governments will have