INVITE – March 8, 2016-Ubharta Bhara
Dear Mr. Sagar,
Please see below an invitation to the launch of our book, “Ubharta Bharat,” by Hon’ble President of BJP, Shri Amit Shah on 8th March 2016. Please do try and make it.
A line of confirmation will be appreciated.
Best regards,
Rajiv
Book Release – Chief Guest Hon’ble President of BJP, Shri Amit Shah.
Date: Tuesday, 8th March 2016 at 5.00 pm
Venue: Kushabhau Thakre Auditorium, Bharatiya Janata Party, 11, Ashoka Road, New Delhi – 110001
Rajiv Kumar
Founder Director
Pahle India Foundation
C4/54 First Floor
Safdarjung Development Area
New Delhi – 110016
(+) 91 11 41551498
Observances on Budget 2016-17 for the Voluntary Sector
Observances on Budget 2016-17 for the Voluntary Sector
Mr. Noshir Dadrawala has found the following observances in the Budget 2016-17 for the voluntary sector. Please find them enumerated below
1) Levy of tax where a charitable institution ceases to exist or converts into a non-charitable organization.
A charitable Trust, Society, Section 8 Company or an institution carrying on charitable activities may voluntarily wind up its activities and dissolve or may also merge with any other charitable or non-charitable institution, or it may convert into a non-charitable organization. In such a situation, the existing Income tax law does not provide any clarity as to how the assets of such a charitable institution should be dealt with.
In order to ensure that the intended purpose of tax exemption availed by a trust or institution is achieved, a specific provision in the Act is required for imposing a levy in the nature of an exit tax which is attracted when the organization is converted into a non-charitable organization or gets merged with a non-charitable organization or does not transfer the assets to another charitable organization.
Accordingly, it is proposed to amend the provisions of the Income tax Act and introduce a new Chapter to provide for levy of additional income-tax in case of conversion into, or merger with, any non-charitable form or on transfer of assets of a charitable organization on its dissolution to a non-charitable institution.
2) Phasing out of Deductions and Exemptions
The Finance Minister in his Budget Speech, last year had indicated that the rate of corporate tax will be reduced from 30% to 25% over the next four years along with corresponding phasing out of exemptions and deductions.
a) Phasing out 35AC — Expenditure on eligible projects or schemes
Donors enjoy 100% tax deduction on donations given to institutions having registration under 35AC.
It is proposed that no deduction shall be available with effect from 1st April 2017 (i.e. from Financial Year 2017-18 and subsequent years).
b) Phasing out 35CCD — Expenditure on skill development project.
Weighted deduction of 150% can be enjoyed on any expenditure incurred (not being expenditure in the nature of cost of any land or building) on any notified skill development project by a company.
Deduction shall now be restricted to 100 per cent from 1st April 2020 (i.e. from financial year 2020-21 onwards
c) Phasing out Section3 5(1)(ii) — Expenditure on scientific research.
Currently the available tax deduction is 175% of any sum paid to an approved scientific research association which has the object of undertaking scientific research. Similar deduction is also available if a sum is paid to an approved university, college or other institution and if such sum is used for scientific research.
It is now proposed to phase this out as follows:
Deduction shall be restricted to 150% from 01.04.2017 to 31.03.2020 (i.e. from financial year 2017-18 to financial year 2019-20) and deduction shall be restricted to 100% from 01.04.2020 (i.e. from financial year 2020-21 onwards).
d) Phasing out 35(1)(iii) — Expenditure on research in social science or statistical research.
Weighted deduction from the business income is allowed to the extent of 125% of contribution to an approved research association or university or college or other institution to be used for research in social science or statistical research.
It is now proposed that deduction shall be restricted to 100% with effect from 01.04.2017 (i.e. from financial year 2017-18 and subsequent years).
3) Service Tax
The Finance Minister had last year raised service tax rates from 12.36 per cent (including education cess) to 14 per cent; this was later bolstered by a 0.5 per cent cess for “Swachh Bharat”.
In this Budget, the Finance Minister has not raised service tax, but he has announced a “Krishi Kalyan” cess of 0.5%, which be levied on all services.
As a result, the total service tax liability, including the new cess announced, will now rise to 15%.
Service tax is levied on all services except a small negative list.
The Negative List entry covering ‘educational services by way of (a) pre-school education and education up to higher and secondary school or equivalent, (b) education as a part of a curriculum for obtaining a qualification recognized by any law for the time being in force and (c) education as a part of an approved vocational education course and the definition of ‘approved vocational education course’ are being omitted. However, the exemption shall continue by way of exemption notification No. 25/2012 – ST.
4) Amendment to FCRA 2010
In the Foreign Contribution (Regulation) Act, 2010, the following proviso shall be inserted in Section 2(1)(j)(vi) and shall be deemed to have been inserted with retrospective effect from the 26th September, 2010,namely:
“Provided that where the nominal value of share capital is within the limits specified for foreign investment under the Foreign Exchange Management Act, 1999, or the rules or regulations made there under, then, notwithstanding the nominal value of share capital of a company being more than one-half of such value at the time of making the contribution, such company shall not be a foreign source.”
This will mean that companies like HDFC Ltd., Axis Bank etc., which are companies registered under the Indian Companies Act, but because of more than 50% Foreign Direct Investors (FDI) were until now treated as ‘foreign source’ under FCRA 2010, will find relief and so will their NGO partners who do not have FCRA registration or prior permission.
5) Corporate Social Responsibility (CSR)
The Finance Minister announced nine focus areas of development of which education, skills and job creation was one of the key focus areas.
It is proposed to set up a Higher Education Financing Agency (HEFA) with an initial capital base of Rs. 1,000 crores. The HEFA will be a not-for-profit organization that will leverage funds from the market andsupplement them with donations and CSR funds, according to the finance minister. “These funds will be used to finance improvement in infrastructure in our top institutions and will be serviced through internal accruals” Mr. Jaitley said.
Companies may feel more incentivized to give to HEFA if there is tax destructibility. Also, it makes CSR reporting easy and the shift from accountability moves from the company to the ‘Government NGO’ (GONGO).
It’s interesting that year after year the Government creates new initiatives and expects CSR funds to flow into these initiatives, be it Swach Bharat Kosh or Clean Ganga, the Prime Minister’s Relief Fund or now HEFA.
Companies often contribute to funds like the Prime Minister’s Relief Fund to be in the good books of the Government, enjoy 100% tax deduction and minimizing accountability and CSR reporting!
Noshir Dadrawala
CEO – Centre for Advancement of Philanthropy
4th March , 2016
CAIT URGE FM INTERVENTION IN JEWELLERS NATION WIDE STRIKE
NATIONAL STRIKE ENTERED THIRD DAY TODAY
Expressing concern over national strike of Jewellery Trade since last three days in protest against budget levy of 1% Excise on manufacturing of Gold & Diamond Jewellery, the Confederation of All India Traders ( CAIT ) has sought attention & intervention of Union Finance Minister Mr. Arun Jaitley & also urged him to roll back levy of Excise on Gold & Diamond Jewellery.
CAIT National President Mr. B.C. Bhartia & Secretary General Mr. Praveen Khandelwal said that levy of excise on Gold & Jewellery shall prove to be counter productive & will badly hit the trade on one side & will also cause loss of revenue to the Government.
Both Mr. Bhartia & Mr. Khandelwal agree that augmentation of revenue is all the more necessary but levy of excise is not the only solution & other options can be worked out by talks between Trade & the Government. They urged Mr. Jaitley to initiate proceedings of dialogue to end the stalemate.
As per an estimate during the 3 days strike period there is a business loss of about Rs.3000 crores of rupees which further resulted into a revenue loss of about 100 crore in shape of custom duty and about 24 crores as VAT tax all over the Country. India is importing about 970 M/T Gold per year. It is interesting to note that about 45% import of gold is used for making jewellery. The above facts clearly reflects a position where the Government is losing huge amount of revenue each day, the traders are holding strike.
CAIT while calling attention of the Union Finance Minister said that in the year 1962 Gold Control Act was issued which resulted into huge increase of gold smuggling in the Country which later the Government realised and in the year 1990, the Gold Control Act was withdrawn. The said withdrawal of Gold Control Act prompted for more gold business in India and the revenue of the government stood increased as well. It amply reflects the fact that when ever the sale of gold is subject to pressure of taxes, the gold smuggling gets a boost.
CAIT further said that the Gold has been considered as the most safe option for saving investments by majority of people in the Country. The levy of excise duty, levy of TCS, levy custom duty and levy of VAT on prices of gold will make it a costly option now and will deviate the consumers from prefereing gold as the prime object of investment which will result into loss of gold business in the Country and lakhs of small artisans and small traders across the Country will be adversaly affected.
CAIT has urged the Union Finance Minister to carve out a mechanism to withdraw the levy of excise on gold. The CAIT has further suggested that to make an indepth study of the pros and cons of the levy of excise a high level Joint Committee comprising of senior officials and trade representatives may be formed which may draw the alternate methods of augmenting of revenue.
UN envoy says Syria truce ‘fragile
Russia registers 14 ceasefire violations in Syria over 24 hours
Russia’s Defense Ministry said on Thursday it had registered 14 ceasefire violations in Syria over the past 24 hours, Reuters reported. The violations in the provinces of Damascus, Latakia, Hama and Deraa concerned the shelling of residential areas and Syrian government forces, according to the Russian military.US, allies stage 29 anti-ISIS airstrikes in Iraq, Syria
The US and its allies in Iraq and Syria staged 29 strikes against Islamic State (IS, formerly ISIS/ISIL) on Wednesday, Reuters reported. Eight strikes near four Syrian cities hit several tactical units and destroyed buildings, weaponry and communications equipment, among other targets, the Combined Joint Task Force said Thursday. In Iraq, 21 strikes destroyed vehicles, assembly areas, a supply cache and suppressed a mortar fire position, according to the military.UN envoy says Syria truce ‘fragile, holding overall’
Syria’s cessation of hostilities is holding but remains fragile after six days, Reuters quoted UN Syria envoy Staffan de Mistura as saying on Thursday. “The situation is fragile, success is not guaranteed but progress is visible,” de Mistura said, adding that incidents have been contained in the provinces of Homs, Hama, Latakia and Damascus. He plans to start a round of peace talks on March 9. The format for the indirect talks is flexible and some parties could choose to participate days after they start. RT news
Heavy snow affecting north of England BBC.IN
The Met Office has issued warnings for snow and ice.
Hong Kong government continues discrimination against online media – IFEX
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विहिप के अंतरराष्ट्रीय संयुक्त महा मंत्री डॉ सुरेन्द्र जैन का प्रेस वक्तव्य:
नई दिल्ली मार्च1, 2016। विश्व हिन्दू परिषद् ने आज पुन: स्पष्ट किया है कि साध्वी प्राची विहिप की न तो नेता, प्रवक्ता और न ही कोई पदाधिकारी हैं। विहिप के अंतरराष्ट्रीय संयुक्त महा मंत्री डॉ सुरेन्द्र जैन ने आज एक बयान जारी कर कहा है कि साध्वी प्राची एक राजनैतिक दल से चुनाव लड़ीं थीं और चुनावी राजनीति में सक्रिय रहती हैं। चुनावी राजनीति में सक्रिय कोई भी व्यक्ति विहिप का कोई पदाधिकारी हो ही नहीं सकता है।
इसलिए इनका कोई भी वक्तव्य विश्व हिन्दू परिषद् से न जोड़ा जाए।
इसलिए इनका कोई भी वक्तव्य विश्व हिन्दू परिषद् से न जोड़ा जाए।
जारी कर्ता
विनोद बंसल
राष्ट्रीय प्रवक्ता
विश्व हिन्दू परिषद्
@vinod_bansal
M-9810949109
राष्ट्रीय प्रवक्ता
विश्व हिन्दू परिषद्
@vinod_bansal
M-9810949109
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