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Release of Dearness Allowance to Central Government employees and Dearness Relief to Pensioners due from 1.1.2016



Release of additional instalment of Dearness Allowance to Central Government employees and Dearness Relief to Pensioners due from 1.1.2016 

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved release of an additional instalment of Dearness Allowance (DA) to Central Government employees and Dearness Relief (DR) to Pensioners w.e.f. 01.01.2016. This represents an increase of 6 percent over the existing rate of 119 percent of the Basic Pay/Pension, to compensate for price rise.

This will benefit about 50 lakh Government employees and 58 lakh pensioners. 

The increase is in accordance with the accepted formula, which is based on the recommendations of the 6th Central Pay Commission (CPC). The combined impact on the exchequer on account of both Dearness Allowance and Dearness Relief would be of Rs. 6796.50 crore per annum and Rs.7929.24 crore respectively, in the financial year 2016-17 (for a period of 14 months from January, 2016 to February, 2017). 

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Inclusion of Interest Income in the Return of Income filed by Persons liable to Pay Tax 

                     Information regarding interest earned by individuals and business entities on term deposit is filed with the Income Tax Department by banks including co-operative banks and other financial institutions and State treasuries etc. Form 26AS reflects only those payments on which tax has been deducted and it can be viewed by the individual tax payer by logging in towww.incometaxindiaefiling.gov.in. The information about interest payments without deduction of tax is also filed by the payer with the Department.

Central Board of Direct Taxes(CBDT) hereby informs the persons earning interest income that interest credited/received on deposits is taxable unless exempt under Section 10 of the Income-tax Act. Such interest income should be shown in the return of income even in cases where Form 15G/15H has been filed if the earning is not exempt under Section 10 of the Income-tax Act and the total income of the person exceeds the maximum amount not chargeable to tax.

Tax payers are advised to collect correct details of interest received or credited and

·         file their return of income for assessment year 2014-15 (if not filed already) on or before 31.03.2016 in case their total income exceeds the maximum amount not chargeable to tax.
·         revise their return of income for assessment year 2014-15/2015-16 if the return already filed does not include taxable interest income.
·         file return of income for assessment year 2015-16, if  not filed so far by including taxable interest income if any, on or before 31.03.2016 and avoid penalty u/s 271F.

For more details, you may contact your Assessing Officer or Toll free number        1800-180-1961.

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Public Private Project Appraisal Committee (PPPAC) recommends projects worth Rs. 5706.73 Crore 

Public Private Partnership (PPP) Projects implemented by the different Infrastructure Ministries and Departments of the Central Government are cleared by the Institutional Mechanisms set-up for the purpose. The Public Private Project Appraisal Committee (PPPAC) chaired by Secretary, Department of Economic Affairs , Ministry of Finance met here yesterday and cleared four (4) National Highway Projects with a total estimated project cost of Rs. 5706.63 crore. These included one project each in the States of Maharashtra and Punjab and two projects in the State of Bihar. 

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Memorandum of Understanding between India and United Arab Emirates to mobilise long term investment into the National Investment and Infrastructure Fund 

            The Union Cabinet chaired by the Prime Minister Shri Narendra Modi today gave its ex-post facto approval for a Memorandum of Understanding (MoU) between India and the United Arab Emirates (UAE) signed on 11th February, 2016 to mobilise long term investment into the National Investment and Infrastructure Fund (NIIF). 

The objective of NIIF is to maximize economic impact mainly through infrastructure development in commercially viable projects, both greenfield and brownfield, including stalled projects, NIIF would solicit equity participation from strategic anchor partners.

The MoU will help establish a transparent and high-level framework and collaboration platform under which both countries intend to explore ways to facilitate and expand the participation of UAE's investment institutions in appropriate infrastructure projects and institutions in India including NIIF, in a manner consistent with the established investment criteria and standards in a mutually agreed manner.

A joint working group comprising of the concerned representatives of both parties would take forward cooperation under this MOU and to discuss and agree the terms, principles and criteria jointly.

Background:

The Cabinet approved the creation of the National Investment and Infrastructure Fund (NIIF) in July, 2015. The NIIF has already been established as a Category II Alternate Investment Funds (AIF) as per the regulations of the Securities and Exchange Board of India (SEBI).

The Joint Statement with UAE (India-UAE) during the visit of Prime Minister of India to UAE on 16-17 August 2015, mentions the establishment of UAE-India Infrastructure Investment Fund, with the aim of reaching a target of USD 75 billion to support investment in India's plans for rapid expansion of next generation infrastructure, especially in railways, ports, roads, airports and industrial corridors and parks.

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Finance Minister to leave on Four Day Official Visit to Australia on 28th March, 2016 to attract foreign investment in India: To participate in India Australia CEOs Forum Meeting; To address ‘Make in India’ Conference among others. 

The Union Finance Minister Shri Arun Jaitley will be leaving on a 4-day official visit to Australia on 28th March, 2016. One of the main objectives of the Finance Minister’s visit to Australia is to attract foreign investment in India especially in Infrastructure sector among others. In the first leg of his official visit, the Finance Minister will arrive in Sydney on 29th March, 2016. During his stay at Sydney, the Finance Minister Shri Jaitley will address and have an interactive session at Sydney Campus of S.P. Jain School of Global Management. He will also have a meeting with The Hon. Julie Bishop, Minister for Foreign Affairs. In the afternoon, the Finance Minister will inaugurate the Sydney branch of the Union Bank of India. 

Next Day, i.e. 30th March, 2016, the Finance Minister Shri Jaitley will deliver the Key Note Address at ‘Make in India’ Conference in Sydney. He will also have a meeting with prominent CEOs of Australia. Thereafter, he will have a bilateral meeting with The Hon. Scott Morrison, MP, Treasurer. In the afternoon, the Finance Minister will have an interaction with Indian community. 

As a part of the second leg of his Australia visit, on 31st March, 2016, the Finance Ministry Shri Jaitley will depart for the Australian capital, Canberra. During his stay in Canberra, the Finance Minister will have bilateral meetings with Senator The Hon. Mathias Cormann, Minister for Finance and Mr. Peter Vergese, Foreign Secretary. In the afternoon, the Finance Minister Shri Jaitley will have a meeting with the Vice Chancellor of Australian National University (ANU) followed by an interaction with ANU Economists. Thereafter, the Finance Minister will be participating in K.R. Narayanan Oration at the University. In the evening, the Finance Minister Shri Arun Jaitley will address the Indian community at a reception hosted by the High Commissioner of India in Australia in which leading members of Indian community from all major cities of Australia are likely to participate. 

On the last leg of his Australia visit, the Finance Minister Shri Jaitley will arrive in Melbourne on 1st April, 2016. During his stay in Melbourne, the Finance Minister will have a meeting with Mr. Peter Coastello, Chairman, Future Fund. Thereafter, the Finance Minister will also participate in Invest in India Round Table Conference. He will also attend a signing ceremony of a Memorandum of Understanding (MoU) between FICCI and Australia-India Business Council. Thereafter, the Finance Minister will have one to one meeting with CEOs of various companies. In the evening, the Finance Minister will visit the University of Melbourne. He will also meet the Hon. Daniel Andrews, Premier of VIC. 

The Finance Minister will depart for back home on 2nd April, 2016 and will arrive in the national capital on 3rd April, 2016 after completing his 4-day official visit to Australia. 

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