UTI
restructuring has been approved and ordinance issued.
US-64
is separated into two parts, namely US-64 and US-2002.
Ordinance
for strengthening SEBI issued.
IDBI
restructuring package has been approved.
Issue
of power bonds for State Electricity Boards cleared.
Prepayment
of external commercial borrowing freed.
Citizens
can maintain foreign currency deposits upto the amount
earned/retained from travel expenses.
Foreign
exchange allowances for individuals hiked to $ 10,000.
Naresh
Chandra Committee has been set up to make suitable recommendations
for further strengthening of corporate governance.
The
threshold limit for the purpose of tax deduction at
source from income by way of dividends from a company
or income from units of mutual funds placed at Rs. 2,500/-.
Total
deduction admissible under section 80L of the Income-tax
Act has been raised from Rs.12, 000/- to Rs.15, 000/-.
A
maximum deduction of Rs. 12,000/- shall be allowable
from income by way of interest or dividend, etc., in
addition to a deduction of Rs. 3,000/-, as in the past,
allowed for interest on Government securities.
For
expeditious disposal of properties acquired under Income
Tax Act between October 1, 1986 and June 30, 2002, a
High Powered Committee has been set up with power to
reduce/refix the reserve price of acquired properties.
An
instruction has been issued in August, 2002 to review
the grievances of tax payers regarding issue of refunds,
expedite refunds, and pay interest for delayed payment
of refunds.
On
October 18, 2002, in a conference of Chief Ministers,
presided over by the Prime Minister, all States and
Union Territories have reaffirmed their decision to
introduce VAT with effect from April 2003.
In
the backdrop of the drought, to encourage private initiative
in water supply/purification projects, all machinery
and equipment needed to establish such plants have been
exempted from customs and Central excise duties.
Task
Force (Chairman-Dr. Vijay Kelkar) consultation papers
on direct and indirect taxes circulated for public debate.
In
order to expeditiously respond to requirements of assessees,
the Income-Tax Department has laid special emphasis
on allotment of PAN within ten days of receipt of application.
In the area of indirect taxes, efforts are being made
for redressing grievances of taxpayers by placing senior
tax administrators close to taxpayers.
Proposal
for setting up a Special Frauds Office in the Department
of Company Affairs has been mooted.
To
offer online services to companies for registration,
filing of returns and balance sheet, and submission
of event-based reports, programme for modernising and
computerising offices of Registrars of Companies, has
been launched.
Government
has facilitated consensus among key stakeholders, subsequent
to which Phase I of the Dabhol Power Project, is expected
to restart with NTPC assuming responsibility for plant
operations on behalf of lenders.