|To Promote Skill Development Direct Taxes Incentives Given; Guidelines for Weighted Deduction @ 150% of the Expenditure Incurred on skill Development Under Section 35ccd of the Income-Tax Act, 1961 Issued|
The National Manufacturing Policy (NMP) 2011 proposed to provide inter alia, the following direct taxes incentives to promote skill development:
“Weighted deduction of 150% of the expenditure (other than land or building) incurred in Public Private Partnership (PPP) projects for skill development in manufacturing sector in separate facilities in coordination with National Skill Development Corporation (NSDC).”
As a follow-up of NMP, the Finance Act, 2012 inserted a new Section 35CCD in the Income-tax Act, 1961(‘the Act’) which provides that for computing business income, a company shall be allowed a weighted deduction of 150% of expenses (other than land or building) incurred on skill development project notified by the Board in accordance with the guidelines as may be prescribed.
The guidelines for approval of skill development project are prescribed in new Rules 6AAF, 6AAG and 6AAH inserted in the Income-tax Rules, 1962 by Notification No. S.O.2166 (E) dated 15th July, 2013. The salient features of the guidelines are as under:
· A company engaged in the business of manufacturing any article or thing (other than alcoholic spirits and tobacco products) or engaged in providing specified services, as listed under Rule 6AAH, shall be eligible for weighted deduction of the expenditure incurred on skill development.
· The project should be undertaken in separate facilities in a training institute set up by the Central or State Government or a local authority or a training institute affiliated to National Council for Vocational Training (NCVT) or State Council for Vocational Training (SCVT). Besides Government training institutes, private sector training institutes affiliated to NCVT or SCVT shall also be eligible.
· National Skill Development Agency (NSDA) shall be the nodal agency to scrutinize the applications made by eligible companies in Form No. 3CQ. The Central Board of Direct Taxes (CBDT) shall notify the skill development project based on the recommendation of NSDA in this regard.
· All expenses (not being expenditure in the nature of cost of any land or building), incurred wholly and exclusively for undertaking a notified skill development project shall be eligible for deduction under section 35CCD,except the expenditure which is reimbursed or reimbursable to the company by any person, whether directly or indirectly.
· The company undertaking skill development project shall be required to maintain separate books of account of the project notified under section 35CCD and get such books of account audited.
· It is intended that the skill development project shall provide training to potential employees or newly recruited employees. Skill development of existing employees of the company shall not be eligible for notification under section 35CCD, if the training of such employees commences after six months of their recruitment.
Thursday, July 18, 2013
Maintaining Growth Momentum for Developing Nations- A Challenge: ADB
The Asian Development Bank trimmed the growth forecast for 45 developing member countries to 6.3% for 2013 while 6.4% for 2014. In India, the growth is likely to be 5.8% this year, slower than the previously forecast 6.0% due to slow progress in pushing through the reforms needed to ease business bottlenecks.
The latest Asian Development Outlook Supplement released on July 16, 2013 trimmed the 2013 growth forecast for the 45 developing member countries of ADB to 6.3% and cut its forecast to 6.4% for 2014. In April, ADB had predicted the region to grow 6.6% this year and 6.7% next year. The five largest economies in the Association of Southeast Asian Nations are poised to grow by 5.2% in 2013 and 5.6% in 2014.
The reason for trimmed growth forecast is the continued lukewarm demand from the major industrial economies coupled with slower growth in the People’s Republic of China (PRC) which are weighing on the outlook for developing Asia
China is likely to see its economy expand 7.7% this year and 7.5% in 2014 after growth of 7.8% in 2012. The report notes that import and export growth has slowed given weak external demand, but notes continuing robust consumer confidence. However, Philippines and other large ASEAN countries are otherwise seeing solid growth. Sri Lanka continues to grow strongly while other parts of the region will see softer than anticipated growth.
The report has also cut short forecasts for Central Asia, reflecting the sluggish economic performance of Kazakhstan and Georgia and for the Pacific Region where Timor-Leste is seeing a slowdown in government spending.
With softer oil prices and relatively stable food prices, inflation in developing Asia is now forecast to dip to 3.5% in 2013.
Dr. S P Sharma
Prays for country’s progress and those killed in Uttarakhand
Gujarat chief minister Narendra Modi today visited the famous Lord Jagannath temple at the historical city of Puri in the Odisha. Mr. Modi visited the temple and offered his special prayers before the Lord Jagdish on Tuesday.
Mr. Modi arrived here today morning for a day long visit and met with Govardhanpeeth-Puri head Jagadguru Sankaracharya Nishchalanand Saraswati Maharaj.
Modi said, “From the land of Somnath (Lord Shiv), he has landed in the land of Lord Jagannath and was quite overwhelmed with feeing of gratitude.” He sought blessings of Lord Jagannath for countrymen and the country so as to make progress in different fields. Also Mr. Modi offered special prayer for pace to those who lost their lives in recent deluge in Uttarakhand and those missing returns their homes and relatives soon.
Drawing parallels between Gujarat and Odisha, Mr. Modi while recognizing the contributions made by Odisha people to Gujarat’s growth, said the relations of Odisha situated on east coast and Gujarat on the west have longed shared bonding and people from almost each district of Odisha have come to Gujarat and has became the participants of progress with their hard work.
Mr. Modi, who was greeted by the presence of large crowd in Puri temple verandah, was overwhelmed during his address. Gujarat chief minister said Orissa is home to the Sun Temple in Konark that catches the first sun-ray of country while another Sun Temple in Modhera in Gujarat gets illuminated during sundown.
Mr. Modi while on his way to Puri also offered his prayers at Panchasakha idols and Gundicha Mata temple, aunt of Lord Jagannath where the annual Rath Yatra chariot too halts for a while.ile
Gajapati Maharaj, the erstwhile king of Puri Divyasingh Dev, considered to be servitor and other trustees of Jagannath Temple Trust welcomed Mr. Modi. Later on, Modi visited the palace and offered a shawl to Divyasingh Dev hailing the latter’s contribution made for Jagannath temple.
Earlier in the day Odisha BJP president, party members and large crowd greeted Mr. Modi at the Bhubaneswar airport.
Also those extended warm welcome for Mr. Modi were leaders from the Gujarati Samaj.
Registrations for the 11th edition of the Standard Chartered Mumbai Marathon, to be run on January 19, 2014, were launched by His Excellency, the Governor of Maharashtra Shri K Sankaranarayanan at Raj Bhavan, here, on Thursday. Present on the occasion to herald in Mumbai’s most awaited annual sporting and social event were the Hon’ble Mayor of Mumbai, Shri Sunil Prabhu, Hon’ble Deputy Mayor, Shri Mohan Mithbaokar and Event Ambassador John Abraham. Representing title sponsors Standard Chartered was Ravi Duvvuru, Regional Head, Compliance, India & South Asia, along with Vishal Jhunjhuwala, Head Corporate Brand, Tata Consultancy Services, the Associate Sponsors and Sunil Mehta from United Way of Mumbai, the official charity partner to the event. Event Promoters Procam International was represented by MD Anil Singh and Jt. MD, Vivek B Singh.
Registrations for the Full Marathon and Half Marathon will open at 10.00 am on July 19, 2013. Physical modes of registration at Standard Chartered branches to close onSeptember 13, 2013 or whenever running places are full, whichever is earlier.
Depending on availability of running places, registrations through online applications and P.O. Box entries will remain open till November 30, 2013 or till running places are full, whichever is earlier.
Registrations for the Dream Run will open on August 26, 2013 and close on August 31, 2013, while registrations for the Senior Citizens Run and the Wheelchair Event will open on September 2, 2013 and close on September 13, 2013 or whenever running places are full, whichever is earlier.
Registration process: Steps have been taken to provide various avenues for registration to facilitate a hassle-free process. Online registration can be done through the event website www.procamrunning.in/scmm or the duly filled entry form along with the requisite entry fee can be mailed to P.O. Box No. 11017, Marine Lines Post Office, Mumbai 400 020. Mumbai residents can also deposit their entry form along with the requisite entry fees at 10 selected Standard Chartered Bank branches, details of which are available on the website www.procamrunning.in/scmm.
Entry forms will be available at select Standard Chartered Bank branches in Mumbai, at the Asian Heart Institute and the United Way of Mumbai office 309, Nirman Kendra Premises Co-op society ltd., Dr. E. Moses Road, Mahalaxmi Estate, Mumbai. Application forms are also available for download online @ www.procamrunning.in/scmm.). More information can be sourced from the event helpline no: +91 22 4202 0200, Monday to Saturday between 10 a.m. & 6. p.m.
3,500 running places are on offer for the Full Marathon, while 13,000 places will be available for the Half Marathon. The Dream Run, including the Corporate Challenge, will accommodate 21,000 participants. 1500 entries will be permitted in the Senior Citizens’ Run, while 300 entries will be accepted for the Wheelchair Event, putting the total number of entries accepted at 40,300.
Continuing in their constant endeavour to evolve and improve while providing the best possible running experience to each participant, and in order to encourage the participation of serious runners in the full marathon and half marathon. The event will only accept applications from runners who have attached a timing certificate from the previous two years. Detailed confirmation criterion is available on the event website.
To give a fillip to women there will be a 250 running places in the full marathon and 1000 running places in the half marathon reserved for women applicants.
Applicants who do not fall within the timed runner criteria or the women’s quota can avail of the running places that have been allotted to the NGOs registered with United Way of Mumbai, the event’s official charity partner. These running places will be available with the respective NGOs at a premium from August 19, 2013. Details about the same can be got from logging on to www.procamrunning.in/scmm.
Confirmed applicants of the full marathon and half marathon will also be eligible for priority line up on race day, based on their finish times.
The full marathon runners will be prioritized in four groups, namely below four hours 13 minutes; four hours 13 minutes to under 4 hours 55 minutes; 4 hours 55 minutes to under 5 hours 37 minutes and 5 hours 37 minutes and above. The half marathoners will also be prioritized in seven groups, namely under 1 hour 25 minutes; 1 hours 25 minutes to under 1 hour 46 minutes; 1 hour 46 minutes to under 2 hours 7 minutes; 2 hours 7 minutes to under 2 hours 28 minutes; 2 hours 28 minutes to under 2 hours 49 minutes; 2 hours 49 minutes to under 3 hours 10 minutes; and 3 hours 10 minutes and above.
Speaking on this development, Vivek B Singh, Jt. MD, Procam International said, “These initiatives are being introduced to recognize the achievements of our serious runners, as well as encourage more and more amateur runners to train and make a wholehearted effort at attempting the full or half marathon distance.”
Vivek Singh also touched on the impact the early registration window would have on the wonderful exercise of raising money for charity through the event, the biggest positive fallout that has seen close to Rs 89.6 crores being raised towards charity in nine years.
CASH BONANZA: The Standard Chartered Mumbai Marathon 2014 will now offer an enhanced prize purse of USD 360,000, an increase equivalent of USD 10,000 over what was on offer in 2013.
Growing in all parameters for the past ten editions, the Standard Chartered Mumbai Marathon has now become the focal rallying point for the city of Mumbai because it espouses causes and values that touch every citizen, whatever the age group and regardless of their financial status and social standing. Promoters Procam International, along with the sponsors and partners, will not cease in their efforts to innovate and evolve in order to provide a memorable experience to the participant.
Title Sponsor: Standard Chartered Bank
Associate Sponsor: Tata Consultancy Services
Promoted by: Procam International
Under the Aegis of: Athletic Federation of India
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