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Ministry of Commerce & Industry
Invest India Business Immunity Platform launched to helping businesses withstand COVID-19
Dated: 24 MAR 2020
Invest India, India’s national Investment Promotion & Facilitation Agency, under the Ministry of Commerce and Industry has launched The Invest India Business Immunity Platform. The platform, hosted on the Invest India website, is designed as a comprehensive resource to help businesses and investors get real-time updates on India’s active response to COVID-19 (Coronavirus). This dynamic and constantly updating platform keeps a regular track on developments with respect to the virus, provides latest information on various central and state government initiatives, gives access to special provisions, and answers and resolves queries through emails and on WhatsApp. The Business Immunity Platform (BIP) is the active platform for business issue redressal, operating 24/7, with a team of dedicated sector experts and responding to queries at the earliest. Invest India has also announced a partnership with SIDBI (Small Industries Development Bank of India) for responding and resolving queries for MSMEs.
While COVID-19 continues to disrupt normal life, the impact of this crisis on businesses across the country is being continuously assessed. The government, for its part, has issued timely guidelines for businesses. Business owners have been trying to grasp what these guidelines mean for their businesses. Realizing the uncertainty that the Corona crisis has caused among businesses, the platform was launched on 21st March,2020.
The platform also includes frequently asked questions on important aspects like locations of COVID-19 testing, special permissions and other location-specific information. The portal also maps and highlights the response mechanism put in place by leading Indian companies such as sanitation of staff vehicles, placing orders in alternate markets, disabling biometric attendance systems, setting up of medical task force, requesting trainees to go home, business continuity plan, barring entry of visitors, suspension of air travel, usage of video-conferencing and tele-conferencing, developing online solutions and other unique initiatives.
This Business Immunity Platform shall help people get access to all the information they require while staying in their comfort of their homes. With this platform, Invest India aims to bring facilitation at your doorstep!
Mr. Deepak Bagla, MD & CEO, Invest India has said “This is a platform for all of us to get together in the face of this unprecedented challenge of COVID-19. The team is working towards finding clarifications and solutions in a rapidly evolving scenario, especially from the perspective of business continuity for the business community. This platform also provides the ability to join the dots to find matching suppliers with required supplies and for innovators, startups and MSMEs to show case their solutions. During the past 48 hours we’ve had over 30,000 visitors across 40 countries and 50,000 plus hits on our website. The platform is seeing an average time spent of nearly 5 minutes. Since yesterday the team has been working actively on over 200 business requests for business continuity and immunity. It is also a platform to hear from the experts on business strategies to be adopted during such times.”
(Release ID: 1607905)
Ministry of Finance
Dated: 19 MAR 2020
In order to ensure that a multinational enterprise would report its profit correctly where it is earned, the Organisation for Economic Cooperation and Development (OECD) had developed an Action Plan called “Base Erosion and Profit Shifting (BEPS) Action Plan 13”. Under BEPS Action Plan 13, all large multinational enterprises (MNEs) are required to prepare a country-by-country (CbC) report with aggregate data on the global allocation of income, profit, taxes paid and economic activity among tax jurisdictions in which they operate. In essence, CbC Report is an annual return that breaks down key elements of the financial statements by jurisdiction. A CbC report provides local tax authorities visibility to revenue, income, tax paid and accrued, employment, capital, retained earnings, tangible assets and activities of the concerned MNE.
This CbC report is used as a corroborating material by Income tax Authorities in carrying out revenue risk assessment.
As per corresponding provisions of Indian Income tax Laws, every MNE group which has a constituent entity resident in India is mandated to notify the Income-tax Department its parent entity and alternate reporting entity and the countries where such entities are resident. Such parent entity or alternate reporting entity is required to furnish a report called “Country-by-Country Report” specifying certain information including:
(a) the aggregate information in respect of the amount of revenue, profit or loss before income-tax, amount of income-tax paid, amount of income-tax accrued, stated capital, accumulated earnings, number of employees and tangible assets not being cash or cash equivalents, with regard to each country or territory in which the group operates;
(b) the details of each constituent entity of the group including the country or territory in which such constituent entity is incorporated or organised or established and the country or territory where it is resident;
(c) the nature and details of the main business activity or activities of each constituent entity.
For the above stated purpose, the Central Board of Direct Taxes(CBDT) had notified Rules 10DA, 10DB and Form Nos. 3CEAA to 3CEAE in Income-tax Rules, 1962.
The Income Tax (2nd Amendment) Rules, 2020 has amended rules 10DA and 10DB and notification no. 03/2020 dated 06.01.2020 has already been issued in this regard. As per the amended sub-rule(1) of rule 10DB, the income tax authority for the purpose of section 286 shall be the Joint Commissioner as may be designated by the Director General of Income tax (Risk Assessment).
In view of the above amendment and in exercise of the powers conferred by section 286 of the Act, the Director General of Income tax (Risk Assessment) has designated the Joint Director of Income tax (Risk Assessment)-1 having office at 4th Floor, C-Block, Dr. S.P. Mukherjee Civic Centre, Minto Road, New Delhi-110002 as the Income tax Authority for the purpose of section 286 of the Act, with effect from the first day of April, 2020.
The notification no. 03/2020 is available on www.incometaxindia.gov.in.
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RM/KMN
(Release ID: 1607188)
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
New Delhi, 17th March, 2020
PRESS RELEASE
Agreement between India and Brunei for Exchange of Information notified
The Agreement between the Government of the Republic of India and the Government of Brunei Darussalam for the exchange of information and assistance in collection with respect of taxes (hereinafter referred to as the Agreement), was signed in New Delhi, India on 28th of February, 2019. The Agreement has been notified in the Gazette of India (Extraordinary) on 9th of March 2020.
The Agreement enables exchange of information, including banking and ownership information, between the two countries for tax purposes. It is based on international standards of tax transparency and exchange of information and enables sharing of information on request as well as automatic exchange of information. The Agreement also provides for representatives of one country to undertake tax examinations in the other country. Moreover, it provides for assistance in collection of tax claims.
The Agreement will enhance mutual co-operation between India and Brunei Darussalam by providing an effective framework for exchange of information in tax matters which will help curb tax evasion and tax avoidance.
(Surabhi Ahluwalia)
Commissioner of Income Tax
(Media & Technical Policy)
Official Spokesperson, CBDT.
HC: Dismisses assessee’s writ challenging constitutionally validity of levy of fee u/s 234E, holds section 234E is not violative of any of the other provisions of Income Tax Act or the Constitution of India;
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