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July 21, 2020 The Secretary Corporate Relationship Dept. The Bombay Stock Exchange Rotunda Building Phiroze Jeejeebhoy Towers Dalal Street, Mumbai – 400 001
The Secretary National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex Mumbai – 400 051
Dear Sir, Sub: Newspaper advertisement on Annual General Meeting, E-
Voting instructions and Book closure- Reg. We herewith enclosed copies of newspaper advertisement published in Business line and Samyuktha Karnataka on 21st July 2020 on 25th Annual General Meeting, E-Voting Instructions and Book closure. Copies of the said advertisement is also available on the website of the Company. Thanking you, Yours truly, For Page Industries Limited Murugesh C Company Secretary
manner in which we function— from tax enforcers to tax facilitators. Earlier, a personwould get a notice and hewould not be sure whether ornot it had been issued by thedepartment, and whether ornot he was expected to respond. We tried to bring inthe Document Identifi��cationNumber. Now, he is sure thequery raised is authentic.
Earlier, multiple visits hadto be made to a particular offi��cer. Now, we are substitutingit with dynamic jurisdiction,which will ensure it is the issue which gets focus and notthe interface. All these mean
SHISHIR SINHA
New Delhi, July 20
Pramod Chandra Mody,
Chairman of the Central Board
of Direct Taxes (CBDT), the apex
policy making body for
corporate and
personal income tax,
believes the need to
change the image of
the department from
that of enforcer to
facilitator has led to
the adoption of faceless
assessment.
In a quick chat with
BusinessLine, he said faceless
assessment is more important
than search, survey and probe
for the Income Tax Department.
Excerpts:
Can you explain the working
of faceless assessment?
In this pandemic situation,we wanted to revisit the entire manner of functioning
and to fi��nd out the painpoints for the taxpayer. Welearnt there were severalproblems — starting with theselection of case, with the waythe case was handled by the
offi��cer, the kind of discretion he had, thenumber of times thetaxpayer had to visitthe department andthe fi��nal decision being not always based
on what was presented beforethe tax offi��cer — that led to akind of disenchantment withthe whole setup.
This prompted us to conceive a paradigm shift in the
that after the notice lands,personal visits are eliminated.
Then comes the question ofindividual discretion. Suppose the taxpayer submits aresponse and the tax offi��cerdoes not agree to it. Whetherit is right or wrong will beknown only when the appellate decision is out. We add
another layer here. Thismeans instead of individualassessment, now, under faceless assessment, we focus onteambased assessment.
It would mean even whenthe offi��cer is issuing the fi��rstnotice or a query letter; it isvetted by two layers of superiors. So a team is functioningat that level.
We then get a responsefrom an offi��cer, which is subjected to review — this will ensure no frivolous additionsand unrealistic assumptionsare made so far as the tax liability of an assessee is concerned. At the same time, it isnot left to the whims of an individual tax offi��cer. All theseintend to provide an enablingenvironment for the taxpayer,where everything is recordedor documented.
Now, why would a returnget selected for scrutiny? It
would be mainly on accountof activities not refl��ected inthe return.
All such information isgiven in a modifi��ed version ofForm 26 AS. It is a kind of virtual handholding. If you havefi��led the return correctly, itmight not be picked up forscrutiny. Even if there is anygap and the return is pickedup for scrutiny, it will be resolved in a painless mannerthrough faceless assessment.
What will be the impact of
faceless assessment on
revenue?
Revenue is one of the incidental byproducts. What ismore important is the behavioural change. Ease of compliance from the taxpayer pointof view is far more importantand more lasting. This wouldlead to voluntary and permanent compliance.
What kind of pandemic
impact do you see on the
direct tax target for FY21?
In a normal situation, the target can be met provided thetaxpayers get the assurancethat they will be treated in afair and nondiscriminatorymanner.
As on date, the tax collection has been satisfactory. Thelockdown did impact economic activities, but the waythey returned to normalcy isgiving hope. It’s too early tosay (about meeting the target) but optimism and hopeare there. I am of the considered view that if I ambringing a change in tax administration, it would defi��nitely lead to better compliance, which would off��setlosses, if any.
Is the I-T Department
resuming the search, survey
and probe that was stopped
due to the pandemic?
Even during the preCovidperiod, it was not a fi��xed number — to do this many searchers, surveys, etc. We go for intrusive action when we havesolid information and thatstrategy will continue. However, this is a minuscule portion of my work. What is moreimportant is to work on processes such as faceless assessment which impact a largetaxpayer base.
Faceless assessment more important than search, survey and probe: CBDT Chairman
ZY“Even if there is any gap and the return is picked up
for scrutiny, it will be resolved in a painless manner
through faceless assessment.”
PRAMOD CHANDRA MODYChairman, CBDT
YZ
O
................BG-BGECMYK
BENGALURU
BusinessLineTUESDAY • JULY 21 • 2020 7NEWS
BusinessLineDisclaimer: Readers are requested to verify& make appropriate enquiries to satisfythemselves about the veracity of anadvertisement before responding to anypublished in this newspaper. THGPUBLISHING PVT LTD., the Publisher &Owner of this newspaper, does not vouchfor the authenticity of any advertisementor advertiser or for any of the advertiser’sproducts and/or services. In no event canthe Owner, Publisher, Printer, Editor,Director/s, Employees of this newspaper/company be held responsible/liable in anymanner whatsoever for any claims and/ordamages for advertisements in thisnewspaper.
SHISHIR SINHA
New Delhi, July 20
The Finance Ministry has ruledout issuing any clarifi��cation orfrequently asked questions(FAQs) on Equalization Levy,also known as ‘Google Tax’, onnonresident ecommercecompanies.
“Is there a need? The law isvery clear,” a senior FinanceMinistry offi��cial toldBusinessLine.
Last week, India respondedto the US Trade RepresentativeOffi��ce on the issue, saying theunderlying policy objective
and application of Equalization Levy is to ensure that neutral and equitable taxation isapplicable to ecommerce operators that are resident in India, or have a physical pres
ence here, and those thataren’t. The purpose is to ensurea level playing fi��eld with regard to ecommerce activitiesundertaken in India.
In fact, some companies
have already paid. The totalamount (without bifurcatingthe levy at the rate of 6 per centon digital ad and 2 per cent onnon resident ecommercecompanies) collected in Equalization Levy so far this fi��scal isaround ₹��200 crore.
Introduced in 2016, GoogleTax was initially applicable topayments for digital advertisement services received by nonresident companies without apermanent establishmenthere, if these exceeded ₹��1 lakha year. The rate of tax was 6 percent. The companies usingthese services were required towithhold the tax amount.
In the 202021 Budget, thegovernment widened the ambit of the levy by including ecommerce companies. The ap
plicable tax rate is 2 per cent(plus a surcharge) on theamount of consideration received/receivable by an ecommerce operator. This came intoeff��ect on April 1 and July 7 wasthe due date for the fi��rstinstalment.
In this context, an ecommerce operator refers to a nonresident who owns, operatesor manages a digital or electronic facility or platform foronline sale/provision of goods/services or both.
The levy is not applicable onany ecommerce operatormaking/providing/facilitatingecommerce supply or services, having a permanent establishment in India. It is alsonot applicable on ecommercesupply or services eff��ectively
connected with such a permanent establishment. Also,an operator with an annualturnover of up to ₹��2 crore is exempted from the levy.
Internal transactionsSome companies have complained that Google Tax will belevied even on transactionsbetween branch offi��ces andthe head offi��ce through the digital platform.
The Finance Ministry offi��cialquoted above said these arejust hypothetical queries, anddo not refl��ect ground realities.“You start complying with thelaw. If you have any doubt,raise the issue, we will dealwith it as it comes,” he said, urging more companies to worktowards compliance.
₹��200 cr has already
been collected so
far this fi��scal
Equalisation Levy is not applicable on any e-commerce operator
with a permanent establishment in India ISTOCK.COM/MARCHMEENA29
FinMin rules out clarification, FAQ on ‘Google Tax’PRESS TRUST OF INDIA
New Delhi, July 20
The IncomeTax Departmentwill soon start sharing data related to depreciation, salesand gross turnover of micro,small and medium enterprises with the MSME Ministry.
The Central Board of DirectTaxes (CBDT) has directed thePrincipal Director General ofIncome Tax (Systems) to shareinformation with the MSMEMinistry.
Section 138 of Income TaxAct empowers IT authorities toshare information/details ofits taxpayers with other government agencies, as may benotifi��ed.
The information to beshared include depreciation
on plant and machinery as reported in ITR3, 5 and 6, sales/gross receipts of business asreported in ITR3, 5 and 6; andgross turnover/gross receiptsas reported in ITR4.
To facilitate the informationsharing, the IT Departmentwill enter into an MoU withthe MSME Ministry, said aCBDT order. It will cover the“maintenance of confi��dentiality, mechanism for safe preservation of data, weeding out(data) after usage etc,” it added.
The timeline for furnishinginformation will be decidedby the Principal Director General of Incometax (Systems) inconsultation with the concerned Ministry.
IT Dept to share data on smallunits with MSME Ministry
AMITI SEN
New Delhi, July 20
India is positive about the proposed talks with the US Social Security Administration (SSA) onthe longpending totalisationagreement, as it believes the systems of the two countries aremore compatible now thanearlier. The agreement could helpIndian companies in the US saveup to $4 billion in annual social security deposits.
US Commerce Secretary WilburRoss recently told Commerce &Industry Minister Piyush Goyalthat he was ready to arrange discussions between US SSA offi��cialsand their Indian counterparts onthe matter so that the basic issuesholding back the totalisation pactare sorted out.
“India is positive about thetalks as new social securityschemes have been introduced inthe country over the past fewyears and the coverage has alsowidened, leading to greater com
patibility of the two coutries’ systems,” an offi��cial close to the development told BusinessLine.
What the deal doesA totalisation agreement, popularly known as a social securityagreement, exempts foreignworkers on nonpermanent visasfrom contributing to social security in the nation of employment,as they are not eligible for refundsthere.
India has been insisting onsuch a pact because, as per USlaws, social security refunds canbe claimed by foreign workersafter 10 years of service, whereasH1B visas are given only for up tosix years. As a result, the social security deposits cannot be utilisedby the workers at all.
As per industry estimates, Indian companies, mostly in the ITsector, lose up to $4 billion in annual deposits in the US social security kitty, which never getsrefunded.
New Delhi and Washingtonhad several rounds of talks on atotalisation agreement about adecade ago. But the talks were suspended as the US said India didnot provide enough social security cover to its citizens and the systems in the two countries weretoo incompatible for a pact to beworked out.
After the Modi governmentcame to power in 2014, attemptswere made to restart the negotiations twice, once in 2015 and
again in 2018, but they were notsuccessful.
New schemesHowever, this time, India believesits chances of convincing the USof compatibility are more as it haslaunched several new social security schemes, for the aged aswell as those in the unorganisedsector, over the past few years.
These include the PM ShramYogi Maandhan providing an assured monthly pension of ₹��3,000a month to workers in the unorganised sector who earn up to₹��15,000 per month, and increased allocation under the National Social Assistance Programme covering old age,disability and widow pension,and family benefi��ts to select segments of the population. Thereare also pension schemes fortraders and the selfemployedapart from the Atal PensionYojana for the unemployed.
“The US has formalised totalisation pacts with countries such asCanada and Australia. India ishopeful of getting on that listtoo,” the offi��cial added.
Deal could help Indian fi��rms in US save up to
$4 billion in annual social security deposits
India upbeat on social security talks with US assystems between 2 nations get ‘more compatible’
WXUS Commerce Secretary
Wilbur Ross’ offer of
arranging talks between
the two countries has
triggered hopes of a
totalisation agreement
OUR BUREAU
New Delhi, July 20
The Retailers Association of India ( RAI) has expressed concern about ad hoc restrictionsbeing imposed due to locallockdowns in States such as Uttar Pradesh, Maharashtra,Andhra Pradesh andKarnataka.
The association said restrictions imposed by State governments are posing signifi��cantoperational issues for retailersat a time when the sector isalready under severe stress.
Supply chain disruptionsThe restricted hours of operations and curbs on movementof staff�� and goods vehicles havedisrupted the supply chainsand skewed the buying patterns, the RAI added. Shops being allowed to open for fewerhours leads to crowding sincethe demand is inelastic andthis leads to breach of socialdistancing norms, it added.
In addition, the industrybody has pointed to ad hoc restrictions that keep changingand are resulting in law enforcement agencies stopping
goods vehicles and employeesfrom reaching stores.
In a statement, SandeepKataria, CEO, Bata India said:“Restricted shopping time canlead to unnecessary overcrowding of stores, which isunfavourable towards the personal safety of both store staff��and customers. Longer operational hours will support recovery for retailers as well as helpadhering to social distancingnorms.”
Kumar Rajagopalan,CEO, RAI,
said that the industry body hassubmitted representations toState and local authorities inUttar Pradesh, Maharashtra,Andhra Pradesh and Karnatakarequesting removal of the timing restrictions that have beenimposed in some regions.
‘Need concerted efforts’“The need of the hour is concerted eff��orts by all stakeholders.While retailers are doing theirbit by following stringent hygiene practices, the policy
makers, too, need to support toensure economic revival acrossthe country. Consumption isimportant for the country andsupports the business environment,” he added.
The association has urgedthese State governments tomandatorily allow essentialshops including kiranas, general trade shops, supermarkets,hypermarkets and wholesalersto operate all days of the weekuntil 9 pm.
It has also asked them to ensure uniform and regularopening of all categories of retail for full working hours,while following stringent hygiene practices and adheringto social distancing norms.
Added Arvind Mediratta, MDand CEO, Metro Cash & CarryIndia: “The decision to close allstores on weekends in UttarPradesh and to reinforce astringent lockdown inBengaluru is going to severelyimpact business. These lockdowns will create severe inconvenience for all citizens as theyalso bar operations of food andgrocery retail and wholesalestores.”
According to the retailers, the restricted hours of operations and curbs
on movement of staff and goods vehicles have disrupted supply chains
and skewed buying patterns
Local lockdowns: Retailers rue ad hoc curbs,seek nod to keep stores open for longer hours
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