Amendments proposed for deductions in IT Act for Special Economic Zone units
Ranjeet Mahtani and Stella Joseph One of the noteworthy proposals made in the Union Budget of 2017 is the proposal to rationalize Section 10AA of the Income-tax Act, 1961 (“IT Act”), which contains special provisions in respect of newly established Units in Special Economic Zones (“SEZ”). The IT Act provides for the levy, collection and recovery of income tax in India. It is divided into various chapters governing separate aspects including exemptions, computation of total income, deductions, etc. Section 10AA of the IT Act is a provision contained in Chapter III of the IT Act which was inserted w.e.f. 10.02.2006 allowing for deduction of profits and gains derived from the export earned by an SEZ Unit. The Section specifically uses the word “deduction”. ...
China launches international payment system to globalise yuan
Source: PTI China on Thursday launched the first phase of its much anticipated China International Payment System (CIPS), a milestone in bolstering yuan's global usage and furthering cross-border clearing of its currency from the Chinese mainland instead of offshore centres abroad. The CIPS provides capital settlement and clearing services for cross-border yuan transactions for financial institutions domestically and abroad. It will enhance efficiency and increase global use of the Chinese currency, said Fan Yifei, vice president of the central bank, the People's Bank of China. Previously, cross-border yuan clearing had to be done either through one of the offshore yuan clearing banks in places like Hong Kong, Singapore and London, or else with the help of a corresponding bank on the ...
