Sunset clause extended for power sector

Extension of the sunset date under section 80-IA for the power sector

Under the existing provisions of clause (iv) of sub-section (4) of section 80-IA of the Income-tax Act, a deduction of profits and gains is allowed to an undertaking which,—
(a) is set up for the generation and distribution of power if it begins to generate power at any time during the period beginning on 1st April, 1993 and ending on 31st March, 2014;
(b) starts transmission or distribution by laying a network of new transmission or distribution lines at any time during the period beginning on 1st April, 1999 and ending on 31st March, 2014;
(c) undertakes substantial renovation and modernization of existing network of transmission or distribution lines at any time during the period beginning on 1st April, 2004 and ending on 31st March, 2014.

With a view to provide further time to the undertakings to commence the eligible activity to avail the tax incentive, it is proposed to amend the above provisions to extend the terminal date for a further period up to 31st March, 2017 i.e. till the end of the 12th Five Year Plan.

These amendments will take effect from 1st April, 2015 and will, accordingly, apply in relation to the assessment year 2015-16 and subsequent assessment years.

Open Complaint Letter to ICAI President for unable to get extension of Due Date

From: Shripad Khire <sdkhire@gmail.com>
> Date: Fri, Sep 27, 2013 at 12:19 PM
> Subject: Extension for efiling ..cruel joke
> To: "president@icai.in" <president@icai.in>
>
>
>
>> Dear Sir,
>>
>> This has reference to the order passed u/s 119 of the Income tax Act extending the time limit for e-filing the tax audit report. . In this connection I would like to like to express my   utter dismay for total handling of the said issue by the Institute and Direct Tax Committee.
>> Our esteemed institute has miserably failed to represent genuine difficulties faced by CA fraternity, who has wasted its valuable time on uploading TARs with the help of ever changing bug infested utilities provided by Income Tax Department
>> The institute and central council members could not assert the point that it was not the assessee that was finding it difficult to upload the report but the reports were supposed to be uploaded by the CAs . On an average , every CA has to upload 30 to 45 audit reposrts.
>> The CAs had to spent abnormally excessive time to complete the formalities of  e-filing the reports which resulted in pendency of remaining audits.
>> For all this time central council members were unofficially assuring that the extension will be given for tax audits due to failure on the part of Income tax Department to provide proper platform for uploading the reports.
>> The Government was making changes every alternate day and poor CAs were struggling to keep pace with half cooked utilities which were not only slow but also defective.
>> And now when there are only 3-4 days left for deadline, Income Tax Department has come with so called relaxation circular which in fact is more damaging in present situation.
>> We are really disgusted by the approach and ineffectiveness  of the Institute which could not protect the interests of CAs when for the first time in tax audit history demand was made from CA FRATERNITY and not by the assesses for extension.
>> And what is painfully surprising, even after this horrible circular nobody from the institute has openly come forward to condemn this Government approach.
>>
>> This is really shameful
>>
>> CA Shripad Khire