As per the notification, bonds redeemable after five years and issued by IREDA on or after the notification date will qualify for tax exemption benefits under section 54EC, of the Income Tax Act, 1961, which allows capital gains tax exemption on investments in specified bonds. The proceeds from these bonds will be utilised exclusively for renewable energy projects capable of servicing debt through their project revenues, without dependence on State Governments for debt servicing.

Eligible investors can save tax on Long Term Capital Gain (LTCG) up to Rs. 50 Lakhs by investing in these Bonds in a Financial Year. IREDA will get benefit in terms of lower cost of funds, which is a significant development for the renewable energy sector, in turn to support the expeditious development of RE sector.

Welcoming the notification, Shri Pradip Kumar Das, Chairman & Managing Director, IREDA, said, “We are deeply grateful to the Ministry of Finance, Ministry of New & Renewable Energy and Central Board of Direct Taxes for this valuable policy initiative. This recognition by the Government reinforces IREDA’s pivotal role in accelerating renewable energy financing in the country. The tax-exempt status for our bonds will offer an attractive investment avenue while ensuring increased capital availability for green energy projects, contributing to India’s 500 GW non-fossil fuel capacity target by 2030.”

This move is expected to attract wider participation from investors seeking tax-saving instruments and strengthen the renewable energy financing ecosystem in the country.

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Union General Budget 2020-21 is to be presented on 1st February, 2020. To maintain the secrecy of Budget, there is a “lock-in” of the officials involved in making the Budget. Budget Press, situated inside North Block, houses all officials in the period leading up to the presentation of the Union Budget. These officers and staff will come in contact with their near and dear ones only after the Budget is presented by the Union Finance Minister in Parliament.

At the Halwa Ceremony, Smt. Sitharaman was accompanied by Union Minister of State for Finance & Corporate Affairs Shri Anurag Singh Thakur; Shri Rajeev Kumar, Finance Secretary; Shri Atanu Chakraborty, Secretary, DEA; Dr A.B. Pandey, Revenue Secretary; Shri Tuhin Kanta Pandey, Secretary, DIPAM; Shri T.V. Somanathan, Secretary, Expenditure among other officers of the Ministry of Finance.

Shri P.C. Mody, Chairman, CBDT; Shri John Joseph, Chairman, CBIC; Members of CBDT & CBIC; Shri Rajat Mishra, Joint Secretary (Budget), besides others officers and staff of the Ministry of Finance, involved in the Budget preparation and printing process were also present on the occasion. Later, the Finance Minister took a round of the Press and acquainted herself about the Budget printing process.

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The department said incriminating evidence collected during the raids show “large-scale tax evasion and money laundering”. Sources said the I-T sleuths also carried out surveys at the premises of a few BMC officials.

“Raids were carried out on entry providers and beneficiaries who have been engaged in execution of civil contracts mainly in Brihanmumbai Municipal Corporation (BMC),” the Income Tax Department said in a statement. “There were reports that certain contractors had taken entries in the form of loans, etc., from entry providers and inflated expenses in the books of accounts to suppress income.”

In its statement, the CBDT said reports had shown certain contractors had taken entries in the form of loans among others from entry providers and also inflated expenses in the books of accounts to suppress income. “Incriminating evidences showing large scale tax evasion and money laundering have been found,” the tax body said, adding it has so far detected irregularities to the tune of Rs 735 crore and the extent of accommodation entries is being quantified.

The operation “also led to the detection of the use of bogus companies (floated by entry providers) for giving entries to businesses in the form of loans or bills for expenses, among others”, it added.

“In the case of the entry providers, systematic modus operandi of bank fraud and forgery has been detected whereby the promoters have made investments in immovable properties and shares of group companies by siphoning off the bank loans,” said the CBDT.

In the case of the contractor groups, several instances about inflation of expenses by bogus purchases/sub-contracts and taking of loans from entry providers have been identified, the statement claimed.

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All the officers are of the rank of Superintendent/AO.

CBIC said that it is in line with what Prime Minister Narendra Modi had in his address to the nation from the ramparts of the Red Fort and in his interview to a major economic daily that, “some black sheep in the tax administration may have misused their powers and harassed taxpayers, either by targeting honest assesses or by taking excessive action for minor or procedural violations. We have recently taken the bold step of compulsorily retiring a significant number of tax officials, and we will not tolerate this type of behaviour.” In June this year, the CBIC had compulsorily retired 27 high-ranking IRS officers including 12 officers from CBDT.

Here is the list:

1. Shri K. K. Uikey
2. Shri S.R. Parate
3. Sh. Kailash Verma
4. Sh. K.C. Mandal
5. Sh. M.S Damor
6. Sh. R.S. Gogiya
7. Sh. Kishore Patel
8. Sh. J.C Solanki
9. Sh. S.K. Mandal
10. Sh. Govind Ram Malviya

11. Sh. A.U.Chhapargare
12. Sh. S. Asokaraj
13. Sh. Deepak M Ganeyan
14. Pramod Kumar
15. Sh. Mukesh Jain
16. Sh. Navneet Goyal
17. Sh. Achintya Kumar Pramanicik
18. Sh. V.K. Singh (10.01.1963)Supdt
19. Shri D.R. Chaturvedi
20. Sh D. Ashok
21. Leela Mohan Singh
22. Sh. V.P. Singh (22.09.1964)Supdt

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