Forest panel to consider nod to new nuclear plant in Rajasthan
As India revs up on nuclear power and mulls easing of regulatory rulebooks, paths and clearances are being expedited for several ambitious projects, the latest being the 2800 MWe
Mahi-Banswara Nuclear Power Plant
(NPP) in Rajasthan.
Accorded the critical 'siting consent' by the
Atomic Energy Regulatory Board
(AERB) on May 9-approval of the site's suitability to house an NPP -- the ambitious project is coming up for forest clearance this week at the Union environment ministry.
The project has been planned for over a decade with notification for the acquisition of land for the NPP issued on September 3, 2012 in the Rajasthan Government Gazette. Things, however, are now picking up pace. The clock, in fact, is ticking for the project envisaged to be commissioned by May 2030. It is gathered that
NPCIL
has moved the
Forest Advisory Committee
(FAC) seeking permission for significant land use changes for the plant. While earlier it was to use 27 hectares of the total 100-hectare forest land for critical power plant related infrastructure such as the Operating Island and pipeline corridors and leave the rest as green cover, new assessments require it to utilise over 45 hectares of forest land for vital infrastructure.
Accordingly, FAC's approval has been sought to approve the land re-diversion. ET gathers it will come up for consideration at the May 26 FAC meeting, barely six months after the proposal was moved. The 2,800 MWe NPP will consist of four units of
Indigenous Pressurised Heavy Water Reactors
(PHWRs) of 700 MWe capacity each, abbreviated as MBRAPP -1 to 4. They are to come up over 660 hectares of land upstream of the Mahi-Bajajsagar reservoir. Forest land apart, it includes private and government land-land acquisition across some rural segments has been challenging. The proposed 700 MWe PHWR reactors are indigenous and are similar to the ones currently under construction in Gujarat (KAPP-3 & 4) and in Rajasthan (RAPP-7 & 8). The estimated tariff from the project is expected to be comparable and competitive with the contemporary thermal stations in the northern region.
The project is significant as it will be one of the first to be executed through ASHVINI -- a Joint venture company between PSUs-NTPC and Nuclear Power Corporation of India (NPCIL) -- incorporated for setting up and scaling up nuclear power projects in the country through pooling of resources and expertise.
This was enabled through an amendment in the definition of the Government Company under Atomic Energy (Amendment) Act, 2015. Earlier, NPCIL was the sole executor of all NPPs in India. In September 2024, the MBRAPP 4X700 MW was transferred from NPCIL to ASHVINI.
MBRAPP is also significant as it is part of the 'fleet mode reactor program', a key national mission to set up a series of indigenous nuclear power plants within 4-5 years to meet growing energy needs through 'cleaner' fuel as compared to thermal projects, in view of India's climate action commitments at global fora.
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The interest will be 1% per month on the unpaid tax from the due date till the return is filed. 31 Oct 2025 For individuals and professionals requiring audit for financial year 2024-25 (assessment year 2025-26). If you miss it... You can file a belated tax return till 31 December 2025, though you will be charged the same penalty as that for breaching the 15 September deadline. In addition to this, the assessing officer can levy a penalty of `1.5 lakh or 0.5% of turnover, whichever is lower. 31 Dec 2025 Last date to file revised or belated tax return if you miss the 15 September deadline. If you miss it... You can file an updated return till four years from the end of the relevant assessment year. However, you will have to pay an additional tax at the rate of 25%, 50%, 60% and 70% of the tax for the first, second, third and fourth years, respectively, depending on the year in which you file. 'In case of wilful default, even prosecution proceedings may be initiated under Section 276CC. There is a provision of imprisonment of six months to seven years with a fine, where tax evaded is more than Rs.25 lakh, and from three months to two years with a fine, in other cases,' says the tax return has been filed after the due date (15 September this year), you can be penalised up to Rs.5,000 under Section 234F (see 'Don't miss these tax filing deadlines'). This is besides the 1% per month interest you will be levied for unpaid tax. As far as updated returns are concerned, you can file till four years after the relevant assessment year, as per the change announced in last year's Budget. Who needs to file income tax returns? Find out the conditions under which you are exempted from filing returns and when it's compulsory to do so. You're exempt from filing if.. Your annual income before deductions and exemptions is… Less than Rs.2.5 lakh in old tax regime. Less than Rs.3 lakh in old tax regime if you are between 60 and 80. Less than Rs.5 lakh in old tax regime if you are over 80. Less than Rs.3 lakh in new tax regime. You are over 75, with only income being pension and interest from the same bank, and the bank has deducted tax. Even if you're exempt,file a return if… You have a tax refund due. You have a TDS/ TCS refund due. You need to apply for a loan, passport or visa. You want to carry forward losses from business/ profession or under capital gains head in the future. Even if you're exempt, it is mandatory to file a return if … You have a foreign income or hold foreign assets. You are a company or a firm, regardless of profit or loss. You have deposited Rs.50 lakh or more in savings account, or Rs.1 crore or more in current account. You have spent Rs.2 lakh or more on foreign travel. Your electricity consumption is over Rs.1 lakh. Your aggregate TDS/ TCS is more than Rs.25,000 (Rs.50,000 for senior citizens). You have a business turnover of over Rs.60 lakh, or professional turnover of more than Rs.10 lakh. The most likely mistakes this year could be related to the changes introduced by the Budget 2024. There are not only structural changes in the ITR forms that require compliance by taxpayers (see 'Comply with these Budget 2024 changes'), but also deductions and capital gain taxation changes that could lead to calculation errors.'Removal of indexation from long-term capital gain calculation is the biggest change from Budget 2024, for which the cut-off date is 23 July 2024,' says Shubham Agrawal, Senior Taxation Adviser, TaxFile. in. Both the capital gain taxation rates and holding periods have been rationalised (see 'Capital gain rates…'). While long-term gains from listed shares and equity funds will be taxed at 12.5% without indexation, short-term gains will be taxed at 20%, up from 15% the capital gains schedule has also been modified to report gains separately for periods before and on or after 23 July 2024. What this means is that taxpayers will now have to bifurcate their gains based on whether the transfer occurred before or after this other changes, remember that while using ITR forms 1, 2, 3 and 5, you can only use your Aadhaar number, not the Aadhaar enrolment ID. 'Besides, the new tax regime has become the default tax regime, and if you wish to opt for the old tax regime, you will have to explicitly choose it by filing Form 10-IEA before filing your ITR,' says mistake many people make before filing their tax returns is not checking the Annual Information Statement (AIS) and Form 26AS, which provide a summary of all their transactions and taxes.'Form 26AS is a tax credit statement that primarily serves as a summary of taxes credited against a taxpayer's PAN,' says Raj Lakhotia, Managing Partner, LABH & Associates. It includes details such as tax deducted at source (TDS), tax collected at source (TCS), advance tax and self-assessment tax payments, refunds issued by the Income Tax Department, and details of specified high-value transactions like property purchases, mutual fund investments, AIS, on the other hand, is more comprehensive and reflects both the reported value and that accepted or modified by the taxpayer, enabling users to verify the information and submit feedback, in case of discrepancies. This information includes interest income from savings accounts, fixed deposits and recurring deposits, dividend income, securities transactions like purchase and sale of shares, mutual funds, rent received, foreign remittances, high-value credit card spends, among reconcile the data, first compare the information in AIS and Form 26AS with your own financial statements, Form 16, bank statements, and investment proofs. 'If there are any mismatches (TDS not reflected, incorrect income figures), contact the deductor (employer, bank) to get it rectified,' says Jethani.'Reconciliation of both with the ITR helps avoid discrepancies, prevents underreporting or duplicate claims, facilitates faster processing of returns and refunds, and avoids tax notices,' says you fail to list all your incomes by mistake or intentionally, it can prove very expensive. 'Since most filings are based on AIS and TIS, people only refer to these, but there is the risk of missing out incomes on which TDS is not deducted, such as interest on sovereign gold bonds or rent for residential property if it is less than Rs.50,000 a month,' says Agrawal.'It's also easy to miss out on interest from savings accounts, fixed and recurring deposits, crypto, or freelance, rental and foreign incomes,' says Sudhir Kaushik, Founder & CEO, frequently overlook categories of income that are accrued but not received, or not actively tracked, such as capital gains from sale or redemption of shares, mutual funds, real estate, or other capital assets, and dividend income, especially when credited without TDS or reinvested,' says income that is typically not included is the one derived from assets transferred to the spouse without consideration, or income from minor children. 'Also, in case of sale of jointly owned property with spouse but funded only by one, people report capital gains proportionately in both the returns, rather than in the return of the spouse who funded it,' says Kumar. After Budget 2024 Capital gain rates & holding periods have changedDepending on whether it is underreporting or misreporting of income, it can result in a penalty of 50-200% of the due tax, besides interest liability and even risk of prosecution in extreme exempt income is not a part of your total taxable income, it is mandatory to report it under the appropriate section (Schedule EI). 'Non-reporting of such income may lead to a defective return, and if the defect is not rectified within the prescribed timeline,the return may be treated as invalid,' says Lakhotia. Agrees Kumar: 'With automated processes in place, it is likely to get noticed. This may result in waste of time and energy responding to notices and giving explanations why it was missed.'Exempt income that needs to be reported includes agricultural income; share of profit from a partnership firm; interest income from Public Provident Fund (PPF); interest income from tax-free bonds; gratuity and leave encashment (up to specified limits under Section 10(10AA)); maturity proceeds of life insurance policies (subject to conditions under Section 10(10D)); exempt portion of house rent allowance (HRA) under Section 10(13A); exempt portion of leave travel allowance/concession (LTA/LTC) under Section 10(5); commuted pension (up to specified limits under Section 10(10A)); Sukanya Samriddhi proceeds and interest earned; interest and maturity proceeds from Employees' Provident Fund (EPF), subject to specified conditions; and income of a minor child clubbed with the parent (exempt up to specified limit under Section 10(32)).When people change jobs within a financial year, they are likely to make the following accounting mistakes. Claiming basic exemption & deduction twice: 'Both new and previous employers may independently apply basic exemption limit, standard deduction, and deductions under Chapter VI-A, especially if investment declarations have been submitted twice, resulting in double claiming of tax benefits and lower TDS deducted,' says Lakhotia. 'Where such tax liability, net of TDS/TCS, is more than Rs.10,000, the employee will end up paying interest under Sections 234B and 234C if he doesn't pay advance tax,' cautions Kumar. 'Also, irrespective of the number of employers during the year, the standard deduction is capped at Rs.75,000 in the new regime,' says Agrawal. Not consolidating Form 16s, incomes: Obtain Form 16 from all employers and consolidate income and tax details as it can lead to incomplete income reporting and inaccuracies in TDS credits. 'Ensure all income, including any arrears, bonuses, or final settlement from the previous employer, is included,' says Jethani. Not reconciling Form 16 & Form 26AS : Failure to check the TDS details in Form 16 and those reflected in Form 26AS may lead to missing mismatches, which can result in delays or tax notices. Ignoring taxability of gratuity, leave encashment: 'The other common mistake is claiming exemption for gratuity or leave encashment exceeding the maximum amount specified in the Act if the employee does not keep track of claims in the previous employments,' says Kumar. Failure to account for these can cause errors in tax liability computation. Last year, the Income Tax Department uncovered rent receipts worth Rs.1 crore by a single employee and bore down on the company employees who had used the same PAN multiple times to claim HRA exemption. Don't make the mistake of conducting fraud as it can result in hefty penalties, including a fine of up to 200% of the misreported exemption is available under the old tax regime to salaried employees as part of their salary structure. To claim it, you need to provide documentary proof, including a formal rent agreement, rent receipts and landlord's PAN (if annual rent exceeds Rs.1 lakh), to the employer, besides actually staying in a rented usage of fake or incorrect PAN details can be easily detected via PAN verification systems, while any mismatch in the rent paid by you and that received by the landlord is bound to get a tax notice. Another red flag for the tax authorites is a mismatch in the rental address and the one linked to Aadhaar or other official an employee fails to declare or submit proof to the employer, he can still claim HRA exemption at the time of filing returns under Section 10(13A). 'However, tax authorities could audit the return to verify the claim. So, preserve supporting documents, such as rent agreement, rent receipts, bank statements reflecting the payment of rent, and where the rent paid exceeds Rs.50,000 a month, evidence of tax deducted at source by the employee,' says Kumar.'You cannot claim exemption if you stay in your own house or with parents, unless you pay them rent with a valid formal agreement and genuine bank transactions for rent transfers,' says the taxpayer pays rent but doesn't receive HRA from employer, a separate deduction under Section 80GG is available up to Rs.5,000 a month, but is subject to You have no formal rent agreement. You have no proof of bank transactions. Incorrect PAN of landlord (for over Rs.1 lakh a year rent). Rental address is not authentic. Your HRA claim differs from that of employer. How it's caught It may not always be mandatory, but its absence can raise suspicion. Tax department can check bank statements. It's easily caught through PAN verification. Mismatch with address in Aadhaar card or other official records can catch it. Employer submits details of HRA exemption in Form 16. The following alterations need to be incorporated by taxpayers in their returns this year. Capital gains & IT formsTaxpayers who have long-term capital gains of up to Rs.1.25 lakh and are not carrying forward capital losses can now file using simpler ITR 1 form, instead of the previously mandated complex ITR 2 or ITR 3 forms. This is after the increase in LTCG exemption limit on listed equity shares and equity-oriented mutual funds from Rs.1 lakh to Rs.1.25 lakh in a financial year. Capital gain split From 23 July 2024, the LTCG on listed equity shares and equity-oriented mutual funds will be taxed at 12.5% without indexation, from 10% earlier, while the short-term capital gains (STCG) will be taxed at 20%, from the earlier 15%. Taxpayers will have to bifurcate their gains based on whether the transfer occurred before or after this date. Buyback as dividend Buying back of shares on or after 1 October 2024 will be considered as dividend in the hands of shareholders and should be reported as 'Income from other sources', instead of capital gains. It will be taxed at applicable slab rate without any deduction of the cost of acquisition. TDS schedule This year, you will need to mention the TDS section under which tax was deducted for income in 2024-25 if you are using forms ITR 1, 2, 3, or 5. Actual Aadhaar You can file the tax returns this year for forms ITR 1, 2, 3 and 5 using only the actual Aadhaar number, not the Aadhaar enrolment ID. Updated return timeline The timeline for filing updated returns (ITR-U) has been extended from 24 months to 48 months. Asset-liability threshold The threshold for reporting assets and liabilities in the tax return has been increased from Rs.50 lakh earlier to Rs.1 crore now. Disability certificate For disabled individuals, taxpayers could earlier claim deduction under Section 80DD or Section 80U in the old regime by quoting Form 10-IA. Now, they will have to give acknowledgement number of disability certificates as well.
