Seafarers get tax exemption from Ministry of Finance

KOLKATA: Union ministry of finance has granted income tax exemption to Indian seafarers cruising aboard overseas ships out of doors India for extra than 182 days a yr.

Thru the Significant Board of Direct Taxes (CBDT) round no. thirteen/2017, the ministry of finance has issued a rationalization concerning liability to earnings-tax in India for a non-resident seafarer receiving remuneration in NRE (non-resident external) account maintained with an Indian financial institution.

Fine in Class Finance Capabilities For Police Forces

Finance
Police investment has risen via £4.eight billion and 77 according to cent (39 in step with a cent in actual terms) given that 1997. However, the days where forces have loved such levels of funding are over.

Leader Constables and senior control understand that the yearly cycle of searching out efficiencies year-on-yr isn’t sustainable, and will no longer deal with the coins shortfall in years to come.
Facing slower funding growth and real coins deficits of their budgets, the Police Service should undertake revolutionary strategies which generate the productiveness and performance profits needed to deliver excessive excellent policing to the general public.

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The step-change in overall performance required to meet this project will most effective be completed if the police Service absolutely embraces powerful useful resource management and makes efficient and efficient use of its generation, partnerships, and people.

The finance feature has a critical function to play in addressing these challenges and helping Forces’ objectives economically and correctly.

Ministry

Police Forces generally tend to nurture a divisional and departmental culture in place of a company one, with character procurement sports that don’t exploit economies of scale. That is in component the end result of over a decade of devolving Functions from the center to the.Divisions.

If you want to lessen expenses, enhance efficiency and mitigate in opposition to the chance of “pinnacle down” obligatory, centrally-driven tasks, Police Forces need to set up a company lower back office and set off behavioral alternate. This alteration needs to contain compliance with a corporate lifestyle as opposed to a series of silos strolling Through the agency.

Growing a Fine in Magnificence Finance feature

tax

Historically finance Capabilities within Police Forces have targeted on transactional processing with only limited support for control information and business selection help. With a renewed attention on efficiencies, there is now an urgent need for finance departments to convert A good way to add extra cost to the force however with minimum expenses.

1) Aligning to pressure Method

As Police Forces want finance to function, it’s far imperative that finance and operations are closely aligned. This collaboration can be very powerful and assist deliver vast improvements to a pressure, however, In an effort to reap this model, there are many limitations to conquer. Finance Directors should examine whether their pressure is prepared for this collaboration, however extra importantly, they need to take into account whether or not the pressure itself can continue to exist without it.

Finance calls for a clean imaginative and prescient that centers around its role as a balanced commercial enterprise accomplice. However, to attain this imaginative and prescient a big attempt is required from the bottom as much as recognize the huge complexity in underlying structures and methods and to devise a manner forward which could paintings for that unique corporation.

The achievement of any exchange management program is depending on its execution. change is hard and expensive to execute efficiently, and frequently, Police Forces lack the applicable experience to attain such alternate. Although finance Directors are required to hold appropriate professional qualifications (rather than being former cops as become the case a few years in the past) many have progressed inside the Public Quarter with restrained possibilities for mastering from and interplay with Exceptional in Class methodologies. Further cultural problems around self-upkeep can gift boundaries to trade.

While it’s miles tremendously clean to get the message of finance transformation throughout, securing dedication to embark on bold change can be hard. commercial enterprise cases frequently lack the exceptional required to power Through exchange or even in which they are super nice senior police officers regularly lack the commercial cognizance to consider them.

2) assisting pressure Choices

Many Finance Administrators are keen to expand their finance Features. The project they face is convincing the rest of the force that the finance characteristic can add value – by using devoting more time and effort to economic analysis and providing senior control with the equipment to recognize the monetary implications of predominant strategic Decisions.

Maintaining monetary Controls and Dealing with Threat

Sarbanes-Oxley, Worldwide financial Reporting Requirements (IFRS), Basel II and character Capital Tests (ICA) have all placed economic controls and reporting below the highlight within the non-public Area. This, in turn, is growing the highlight on monetary controls within the public Zone.

A ‘Quality in Magnificence’ Police pressure finance characteristic will now not just have the minimal controls to satisfy the regulatory requirements but will examine how the legislation and rules that the finance function are required to comply with, may be leveraged to provide the fee to the enterprise. presenting strategic facts with a view to enabling the force to meet its objectives is a key undertaking for the main finance characteristic.

3) cost to the pressure

The pressure for development during the last decade or so has moved decision-making to the Divisions and has brought about an increase in prices inside the finance function. Thru using some of the initiatives in a software of transformation, a force can leverage up to 40% of savings at the cost of finance together with improving the responsiveness of finance groups and the quality of monetary records. those tasks include:

Centralization

by means of centralizing the finance function, a Police pressure can create centers of excellence where enterprise Exceptional practice may be evolved and shared. This may no longer best re-empower the branch, growing greater independence and objectivity in assessing initiatives and overall performance, but also result in greater steady control information and a better diploma of manipulating. A Police force can also expand a business companion group to act as strategic liaisons to departments and divisions. The enterprise partners might, as an instance, endorse on how the departmental and divisional commanders can meet the budget in destiny months instead of simply advising that the finances have been missed for the preceding month.

With the mundane range crunching being finished in a shared Service middle, finance experts will discover they now have time to behave as business partners to divisions and departments and recognition on the strategic issues.

The cultural effect on the departments and divisional commanders have to now not be underestimated. Commanders may be involved that:

o Their budgets will be centralized
o Workloads would boom
o There can be restrained access to finance individuals
o There will now not be on site support

But, if the centralized shared Career center is designed as it should be none of the above ought to observe. In reality from centralization beneath a Great exercise version, leaders need to accrue the subsequent advantages:

o Strategic advice furnished by means of commercial enterprise companions
o Increased flexibility
o Stepped forward management statistics
o Quicker transactions
o Reduced quantity of unresolved queries
o extra readability on Service and price of provision
o Forum for finance to be strategically aligned to the needs of the force

A pressure that actions from a decentralized to a centralized device must attempt to make sure that the finance feature does no longer lose touch with the Chief Constable and Divisional Commanders. Forces need to have a strong enterprise case for finance transformation combined with a governance structure that spans operational, tactical and strategic necessities. there is a Chance that capability blessings of implementing such a change might not be found out if this system isn’t always cautiously managed. Funding is wanted to create aa success centralized finance function. Typically the destiny capacity advantages of greater visibility and manipulate, consistent techniques, standardized management records, economies of scale, long-time period fee financial savings and an empowered institution of proud finance experts, ought to outweigh the ones initial fees.

To reduce the commercial, operational and capability risks, the finance Functions can be absolutely outsourced or partially outsourced to 1/3 events. This could provide assured value benefits and may offer the possibility to leverage relationships with carriers that offer Satisfactory exercise methods.