Mumbai: The travel time between Uran and the Gateway of India will be cut in half with the introduction of electric ferries in about two weeks. Speed trials are currently underway and the service is expected to begin soon, according to reports quoting an official from the Jawaharlal Nehru Port Authority (JNPA).

In December 2024, JNPA approved a Rs 37.8 crore lease for two electric ferries over a 10-year period. The boats were initially scheduled to begin operations in January, but technical delays pushed the launch back.

Currently, wooden passenger boats take over an hour to complete the journey, but the e-ferries will reduce travel time to just 30-40 minutes. This upgrade will majorly benefit local residents, JNPA personnel and officials from customs, the air force, CISF and ports who frequently use the route.

Each ferry will accommodate 20-24 passengers, and tickets will be available for purchase online, said JNPA chairman Unmesh Sharad Wagh. The frequency and schedule of the ferries will be determined based on demand.

Details On Routes Of New E-Ferries

The new service will operate between the Gateway of India and JNPA via the sea route, while during the foul weather season, it will run from Bhaucha Dhakka to JNPA. This initiative aims to make commuting more efficient and comfortable for passengers.

The journey from Mumbai to Jawaharlal Nehru Port (JNP) will be significantly shortened, saving passengers up to 20 minutes, with a total travel time of 30-40 minutes. The ferries will also enhance passenger comfort with air-conditioned seating, improving the overall travel experience.

These e-ferries are part of the Harit Sagar, or ‘Green Port,’ initiative, which focuses on sustainable port operations and minimizing environmental impact. Launched by the Ministry of Ports, Shipping, and Waterways (MoPS&W), the initiative aims to achieve net zero emissions by 2047 and increase renewable energy usage across major ports by 60 per cent. The introduction of pollution-free, environment-friendly ferries aligns with this vision, marking a step toward cleaner and more sustainable maritime transport.

New Delhi, March 26: Union Finance Minister Nirmala Sitharaman said that a special campaign carried out by the Income Tax Department has led to the declaration of foreign assets and income to the tune of Rs 30, 300 crore after over 30,000 taxpayers revised their income tax returns or filed belated returns for 2024-25.

The Finance Minister said in the Lok Sabha that SMS and e-mails were sent to around 19,501 taxpayers, asking them to review their income tax returns based on information collected by the Income Tax Department on foreign deposits.

She said the “nudge campaign” resulted in 11,162 taxpayers revising their tax returns and filing the Schedule Foreign Assets Form, declaring total assets of Rs 11,259.29 crore and disclosing foreign income of Rs 154.42 crore. Another 883 taxpayers revised their ITRs and corrected their status from resident to non-resident in the revised return for 2024-25.

An additional 13,516 taxpayers declared foreign assets of Rs 7,564 crore and foreign income of approximately Rs 353 crore in their revised ITR for 2024-25.

The Income Tax Department launched a compliance-cum-awareness campaign, aimed at encouraging voluntary disclosures of offshore wealth and income. The drive focused on a data-driven and non-intrusive approach, which led to a 45.17 per cent year-on-year jump in voluntary disclosures in 2024-25 compared to 2023-24.

According to sources, tax authorities received financial information from over 108 countries regarding foreign accounts and income in the form of interest and dividends earned outside India by its citizens.

The number of taxpayers disclosing foreign assets and income voluntarily has shot up from 60,000 in 2021-22 to 2,31,452 taxpayers in 2024-25.

India is one of the early adopters of Common Reporting Standards (CRS) and has been receiving data since 2018.

More than 125 countries have agreed to share financial information of individuals linked to other jurisdictions on an automatic basis, including details of accounts held, account balances, dividends, interest received, and gross payments.

A similar exchange occurs with the US under the Inter-Governmental Agreement under the Foreign Accounts Tax Compliance Act (FATCA), 2010.

Using this data received under the automatic exchange of information, the Central Board of Direct Taxes (CBDT) launched a Compliance-Cum-Awareness Campaign on November 17, 2024, urging taxpayers to declare their foreign assets and income in revised Income Tax Returns (ITRs) for Assessment Year (AY) 2024-25.

This campaign followed a system-driven and taxpayer-friendly approach, utilising the information received through CRS and FATCA.

The Income Tax Department also facilitated taxpayers by providing a step-by-step guide to filling out Schedule Foreign Assets and Schedule Foreign Source Income, along with explanatory materials to help them understand the information received under these frameworks.

New Delhi, March 25: The new Income Tax Bill will be taken up for discussion in the Monsoon session of Parliament, Finance Minister Nirmala Sitharaman told the Lok Sabha on Tuesday.

The Income-tax Bill, 2025, which will replace the six-decade old Income Tax Act, 1961, will make direct tax laws simple to understand, remove ambiguities, and reduce tax disputes.

The simplification exercise was guided by three core principles which include textual and structural simplification for improved clarity and coherence, ensuring continuity and certainty with no major tax policy changes and no modifications of tax rates to preserve predictability for taxpayers, the Finance Ministry said.

The Bill, based on global best practices, aims to enhance the ease of doing business by providing a tax framework that is simple and clear. It has led to a substantial reduction in the Act’s volume, making it more streamlined and navigable. The total number of words in the new Income Tax Bill has been reduced to 259,676 from a massive 512,535 words in the existing Income Tax Act. This close to 50 per cent cut has resulted in a reduction of 252,859 words, according to an official statement.

Accordingly, the number of chapters in the new Income Tax Bill has come down to 23 from 47 in the existing Income Tax Act. Similarly, the number of sections has been cut to 536 from 819 earlier which has resulted in removing as many as 283 sections, the statement explained.

This massive reduction has taken place with the simplification of language, making the law more accessible while the consolidation of amendments has reduced fragmentation.

A three-pronged approach was adopted with a focus on eliminating intricate language to enhance readability, removing redundant and repetitive provisions for better navigation and reorganizing sections logically to facilitate ease of reference, according to the statement.

There has also been a structural rationalisation through tables and formulae for improved readability. Besides, the preservation of existing taxation principles has ensured continuity while enhancing usability, the statement said.

Consultations were held with industry experts and tax professionals and simplification models from Australia and the UK were studied for best practices.

The government also ensured widespread stakeholder engagement, consulting taxpayers, businesses, industry associations, and professional bodies. Out of 20,976 online suggestions received, relevant suggestions were examined and incorporated, where feasible.