Government gets Rs 17.1 lakh crore in its kitty
The I-T Department had identified 1.8 million taxpayers in its Operation Clean through data mining and asked them to submit responses about the source of their deposits.
Distributing chana is easier than other varieties of pulses as it only requires cleaning and sorting and can be consumed whole; it was also abundantly available with Nafed.
Apart from Bihar, Chhattisgarh and Jharkhand, where none of the estimated 6.7 million construction workers got cash transfer benefits, the coverage of the construction workers was the lowest in Delhi, where only about 5 per cent of the estimated workers received cash under the PMGKY, followed by Kerala and Uttar Pradesh (22 per cent), among major states. In India, construction workers belong to the unorganised sector but account for the highest share of non-farm jobs after manufacturing.
Such a move will help bring clarity to the Centre's estimates of the demonetised amount
"All corona warriors deserve high praise," Kovind said in his televised address.
The prime minister held a meeting with chief ministers via video-conferencing, and said it was imperative to work on war footing, identify hotspots, encircle them and ensure that coronavirus does not spread out.
This amount is just about 10% of the previous IDS
If you are making any drastic changes, make sure there is adequate documentation
The Income Tax department has begun the process to examine bank deposits and transactions to check possible black money instances and said once the last opportunity to declare funds in old notes under the PMGKY scheme ends it will be very tough for hoarders.
Not declaring the black money under the scheme now, but showing it as income in the tax return form would lead to a total levy of 77.25 per cent in taxes and penalty. In case the disclosure is not made either using the scheme or in return, a further 10 per cent penalty on tax will be levied followed by prosecution.
However, two districts -- Pilibhit in Uttar Pradesh and Shaheed Bhagat Singh Nagar in Punjab -- which did not record a fresh case in the last 28 days, reported new COVID-19 cases on Monday, it added.
Apart from this, employers may be allowed to deduct EPF contributions only on the basic pay of up to Rs 15,000, even if the employees' basic pay is above this ceiling. While on one hand this will allow companies to lower their wage bills, employees can also get a higher salary in hand.
Rs 6,000-cr disclosure just four days before scheme ends
March requires 20% jump to meet year's goal; CBDT chief tells staff to sweat it out to meet target
Finance Minister Nirmala Sitharama on Thursday stated the government is planning to provide a relief package of Rs 1.7 lakh crore to the underprivileged, poor and migrant workers affected by the lockdown amid the coronavirus outbreak. The scheme has been named the Pradhan Mantri Garib Kalyan Scheme.
The I-T department will rely on data analytical tools and run models to separate black money holders and genuine taxpayers based on the large data base being shared by banks.
'The stimulus message was tagged on to what was meant to be an exhortation to self-reliance, glossing over the near impossibility of merging the immediate requirement of relief for a huge population and a questionable strategy for the future trajectory of a large economy aspiring to superstardom,' points out Shreekant Sambrani.
Tax wing scanning cash deposits between Rs 5-10 lakh
I-T heat on thousands of firms for unusual cash deposits.
Includes those dealing in high-value property and petrol pump owners
'The current economic contraction is certainly due to the lockdowns as a response to the pandemic, which is an act of God.' 'Nobody has seen such a thing in the last 100 years.' 'Saying that this was an act of mismanagement is largely incorrect'
While the central bank had publicly cited only Rs 15.55 trillion of high value notes were cancelled, in an RTI reply to PTI, it had said the actual quantum of bills cancelled was much higher at Rs 20.51 trillion.
'We have not issued notices randomly.' 'We have done the risk profiling of individuals, and sent to those whose profile has not matched with their declared income.'
Nearly three weeks after Prime Minister Narendra Modi announced junking high denomination 500 and 1000 rupee notes, Finance Minister Arun Jaitley introduced a bill to amend the income tax law.
The economy could return to 8% growth by the end of 2017-2018, says Arvind Panagariya, vice-chairman NITI Aayog.
According to BJP strategists, PMJAY and the PM Ujjwala Yojana will form the nucleus of the Modi government's re-election campaign.
Measures may include tax slab and rate revisions for individuals, companies.
Against estimates of black wealth of Rs 300 lakh crore and black money in cash of Rs 3 lakh crore by economist Arun Kumar, the PMGKY numbers fall short by a huge margin.
Declaring demonetisation a complete failure may turn out to be hasty, argues economist Ashok K Lahiri.
The official twists and turns have raised questions on the government's credibility and its ability to pull the nation out of the demonetisation quagmire. To keep up with the new rules, the government has issued an updated FAQ on demonetisation.
Demonetisation should be judged to have delivered some immediate gain if at least around Rs 2 trillion gets immobilised.
Limited IT staff may compel them to focus on big fish than small depositors.
From India's fight against COVID-19 to China face-off, Kovind spoke on several issues during the televised address.
A combination of reduced cash intensity, a focused strategy of tax administration and GST is the way to go, say Sakshi Gupta, Tanvi Garg and Abheek Barua.
IDS-2 and raids to uncover black money stash keep receipts flowing
While the government has the option of ensuring the passage of these Bills as money Bills, there are voices within the government advising discretion on the GST roll-out by April 1.
Piloting the Specified Bank Notes (Cessation of Liabilities) Bill, Finance Minister Arun Jaitley said it will extinguish the government's liability towards scrapped notes and also eliminate the possibility of their bring used as parallel currency.
'Their vote bank has shifted to the BJP; the Congress is yet to realise it.'
Here's the full text of President Ram Nath Kovind's customary address to the joining sitting of Parliament on the first day of the budget session.
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