After social media outrage over a Budget proposal making it mandatory to get tax clearance certificates for going abroad, the government on Sunday clarified that the proposed amendment is not for all, and only those accused of financial irregularities or having substantial tax arrears need such clearance. The finance ministry, in the Finance Bill, 2024, has proposed to add the reference of the Black Money Act, 2015, to the list of Acts, under which any person should clear his liabilities to obtain the tax clearance certificate.
In a relief to actor Shah Rukh Khan, the Income Tax Appellate Tribunal has overturned an order of the tax authorities to add Rs 2.28 crore he had lent his wife as interest free loan to buy flat and jewellery to his net wealth.
These officers also have been divested of their current duties on charges of violating Rules 9 and 3(1)(xx) of the Central Civil Service Conduct Rules.
The comments come at a time when the Supreme Court-constituted Special Investigation Team has detected funds worth about Rs 4,479 crore (Rs 44.79 billion) held by Indians in a Swiss branch of HSBC bank, while unaccounted wealth totalling Rs 14,958 crore (Rs 149.58 billion) have been traced within home.
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
Direct tax collections totalled Rs 4.29 lakh crore (Rs 4.29 trillion) during the April-December period in 2012-13.
Experts say only three per cent individuals pay taxes.
This election will be remembered for being the first election where the Election Commission failed to take action on gross violations involving the ruling party that repeatedly used religion, communal slurs, lies and undocumented allegations, observes Ramesh Menon.
The income-tax department on Thursday nudged black money holders to make "honest" disclosures under the tax amnesty scheme -- Pradhan Mantri Garib Kalyan Yojana -- warning that non-declaration could attract 77.25 per cent tax and penalty along with prosecution.
Supposed to be one of the top-paid stars in Tamil cinema, actor Vijay is known for his big-ticket hits and commands good box-office opening.
In nearly 100 seats, the BJP stands almost no chance of winning. In 200 seats, it is a direct fight between the BJP and the Congress where the BJP has an upper hand. In 243 seats, the BJP is pitted against regional parties and it is not going to be easy. That is why 400 seats may end up as a pipe dream, states Ramesh Menon, author of Modi Demystified: The Making of a Prime Minister.
While the declarations under the scheme have to be filed by December 31, 2020, the government had in October extended the deadline for making payment by three months till March 31, 2021, in view of the ongoing Covid-19 pandemic.
'A huge number of declarations are expected to be made through the official e-filing website of the Income Tax department.'
'Nowhere amidst the efflorescence of 13 military bands, 16 marching contingents and 22 tableaux was there any hint that far from being a rich country of poor people, the closely guarded secret is that India is a poor country of extremely rich people,' notes Sunanda K Datta-Ray.
Sushil Chandra will conduct the UP, Punjab, Goa, Manipur, Uttarakhand elections before he retires in May 2022.
The database for 'Non-PAN AIR transactions' has already been disseminated to Principal Chief Commissioners based on the regions.
The Special Investigation Team has suggested an upper limit of Rs 15 lakh on cash holding.
PMO asked income-tax department to submit report on action taken against identified benami owners
The raid was carried out at a hotel in Karol Bagh in the national capital.
Do not declare them under Income Tax.
Finance Minister Arun Jailtey heard the concerns raised by the Australian side in terms of taxation and some provisions.
The Supreme Court-appointed Special Investigations Team on black money has also proposed that holding more than Rs 15 lakh in cash be made illegal for individuals and for companies, report Tinesh Bhasin and Sanjay Kumar Singh.
If a risk taker and young, NPS would suit her/him. Otherwise, s/he should go for EPF.
'His portrayal of Income Tax Commissioner Amay Patnaik relies on his firm footing as a man of consequence to pitch itself as a tribute to the IT department's unsung heroes.' 'It's the most I've enjoyed watching Ajay Devgn in a while,' says Sukanya Verma.
Attributing the stock market crash to global turbulence, Finance Minister Arun Jaitley on Monday said the government and RBI were watching the situation and hoped that things will stabilise once the transient impact is over.
The agency has so far seized diamonds, gold jewellery and other precious stones worth Rs 5,716 crore in the case and summoned Modi and Choksi, the promoter of Gitanjali Gems, to appear before it on February 23 at its Mubai zonal office.
The street-fighter attitude is what keeps Rane going even at 69. The expectation is -- at least in the BJP camp -- that he will be itching for a battle royale with the Shiv Sena in its bastions.
Instead of taking the moral high ground and resorting to a ban, the government should've turned the screws on dance bars by enforcing the licence conditions, says Anil Singh.
It's not as easy to know how the funds were deployed and gauge the impact.
Public bicycle-sharing systems are entering this untapped market.
Belgian-born Rich, whose trading group eventually became the global commodities powerhouse Glencore Xstrata, died in hospital from a stroke.
In his massive election rallies, Prime Minister Narendra Modi often caught voters fancy promising that each individual would get Rs 15-20 lakh in his bank account if he came to power.
The Zakat Foundation of India runs welfare initiatives for the destitute and helps with the education of poor students. Upasna Pandey/ Rediff.com discover the origins of this organisation
'The voter thinks that the State is not going to impartially deliver services, provide justice, basic law and order, social insurance -- so as a voter it's very rational that I may choose a criminal who will help me navigate the State.' 'A weak State allows a criminal politician to be the person who provides that guarantee to mediate whatever problem the citizen has with the State.'
The December elections in Delhi will be the first real test for the Aam Aadmi Party. Manavi Kapur spends a day shadowing its leader on his campaign
'I can tell you the case that hurts me the most is the one in which the little boy is forced to sign the Kohinoor over.' 'You take a mother away from a child, you surround him with grown ups speaking a different language, you tell him he must sign this over or else...'
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