'The deeper problem is big government -- a giant monster with a giant appetite, which requires it to put more and more pressure on tax officials to extort. 'And the monster is getting bigger by the day. But then, Mr Modi too knows this,' says Debashis Basu.
'Appointed, sponsored and nurtured' by Jayalalithaa, P Rama Mohana Rao is now seen as a man who holds the key to the secrets of ministers and bureaucrats.
Only 300 assessees came forward with disputed tax liabilities amounting to Rs 10,000 crore
'For a man who had just received news of his daughter's kidnapping, he showed no sign of anxiety or agitation.' 'Here is a cool customer, I thought to myself.' 'The only thing he said was, 'I would not have been so anxious had they kidnapped my son'.' 'He told me that his daughter Rubaiya, who was a medical intern, was returning home from the hospital in a minibus when it was stopped close to the Mufti's house.' 'She was taken by four armed militants.' A gripping excerpt from Moosa Raza's Kashmir: Land Of Regrets.
The department has found that Rs 100 crore were deposited in 500 Jan Dhan accounts in the banks in western Madhya Pradesh post-demonetisation.
In his first communication to the field formations of the income tax department after taking over, the new CBDT chairman Sushil Chandra has spelled out a seven-point priority list for the department, entrusted to enforce direct tax laws in the country.
The Committee will 'examine the assessment orders, appellate orders and scrutiny report for the appeal to the ITAT related to orders. . . and give its recommendations for different income groups, separately for corporate and non- corporate assesses", CBDT said.
There will be a review of employee compensation arrangement in the light of the new rules.
The new 2 page form has been categorised as 'Form 6'
In 2014-2015 the I-T department put up 669 cases for prosecution. The charges stuck in only 34 cases: Just 5%. It was no exceptional year -- the story broadly follows the script every year.
It's not as easy to know how the funds were deployed and gauge the impact.
When Taragauri Doshi's husband died, an assessing officer wanted to tax the proceeds from a life insurance policy that had been bought abroad. Homi Mistry, Mousami Nagarsenkar & Hiral Tanna explain why such proceeds are not taxable in India.
The proposed ban on cash transactions above Rs 3 lakh may hit luxury goods, jewellery sales and real estate.
Top management of firms should be summoned for a few specified reasons and after written justification at a senior level.
Experts say only three per cent individuals pay taxes.
.jpg)
The power of a nation is directly related to the revenues it realises from its citizens. But India loses a gargantuan Rs 5.8 lakh crore, as the IT department drags its feet over recovering uncollected taxes in time or holding up files in appeal cases, says Mohan Guruswamy.
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.
