'It is good for us if the JMM contests. That will divide the Opposition and give us the upper hand.'
"The response (to the PMGKY) has not been so good...about Rs 5,000 crore of income was declared in PMGKY," Revenue Secretary Hasmukh Adhia said.
The disclosures will enjoy immunity from wealth tax, civil and other taxation laws but there will be no immunity from FEMA, PMLA, narcotics and black money laws.
The vaccination drive was only one important part of India's globally recognised pandemic management and response strategy, observes Dr Vinod K Paul.
The Central Board for Direct Taxes on Friday said a black money declarant under the PMGKY scheme will be allowed to file declarations under the stipulated Form 1 by April 10, if tax and penalty is paid by the deadline that ends on March 31 (Friday).
The department said that total confidentiality is ensured to those who declare their black assets and funds
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.
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.
Rs 6,000-cr disclosure just four days before scheme ends
The approval is in addition to the existing scheme for the wage months of March to May, 2020 approved on April 15, 2020. The total estimated expenditure is Rs 4,860 crore and over 72 lakh employees in 3.67 lakh establishments will be benefitted.
Under 'Operation Clean Money', the I-T department had sent SMS and e-mails to 18 lakh people
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.
Under the PMGKY scheme, black money holders can deposit unaccounted cash in account which will be subject to 50 per cent tax and 4-year interest free lock-in for the remaining 25 per cent of the amount
To ensure enough food to the poor during the lockdown, the government last week started distributing free 5 kg of rice or wheat per person and 1 kg pulse per household under the Pradhan Mantri Garib Kalyan Yojana to over 81 crore PDS beneficiaries.
The PMGKY will not allow declarants to use claims made for refunds for advance taxes paid, tax deducted at source and tax collected under the scheme.
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.
It was reported that the new amnesty scheme would allow gold hoarders a chance to come clean on investment made using black money by declaring their possession and paying tax on it.
Includes those dealing in high-value property and petrol pump owners
'All imaginary figures are pushed by government bureaucrats.' 'They never showed that the production of wheat was less this time.'
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.
Any bank account suspected to have been "misused" for money laundering or shell company operations won't be exempted from probe under 'Operation Clean Money' despite having low deposits, the CBDT said on Tuesday.
The relaxation would be available only to those beneficiaries who have been credited with the advance for buying the cylinder but have not been able to purchase the refill.
Of the total cash outgo Rs 40,000 crore is towards enhanced expenditure under Mahatma Gandhi National Rural Employment Guarantee Program and Rs 33,771.48 crore have been sought for direct benefit transfer under Pradhan Mantri Jan Dhan Yojana and National Social Assistance Programme.
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.
March requires 20% jump to meet year's goal; CBDT chief tells staff to sweat it out to meet target
Tax wing scanning cash deposits between Rs 5-10 lakh
I-T heat on thousands of firms for unusual cash deposits.
The income tax department on Friday warned against indulging in cash transaction of Rs 2 lakh or more, saying that the receiver of the amount will have to cough up an equal amount as penalty.
Declaring demonetisation a complete failure may turn out to be hasty, argues economist Ashok K Lahiri.
Prof Ananth Narayan, well known financial expert who works as a faculty member at the SP Jain Institute of Management and Research and the RBI's nominee director on the board of Yes Bank, expects a double-digit contraction in India's GDP this fiscal year. In the first of a two-part interview to Shobha Warrier/Rediff.com, Prof Narayan, below, says, "Giving liquidity and loan to cover the cash flow problem is not sufficient because you are essentially increasing the debt of many of these companies. And they might not be able to bear the burden."
This amount is just about 10% of the previous IDS
The department had sent SMSes and emails to 18 lakh people who made suspicious deposits of over Rs 500,000 during the 50-day demonetisation period.
Which one of these expectations do you think will actually materialise, come February 1?
Deposits of Rs 3 lakh are "justified" if a person has an annual taxable income of Rs 10 lakh and the tax department will "not touch" him.
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.
Prithviraj Hegde explains the first results of the demonetisation exercise in layman terms.
Prithviraj Hegde explains the first results of the demonetisation exercise in layman terms.
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.
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