Pandey is a Maharashtra cadre IAS officer of 1984 batch.
GST Council decides to extend compensation cess beyond June 2022.
In recent times, more and more audit firms have challenged company managements, some going to the extent of resigning on the ground of incompatibility with what the management wanted or was doing. This, said Ajay Bhushan Pandey, chairman of the National Financial Regulatory Authority (NFRA), in a media interview, was a good sign. Now, the national accounting watchdog has turned the spotlight on audit firms themselves.
Officers have been particularly urged to ensure that during field enforcement drive and visits, no taxpayer is overreached or troubled.
The ministry of finance will kickstart its massive budgetary exercise from October 15.
Revenue secretary Ajay Bhushan Pandey sought to justify the Budget proposal to increase surcharge on super-rich saying that the highest tax individual tax rate is 45 per cent in China and South Africa, and 50.3 per cent in the US.
Though the system is called faceless, it would have a room for inviting tax payers through video conferencing.
India is in the process of filing an appeal against an arbitration panel asking it to return $1.2 billion to British oil firm Cairn Energy Plc, sources said on Wednesday. If enforcement proceedings are initiated, India is confident to address them and will strongly defend its interests, the sources said, adding it is open to a constructive settlement of tax disputes within the existing legal framework. India is in the process of filing an appeal in the Cairn's arbitration award case, they said, adding in this case, it was well within India's sovereign powers to redress the situation of Double Non-Taxation and tax abuse. Cairn chief executive Simon Thomson had last month met the then finance secretary Ajay Bhushan Pandey to discuss the arbitration award.
The Centre on Tuesday permitted 20 states to raise Rs 68,825 crore through open market borrowings to bridge the GST revenue shortfall.
Finance secretary Ajay Bhushan Pandey on Sunday hinted that the government was working on another stimulus package but he refrained from giving a timeframe.
The aim of the exercise was to further simplify GST forms and make the filing process more user-friendly, the finance ministry said in a tweet, reports Dilasha Seth.
A large number of officials and support staff, who are directly associated with the Budget making and printing process, are now required to stay in the ministry and remain cut off from their families till the presentation of the Budget in the Lok Sabha.
The meeting will review the current global and domestic economic situation and financial stability issues, including those concerning banking and NBFCs.
Senior citizens of 75 years and above having pension income and interest from fixed deposit in the same bank would not be required to file income tax returns for the financial year beginning April 1.
The government on Tuesday extended for the third time the deadline for making payment under the direct tax dispute settlement scheme 'Vivad Se Vishwas' by three months to March 31, 2021. As per a Central Board of Direct Taxes (CBDT) notification, declaration under the Vivad se Vishwas Scheme shall be required to be furnished latest by December 31, 2020. However, only in respect of the said declarations made, the payment without additional amount can now be made up to March 31, 2021.
'As regard to specific reference to high net worth individual, the moment we finish the 75th anniversary of India's independence, we shall review and take a call,' Finance Minister Nirmala Sitharaman said.
The UIDAI asserted that the Aadhaar letter, its cutaway portion, downloaded versions of Aadhaar on ordinary paper or mAadhaar are "perfectly valid".
The government has already sanctioned Rs 4,200 crore for upgradation of information technology infrastructure of Central Board of Direct Taxes (CBDT) for processing returns, refunds, faceless scrutiny and verification.
The bench said that validity of criteria of Rs 8 lakh for determination of EWS for future years will be subject to final adjudication of the batch of petitions and listed the pleas for final hearing on March 5.
Income tax collection, by way of advance tax and TDS, in the April-June quarter was about 80 per cent of what was collected in the same period last year.
Dealing with the validity of OBC quota, the bench said, "Merit cannot be reduced to narrow definitions of performance in an open competitive examination which only provides formal equality of opportunity. Competitive examinations assess basic current competency to allocate educational resources but are not reflective of excellence, capabilities and potential of an individual which are also shaped by lived experiences, subsequent training and individual character."
Under Aadhar, more than 1 billion people have their online identity.
It was not immediately clear when Garg submitted his voluntary retirement scheme application to the government. It was also not known if the government would accept the application. If he hadn't applied for VRS, he would have retired from government service at the end of October 2020 on attaining of 60 years of age. Garg did not answer phone calls seeking his comments.
The government is planning to extend the electronic modes of tax payment to its own payments platform, Unified Payments Interface (UPI), credit cards of banks, or even a mobile wallet like Paytm.
Increased acceptance of Aadhaar as a proof to validate credentials has led to a higher number of downloads of the unique ID.
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.
The government said that the panel has recommended that family income is a "feasible criterion" for defining EWS and in the current situation, a threshold of Rs 8 lakh of annual family income seems reasonable for determining EWS.
"Aadhaar Act has withstood the judicial scrutiny and the purpose of the Act is legitimate," it said.
An agency which helps Unique Identification Authority of India (UIDAI) enroll citizens for Aadhar has over enthusiastic shared the personal details of ace cricket Mahendra Singh Dhoni on social media.
As part of the ritual, ''halwa'' is prepared in a big ''kadhai'' (large frying pot) and served to the entire staff involved in the Budget making exercise of the ministry. Halwa was served while maintaining COVID protocol with all present in mask and those distributing sweets were wearing gloves.
Finance Minister Nirmala Sitharaman on Thursday reiterated that an international arbitration ruling on India's sovereign right to taxation sets the wrong precedent, but said the government is looking at how best it can sort out the issue arising out of New Delhi being ordered to return $1.2 billion plus interest and cost to UK's Cairn Energy Plc. The government, which participated in an international arbitration brought by the Scottish firm against being taxed retrospectively, has appealed against The Hague based tribunal's ruling asking the government to return the value of shares expropriated and liquidated, tax refunds withheld and dividend seized to recover a wrongly levied retroactive tax demand.
The extension has been given as the government wanted to ensure that genuine beneficiaries who do not have an Aadhaar number are not denied benefits for the lack of the biometric identifier
Tuesday's meeting at the PM's residence, attended by all the five secretaries in the finance ministry besides top officials of other economic ministries and NITI Aayog, cleared a five-year vision plan for the government to make India a $5-trillion economy by 2024.
Cairn has already taken steps to have the arbitration award recognised in nine major jurisdictions such as the US, UK, France, the Netherlands, Singapore and Canada's Quebec province, where Indian sovereign assets have been identified. It hasn't said what it might go after but assets could include Air India's planes, vessels belonging to the Shipping Corporation of India and property owned by state banks.
This is not her first stint in North Block or in leading a major economic ministry. She started Prime Minister Narendra Modi's first term as minister of state for finance, was made the commerce minister, and then became the defence minister.
Unique Identification Authority of India (UIDAI) on Monday appealed people to register or update their mobile numbers in Aadhaar for easy access of various government services online.
While the tax-to-GDP ratio of 9.88 per cent has been assumed for FY21, the same as last year, when it touched a decadal low, for FY22 a ratio of 10.7 per cent has been assumed, an average of the last five years.
The UIDAI said it is "contemplating a legal action" against ZDNet, on the issue.
Experts warn of over-interpreting the numbers and said their sustainability needed to be watched beyond November, says Indivjal Dhasmana.
The searches are linked to suspected movement of hawala money during the ongoing polls season and tax evasion.
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