They operate from a cramped floor in a commercial building near Bhikaji Cama Place in Delhi, and work on a heavy roster of hearings day in and day out. However, the five posts of information commissioners in the Central Information Commission have drawn applications from all categories of people — from scientists, lawyers and journalists to, most of all, retired or soon-to-be retired bureaucrats. Despite the heavy workload and its low-profile...
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Jury’s still out on amount of black money stashed abroad
-ENS Economic Bureau Estimates on black money stashed away by Indians is still very much a grey area. So when the CBI Director emphatically declared on Monday that $500 billion of illegal money belonging to Indians was deposited in tax havens abroad, the figure caused more than a mild flutter. Mainly because the information currently available on the black money economy is way too disparate and vague. Considering the available evidence, the...
More »Pranab says losing sleep over rising subsidy bill
-PTI Faced with subdued revenue mop-up and rising fiscal deficit, Finance Minister Pranab Mukherjee today said he is "losing sleep" over mounting subsidy bill, which may cross Budget estimate by Rs 1 lakh crore in 2011-12. "As Finance Minister when I think of enormity of the subsidies to be provided, I lose my sleep. There is no doubt," said Mukherjee, who is engaged in the process of firming the Budget for 2012-13...
More »PAN to be tool against tax evasion
-The Financial Express Come next financial year, the PAN card is likely to become the most potent tool for the Income Tax Department to unearth black money, tax evasion and instances of criminal financing in the country. A recent directive of the Central Board of Direct Taxes (CBDT) to the I-T Dept has asked its officials to launch a special drive against those who have "not furnished their PAN (Permanent Account Number)"...
More »Black money: I-T gets wary about secret bank account names; asks for oath
-PTI In order to guard against possible leakage of names figuring in the secret bank accounts lists it has received from foreign shores, the Central Board of Direct Taxes CBDT has ordered the I-T department to obtain a signed undertaking from any government entity or department who demands the data for their own probe. The CBDT fears that if these names are leaked and they are publicised, global financial bodies like OECD...
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