-The Economic Times More than 94% of employees in India do not report income from other sources. This causes a loss of approximately Rs 660 crore to exchequer annually, says a report by TaxSpanner.com, a tax filing online portal. "More than 94 per cent of employees - liable to pay more than 10 per cent of their taxable income as tax - do not report income under the head, "Other Sources"," the...
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Mayawati's wealth jumps 25 pct to Rs 111 crore in 2 years
-The Financial Express BSP supremo Mayawati may have lost the Assembly elections in Uttar Pradesh but the defeated chief minister's wealth as declared has jumped to Rs 111 crore, a 25 per cent increase in the last two years. And 56-year-old Mayawati's assets made public today has doubled in the five years since she became chief minister in 2007 on the back of a thumping BSP victory. During public meetings, she often...
More »Last straw on the fisc back by Soumya Kanti Ghosh & Rajiv Kumar
The huge expenditure on the food bill, with the attendant leakages, could well make fiscal recovery impossible In the first part of this article, we have estimated the actual cost of implementing the food security bill in its current form. In this part, we now examine the fiscal sustainability of the same. The current state of the revenue and expenditure trends of the Central government (refer table) show that while revenue...
More »India Inc plays safe; prefers lawful funding of political parties by Naren Karunakaran
The Aditya Birla Group increased its contribution to political parties about fourfold to Rs 30.5 crore in 2009-10 while the Bharti Group cut it from Rs 17 crore to zero. The two main national parties, Congress and BJP, received Rs 84 crore and Rs 82 crore, respectively, as contribution from all sources while a regional party like Sharad Pawar's NCP obtained only Rs 3 crore. The 2009-10 numbers of companies making legal...
More »Black money trail: Govt may move against HSBC, Rs 80 cr mopped up by Ritu Sarin
The Government is contemplating legal action against HSBC Bank for what is being described as the “active’’ role of their executives in persuading Indian account-holders to open accounts to park undeclared money in their branch in Geneva. The Central Board of Direct Taxes (CBDT) has sought the opinion of the Law Ministry for this and underlined that a similar course of action has been taken by other countries who, like India,...
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