-The Economic Times The Central Board of Direct Taxes (CBDT) will soon have a dedicated cell to monitor election-related expenditure by political parties and donations made to them. "A special cell is being created under CBDT to look at election funding," said a finance ministry official. The new cell will be headed by a commissioner rank officer of the I-T department and will monitor election-related expenditure and political funding and enforce...
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Amnesty scheme on cards for black money
-The Times of India The finance ministry is devising a voluntary tax disclosure scheme that could provide amnesty to people who have stashed unaccounted money in tax havens and other jurisdictions abroad by charging them a "levy". Finance minister Pranab Mukherjee, after a meeting with industry captains recently, activated a committee on black money set up last year to work out a scheme on voluntary disclosure. This scheme will allow corporates and...
More »In letter to CBDT, Kejriwal admitted violating bond, for ‘larger public good’ by Amitav Ranjan
Contesting an Income Tax notice to him over money he owes the government, Team Anna member Arvind Kejriwal has claimed he did not breach any bond norms. However, in a June 2007 letter, he had admitted to having violated the pledge he had signed before proceeding on a two-year study leave from his government service, adding this was done in “larger public interest”. “At the time of taking study leave, I...
More »Arvind Kejriwal in a tight spot over I-T notice
-The Economic Times Prominent activist and key Anna associate Arvind Kejriwal claimed the income-tax notice asking him to pay dues of 9 lakh to the government is prompted by "political bosses" and without merit. The notice was slapped on him in August, days before Anna started the second round of his indefinite anti-graft hunger strike. The I-T notice and related developments threatened to deteriorate into yet another nasty row between Team Anna and...
More »ICAI report on black money to be ready in Sept
-PTI The Institute of Chartered Accountants of India (ICAI) today said it would submit its report to the government in September, suggesting changes required in the key economic Acts such as Income Tax and FEMA to tackle the menace of black money and ways of retrieving it from tax havens abroad. ICAI had said earlier this month that the report was expected in August. A committee, headed by ICAI President G Ramaswamy, is...
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