-The Times of India India's GDP growth rate may have dropped in the past few years but that has had little impact on the bottomlines of the country's leading political parties. The coffers of the main parties have been swelling, with the richest amongst them, the ruling Congress, having made a cool Rs 1,662 crore in the last five years till 2011-12 and the BJP in second place with Rs 852...
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Buying property, jewellery? Govt may ask for receipts-Gaurav Choudhury and Nagendar Sharma
The government may make mandatory the disclosure of high-value purchases such as property and jewellery. Stung by growing public outrage over corruption, finance minister Pranab Mukherjee will on Monday spell out steps taken and planned to curb proliferation of black money. There are no clear estimates of the size of India’s black economy but the amount is pegged between $462 billion (Rs.22 lakh crore) and $1.4 trillion (Rs.77 lakh crore). Mukherjee...
More »Govt’s bid to widen tax base comes unstuck-Rajeev Deshpande
The government's efforts to widen the tax base are not paying off. New tax payers added over the past three years show a decline, while a staggering 89% of existing assessees are bunched in the lowest income bracket of Rs 5 lakh or less a year. Numbers point to a worrying trend the government would want to reverse as while 17,84,709 assessees were added in 2008-09, the figure slid to 16,75,069...
More »Sharp rise in money locked in I-T cases-Santosh Tiwari
-The Business Standard 2011 saw jump in total disputed amount to Rs 4.37 lakh crore The quantity of money locked in income tax disputes has seen a sharp rise in 2011, with more aggression by the tax department. The disputed amount jumped from Rs 2,43,603 crore to Rs 4,36,741 crore between January and December 2011. The disclosure was made by the finance ministry in reply to a question in the Lok Sabha...
More »CBI cracks racket of fake I-T returns, I-T refunds-Rahul Tripathi
In what the CBI says could be the “tip of an iceberg”, the agency has found at least 1,100 cases of allegedly fraudulent refund checks issued by the Income Tax department that has resulted in the illegal withdrawal of more than Rs 6 crore over the last three months. The CBI has arrested two persons, including an accountant: Pankaj Kumar Gupta and Amit Kumar Sharma. Both, allegedly in league with IT...
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