-The Times of India Income Tax officials on Friday carried out searches at various premises of Delhi-based businessman and defence dealer Suresh Nanda, including at the Claridges hotel owned by him. Nanda had temporarily shifted his residence to Claridges but on the day of the raid he slipped out in a similar fashion like in 2007 when a raiding party failed to lay their hands on him. Sources said he has left...
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Sonia Gandhi cites privacy, refuses to disclose info on I-T returns by Julie Mariappan
-The Times of India Congress chief Sonia Gandhi has declined to disclose details of her Income Tax returns under the RTI Act, citing personal freedom and security risk. In her reply to the I-T department, she also said there was no public interest involved in disclosing such information. Chennai-based RTI activist V Gopalakrishnan had sought details of her I-T returns from the year 2000-2001 to 2010-2011. The assistant commissioner of Income Tax,...
More »Black money: I-T may get to re-open returns beyond 6 yrs
-PTI The government may grant the Income Tax department powers to re-open tax returns of beyond six years in specific cases of black money where "foreign assets" are involved. The I-T department needs these powers to pursue the ongoing cases where funds were found to be stashed abroad and these came to light after India received a classified list of bank account holders which include those in HSBC bank Geneva and LGT...
More »Head rolls for Ponty Chadha fiasco that left I-T red-faced
-The Times of India The finance ministry has replaced S S Rana with Madhavan Nair as member investigation in the Central Board of Direct Taxes (CBDT) in a change that is seen to be linked to the Income Tax department's embarrassment over the failed "search-and-survey" operation against Gurdeep 'Ponty' Chadha, a politically-connected businessman. Apart from Rana, who was instrumental in the raids against Chadha a day before the Uttar Pradesh polls got...
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...
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