-The Times of India The home ministry has asked the finance ministry to conduct a probe into the assets of former Chief Justice of India, K G Balakrishnan, in what could possibly lead to action against him for allegedly possessing wealth disproportionate to his income. Sources said the ministry has written to the revenue secretary, asking him to institute an inquiry through the Central Board of Direct Taxes. "The inquiry would be...
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Experts oppose move for draconian tax law by Surojit Gupta
The government's move to make tax evasion a criminal offence has drawn strong criticism from former policymakers and commentators, who say if such a move is implemented it will hurt economic activity, undo years of tax reforms and increase harassment. A panel headed by Central Board of Direct Taxes chairman Prakash Chandra, which held its first meeting on Thursday, will examine the proposal. The proposal appears to have been made because...
More »Committee on black money to seek comments from public by Sujay Mehdudia
-The Hindu The High Level Committee appointed for tracing black money stashed away abroad and unearthing such ill-gotten wealth in the country, on Thursday decided to seek public comments on the issue. The committee, headed by Central Board of Direct Taxes chairman Prakash Chandra, held its first meeting and discussed laws that need to be amended to tackle the menace. It was set up by Union Finance Minister Pranab Mukherjee last...
More »Baba's Demands V/s Government Response
-PTI A desperate government's efforts failed today to achieve any breakthrough with Baba Ramdev deciding to go ahead with his indefinite fast here from tomorrow amidst indications that a compromise was likely in a day or two. For nearly five hours, two senior union ministers Kapil Sibal and Subodh Kant Sahay negotiated with the yoga guru over his demands on eradication of corruption at a posh hotel, a venue totally different...
More »Panel set up to curb black money by Surojit Gupta
The central government on Saturday set up a committee to examine ways to tighten laws to curb black money generation. The panel is to submit its report within six months after consultations with the stakeholders. The panel headed by thw Central Board of Direct Taxes (CBDT) chairman will study ways to prevent the transfer of black money abroad, besides recovering such illegal assets. The committee will also examine the existing legal and...
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