-TheWire.in Demonetisation will only affect those who conduct transactions in cash, are not a part of the formal banking system or have not converted their cash into assets. The government’s demonetisation of Rs 500 and Rs 1000 notes is a contentious issue, but is understandable. Such schemes may have not worked in the past, but a political commitment had to be honoured. The question is not whether the government is right for...
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CAG may audit process of black-money scheme, not individual declarations
-PTI New Delhi: The Comptroller & Auditor General of India (CAG) may do a performance audit of the just-ended black money disclosure scheme, but will not get into the disclosures made. As much as Rs 65,250 crore of undeclared assets were declared through 64,275 declarations in the one-time four-month compliance window provided under the Income Disclosure Scheme (IDS), which closed on September 30. ”The information filed under the IDS is confidential and will...
More »Betrayal In The House -Anjali Bhardwaj & Amrita Johri
-The Indian Express Lokpal amendments underline the resistance of political class to scrutiny The Lokpal Act passed more than two and a half years ago has not been operationalised till date. The reason? The law states that the panel to select the Lokpal must include the recognised leader of opposition. Since the BJP government has not recognised anyone as the LoP, an amendment was required to ensure that the leader of the...
More »NGO staff: public servants or private citizens? -G Sampath
-The Hindu They may not need to file returns of their assets for now, but they remain under the ambit of the Lokpal Act New Delhi/ Chennai: Bowing to demands from various quarters — NGOs and political, corporate and philanthropic institutions — the Centre swiftly moved an amendment to address concerns arising from the mandatory declaration of assets and liabilities under the Lok Pal and Lokayukta Act, 2013. While the amended Act continues...
More »Those under watch ineligible for income declaration scheme -Vikas Dhoot
-The Hindu The scheme also shuts out ‘innocent’ taxpayers who filed returns on time but whose cases were chosen for scrutiny to verify claims. Tax payers, whose returns were picked for random scrutiny by the authorities in recent years, would not be eligible to turn concealed income into ‘white’ under the Income Declaration Scheme (IDS), announced in the Union Budget to bring black money into the tax net. Experts believe this may...
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