Token relief to individual taxpayers will cost the exchequer Rs. 4,500 crore In a “pragmatic and domestic growth-oriented” budgetary exercise aimed at shoring up investor confidence and investment, Union Finance Minister Pranab Mukherjee on Friday sought to tap indirect taxes, especially service tax, to rake in an additional Rs. 45,940 crore into his kitty. Presenting the budget for 2012-13 in Parliament, Mr. Mukherjee provided a token relief to individual taxpayers that will cost...
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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 »Ex-Secys, ex-IB chief, RTI activist, all want jobs in CIC by Ritu Sarin
They operate from a cramped floor in a commercial building near Bhikaji Cama Place in Delhi, and work on a heavy roster of hearings day in and day out. However, the five posts of information commissioners in the Central Information Commission have drawn applications from all categories of people — from scientists, lawyers and journalists to, most of all, retired or soon-to-be retired bureaucrats. Despite the heavy workload and its low-profile...
More »Jury’s still out on amount of black money stashed abroad
-ENS Economic Bureau Estimates on black money stashed away by Indians is still very much a grey area. So when the CBI Director emphatically declared on Monday that $500 billion of illegal money belonging to Indians was deposited in tax havens abroad, the figure caused more than a mild flutter. Mainly because the information currently available on the black money economy is way too disparate and vague. Considering the available evidence, the...
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