Under fire from all quarters for its inability to tackle the problem of black money, the government plans to focus on the real estate and gold and jewellery sectors to stanch the movement of unaccounted funds. The proposed white paper on black money, to be tabled in Parliament’s current session, is likely to propose a debate on “offshore voluntary compliance” for tax evaders with large sums stashed abroad, officials involved in...
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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 »Bofors arms deal: 'No evidence Rajiv Gandhi took bribe'
-BBC A former head of Swedish police says there is no evidence that late Indian leader Rajiv Gandhi received a bribe in an arms scandal that contributed to his defeat as PM in elections in 1989. Sten Lindstrom led the probe and has identified himself as the whistle-blower who recently leaked documents. Mr Lindstrom said, however, that Gandhi had "done nothing" to prevent a "massive cover-up" in Sweden and India. Swedish arms firm AB...
More »Editor-in-Chief of Bihar-Dhirendra K Jha
How an image-fixated chief minister has bent the state’s media to his will If you haven’t heard of an income tax raid on the residential premises of Nitish Kumar’s close aide and treasurer of the ruling Janata Dal-United (JD-U), Vinay Kumar Sinha, you are not alone. Thanks to the local media, it took a while even in Patna—where the house is located—for people to get to know. This, incidentally, is the...
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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