-The Times of India NEW DELHI: Income tax exemptions worth hundreds of crores have been given to hospitals claiming to be charitable institutes, but they may be doing little or no charity, according to a recent report of the Comptroller and Auditor General. CAG has asked for measurable parameters to assess the extent of charitable activities by hospital trusts availing tax exemptions as the public exchequer could be losing crores without...
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Such Incredibly Accurate Revenue Budget Estimates? -Anuj Srivas
-TheWire.in Were the budget estimates for corporation and income taxes in 2016-17 a good coincidence or were they supposed to have been be qualified with a note? New Delhi: For the first time in at least ten years, the budget estimates (BE) of India’s corporate tax and income tax revenue receipts have exactly matched their corresponding revised estimates (RE) – give or take a couple of decimal points. A key part of every...
More »CAG flags Tax breaks for companies
-The Hindu Report tabled in Parliament says Reliance gained Rs. 5,245 crore from the exemption. The Comptroller and Auditor-General (CAG) has castigated the Income-Tax Department for extending tax exemption amounting to hundreds of crores to several companies by inappropriately extending benefits available for infrastructure projects. In a report tabled in Parliament on Tuesday, the CAG said the biggest beneficiary was Reliance Industries Ltd. (RIL). “We noticed in eight cases in two States that 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 »Cabinet clears Rs 6,000 crore package for textiles, apparel
-PTI The government approved on Wednesday a Rs 6,000-crore special package for textiles and apparel sector to create one crore new jobs in 3 years, attracting investments of $11 billion and generating $30 billion in exports. The measures approved include additional incentives for duty drawback scheme for garments, flexibility in labour laws to increase productivity as well as tax and production incentives for job creation in garment manufacturing. “Over the last few years, apparel...
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