-The Indian Express Questions over cost of exercise; will tax black money hoarders, says Adhia Mumbai: THE government expects the entire money in circulation in the form of currency notes of Rs 500 and Rs 1,000 which have been scrapped to come back to the banking system so that the tax authority can trace the transactions and tax black money hoarders, Revenue Secretary, Hasmukh Adhia said on Tuesday. This, effectively, undermines the...
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Income tax department to use analytics to look for discrepancies in bank accounts -Sachin Dave
-The Economic Times MUMBAI: For the first time, the income-tax department will use big data analytical tools to go through personal bank deposits to segregate black money holders from genuine tax-payers, two people in the know have said. While the government has used big data analytical tools for corporate tax reporting in some cases in the past, this is the first time that it will use analytics on such a large scale...
More »CBDT urges jan dhan holders to reject misuse of accounts
-The Hindu After probe revealed a sudden surge in such deposits revealing various inconsistencies Account holders once again urged by Central Board of Direct Taxes not to consent to any kind of misuse of their accounts which would expose them to the dangers of being held responsible for the tax evasion by unscrupulous elements. Investigation being conducted by the Income Tax Department across India into the sudden surge in cash deposits in jan...
More »M Govinda Rao, ex-Director, National Institute of Public Finance and Policy (2003-13), interviewed by S Rajendran (The Hindu)
-The Hindu Centre for Politics and Public Policy Prime Minister Narendra Modi's announcement demonetising high denomination notes on November 8, 2016, will do little to address the prime objective of flushing out black money but will adversely affect the economy in the short term, especially the informal sector, which is predominant in India, says M. Govinda Rao, a Member of the Fourteenth Finance Commission and Emeritus Professor, National Institute of Public...
More »Age Debate: The tax of all Taxes
-The Asian Age Replacing income-tax with a banking transaction tax is an unworkable idea. The poor will end up paying a lot more: Subhanil Chowdhury The idea that all Taxes in India should be abolished, except import duty, and replaced by a bank transaction tax (BTT) is a deeply flawed one for a number of reasons. First, there are only few countries in the world that do not have income-tax — oil rich...
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