-The Times of India NEW DELHI: The income tax department has identified an additional 67.54 lakh non-filers who carried out high-value transactions in the 2014-15 financial year, but did not file tax returns for 2015-16. The I-T department is set to initiate action against these people soon. The information was collected from banks and other financial institutions. Data analysis carried out by the Central Board of Direct Taxes (CBDT) identifies non-filers about whom specific...
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Demonetisation: FinMin clarifies on scrutiny of political parties under I-T law -KRSrivats
-The Hindu Business Line No special treatment for political parties, clarifies Jaitley New Delhi: Political parties registered with the election commission may not necessarily escape scrutiny of their returns with regard to deposits of old demonetised notes just because they are exempted from taxation under Section 13 A of income tax law. For political parties to gain exemption under Section 13 A, certain conditions have to be met. Also, there are "enough provisions" in...
More »8 out of 9 preliminary enquiries into Radia Tapes closed: Government
-PTI NEW DELHI: Eight out of nine preliminary enquiries (PEs) have been closed by the CBI in its probe into the infamous Radia tapes, which led to a storm in political, business and bureaucratic circles in 2010. Replying to a written question in the Rajya Sabha, Minister of State for Home Hansraj Gangaram Ahir said nine PEs had been registered by the CBI in its probe in the Radia tapes, pursuant to...
More »Rs 1 lakh crore: fall in bank credit growth in fortnight after Nov 8 -George Mathew
-The Indian Express Banks are now caught in a dilemma even as they stare at a decline in loan growth — considering the surge in deposits since November 9. Mumbai: Struggling to cope with bad loans and the aftermath of the demonetisation decision, Indian banks have taken a hit on lending. Loan growth plunged by Rs 1 lakh crore in the fortnight that ended November 25, according to estimates. According to...
More »R Nagaraj, an economist and currently a professor at the Indira Gandhi Institute of Development Research in Mumbai, interviewed by Kedar Nagarajan (Caravan Magazine)
-Caravan Magazine On 8 November 2016, Prime Minister Narendra Modi made an announcement declaring that notes of Rs 500 and Rs 1,000 would not be legal tender as a part of his government’s policy to clamp down on counterfeiting and black money. It has been widely reported that this policy would directly impact the real-estate sector, which typically witnesses a significant amount of transactions that are made through cash to avoid...
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