-Economic and Political Weekly Documents seized by the Income Tax Department in private corporations imply pay-offs were made to the PM and leading politicians. At 8 pm on 8 November 2016, as Prime Minister Narendra Modi took to a live broadcast on Doordarshan to make the historic announcement that the government was demonetising notes of Rs 500 and Rs 1,000, emphasising his commitment to ridding India of the “evils of corruption” and...
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Income Tax officials unsure how to slap 200% penalty on income mismatch -Kiran Kabtta Somvanshi & Sugata Ghosh
-The Economic Times MUMBAI: As India struggles with demonetization, individuals and businesses are using old currency notes to settle debts while Income Tax officials are at a loss how to go about imposing 200% penalty -- as announced by a senior finance ministry official -- on such funds flowing into banks. Firms are clearing dues to suppliers, depositing cash in bank accounts to repay old loans, and buying memberships of clubs, SPAs...
More »Why govt's demonetisation move may fail to win the war against black money -Appu Esthose Suresh
-Hindustan Times New Delhi: The demonetisation of Rs 500 and Rs 1,000 banknotes is unlikely to help the government suck out black money from the economy as hoarders keep a tiny portion of their ill-gotten wealth in hard cash, going by income-tax data. Cash recovery has been less than 6% of the undisclosed income seized from tax evaders, shows an HT analysis of data from tax raids from financial year 2012-13 onwards. In...
More »Now, transactions older than 6 years in govt cross hairs in war on black money -Suchetana Ray and Mahua Venkatesh
-Hindustan Times New Delhi: The crackdown on black money is not over. With the scheme for voluntary disclosure of unaccounted for wealth now closed, tax officials have launched a drive to unearth hidden incomes and are looking at transactions carried out beyond a six-year ceiling under existing rules, sources said. “The tax department can scan transactions older than six years by invoking clause 197C of the Finance Act, 2016. This clause was introduced...
More »Plan to track ghost faculty in medical colleges -GS Mudur
-The Telegraph New Delhi: India's regulatory body for medical education, beleaguered by allegations of corruption and performance failures, today announced plans to create a digital register of doctors across the country and track ghost, or fake, faculty in medical colleges. The Medical Council of India (MCI) will update its national register of medical practitioners within six months and use a computer network to monitor in real time the daily attendance patterns of...
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