Income Tax

Budget Views: Shanti Ekambaram, President – Consumer Banking, Kotak Mahindra Bank

Budget Views: Shanti Ekambaram, President – Consumer Banking, Kotak Mahindra Ban

Indian economy has started showing some signs of improvement and economic indicators point towards slow recovery in government revenue. However, the GST collections have reduced in the recent months and Finance Ministry is concerned about the issue. The informal economy suffered a major blow and farm incomes reduced. The Finance Minister has introduced a budget which is focused on agriculture sector.

We present views of Shanti Ekambaram, President – Consumer Banking, Kotak Mahindra Bank on the Union Budget presented by Arun Jaitley.

A budget focused on priority segments

The Finance Minister focused the FY18/19 budget on spends in Agriculture, rural upliftment, the poor, health, education, Infrastructure and Digital India.

I-T dept launches secure email system for staff to curb frauds

Income TaxNew Delhi: To curb misuse of official cyber tools and attempts of phishing, the Income Tax department has rolled out a secure email system for all its employees and officers.

The department, official sources said, has recently discontinued its existing email systems (called Lotus mail and IMail) and has issued instructions to its countrywide staff to get new email IDs prepared after "validation" of their bona fides.

Bank, foreign trip details on I-T returns likely soon?

it returnsNew Delhi: The Special Investigation Team (SIT) which submitted its first interim report to the Supreme court this week has sought changes in income tax return forms which will have details of the tax payer's foreign bank accounts or foreign trips, a daily newspaper has reported.

SIT has initiated steps for bringing back black money stashed away by Indian citizens in foreign banks.

Quoting sources, the paper said that the SIT has also sought reforms in the Foreign Exchange Management Act (FEMA). The SIT is understood to have sought to make it a criminal law rather than civil, the paper said.

Taxmen raid offices of diamond merchants who hosted Narendra Modi in Mumbai

Taxmen raid offices of diamond merchants who hosted Narendra Modi in MumbaiThe income-tax (I-T) department on Thursday conducted raids at offices of a number of diamond merchants in Mumbai, just three days after the merchants hosted BJP's Prime Ministerial candidate Narendra Modi

The raid, interestingly, were in line with Modi's prediction. At a function at the Bandra Kurla complex in Mumbai, Modi had cautioned diamond merchants that they could receive notices from the I-T department for hosting him.

Govt.’s e-filing system in question after CA student hacks into accounts of eminent personalities

Govt.’s e-filing system in question after CA student hacks into accounts of eminent personalitiesThe recent two cases of hacking into the income-tax (I-T) return accounts of some eminent personalities by Chartered Accountancy (CA) students has raised concerned over the security of the government's e-filing system.

In the most recent case, the crime branch of Mumbai Police grabbed a CA student, who managed to gained illegal access into I-T returns of industrialist Anil Ambani, Bollywood stars Salman Khan and Shah Rukh Khan and cricketer stars M. S. Dhoni and Sachin Tendulkar.

UK lawmakers urge for Britain's corporate income tax reforms

UK lawmakers urge for Britain's corporate income tax reformsA panel involving cross-party lawmakers has urged the government to conduct a review of the existing corporate income tax laws and bring necessary reforms.

Top rate of income tax to be reduced to 45 pence per pound

Top rate of income tax to be reduced to 45 pence per poundThe authorities in the UK are implementing a cut in the top rate on income tax from 50 pence in the pound to 45 pence.

Chancellor George Osborne has announced the reduction in the highest level of income tax as part of the 2012 Budget. The reduction will benefit people earning more than £150,000 in the country. The government will also implement other tax and benefit changes including a freeze on the level of income that pensioners can earn before taxes are imposed on them, from 6 April.

Government says 73,388 taxpayers defaulted in 2012-13

taxpayersNew Delhi, March 13 : The government Wednesday said 73,388 taxpayers have defaulted on payments aggregating to Rs. 3,859 crore in the current financial year and steps would be taken to penalise them.

Taxpayers have defaulted on payments after filing self-assessment returns.

"Filing a return without paying the admitted amount of tax that is payable will render such taxpayer an assessee in default under the provisions of the Income Tax Act. Such taxpayers who default in payment of self-assessment tax may invite penal consequences," the finance ministry said in a statement.

Salaried taxpayers want limit to rise to Rs. 3 lakhs

Rolls-Royce appoints Ian Davis as new chairmanAccording to a new survey, a majority of salaried taxpayers across industries in the country want the government to increase the tax exemption level to at least Rs. 3 lakhs in the upcoming union budget.

A survey conducted by Assocham showed that taxpayers also want Finance Minister P Chidambaram to include deductions like medical and educational allowances in the Budget. The survey showed that more than 89 per cent of the participants believe that tax free income slab has not moved in according with the real inflation

Shell terms I-T dept.’s tax evasion claims as “absurd”

Shell terms I-T dept.’s tax evasion claims as “absurd” Shell India, the Indian arm of global petrochemical and energy giant Shell, has termed income tax (I-T) department's tax evasion claims as "absurd," claiming that it did not evade taxes.

Indian income tax authorities sent a notice to Shell India alleging that the petrochemical and energy giant evaded tax by undervaluing shares issued to its parent firm, Shell Gas BV, for equity infusion of around Rs 87 crore in 2009.

Tax order goes against govt.’s FDI drive: Shell India

Tax order goes against govt.’s FDI drive: Shell IndiaIIndian income tax (I-T) department's share transfer pricing order that accuses Royal Dutch Shell Plc of tax evasion is based on incorrect interpretation, and is contrary to the finance ministry's foreign direct investment drive, according to the Indian arm of Anglo-Dutch oil giant.

The share transfer pricing order by the Indian tax authorities is related to the issue of 870 million shares transferred Shell India to sole parent Shell Gas BV in March 2009.

Ponty Chadha Group Pays INR 54 Crore Tax

Ponty Chadha Group Pays INR 54 Crore TaxLiquor baron Ponty Chadha had hit the front page three months back as the Income Tax department conducted raids at various properties owned and managed by the group. The earlier reports had estimated nearly Rs 175 crore of undisclosed funds during the raid.

As per recent reports, IT department has received Rs 54 crore as tax from Ponty Chadha group. As per news agency PTI sources, the income tax department will also collect penalty on the undisclosed income.

Doctors to protest against the proposed tax rate hike

Saturday was distinguished as ‘Misery Day’ by the doctors across the city. This was done because the doctors were not happy with the tax hike of 5 percent on healthcare in the recent health budget. They have shown their disapproval and gathered near the Governor’s house showing their discontent.

Dr. Devi Shetty, a city based cardiologist, has stated that a patient who operated for a heart surgery will have to pay Rs.5, 000 to Rs.10, 000 more with the introduction of the proposed service tax.  And the tax for the cancer patients for their operation will be more than 20000.

GST bill to go for cabinet approval

Indians may soon be paying Goods and Service Tax (GST). Finance Minister, Pranab Mukherjee is very keen to get this bill passed. According to reports, finance ministry is on its way to introduce the Goods and Service Tax bill to public.

For this, the government has planned to bring Goods and Service Tax constitutional amendment bill for the Cabinet approval coming Thursday.

Once this bill gets approval from the Cabinet, this will be presented before the assembly. Business news channel CNBC-TV18 reported that a cabinet note has been circulated to all ministries about GST amendment bill.

With globalization, development has become complex

Indian Finance Minister Pranab Mukherjee described loyal taxpayers as engines of economy. Speaking to Indian Revenue Services probationers, he insisted them to treat taxpayer as a client not as enemy.

He said, "The assessee is no longer considered an adversary; committed taxpayers are the engines of our economy and therefore important clients of Revenue Department".

Finance minister was addressing probationers at Parliament House Complex in New Delhi. He deemed that comfort zone of taxpayer should be considerably enhanced, while at the same time punishing serious offenders and evaders.

Investigation in Citibank fraud by I-T officers

From next week, there will be an inspection by the Income Tax department. They will investigate the investments and tax payments of some high-networth individuals. These people were supposedly duped in the Rs 400 crore fraud at Citibank.

Hero Corporate Services (Rs 13.75 crore), OKS Sapan Tech (Rs 2 crore) and Satyam Auto (Rs 25 crore) were some of the big names involved in this fraud case.

The Income-Tax department had called above 20 such investors whose tax return is filed in the national capital and Gurgaon.

Many I-T offices including the one in Chandigarh are involved in the probe to determine the flow of money and ensure if taxes have been avoided by these individuals.

ICAI will set up centre for e-filing tax returns

ICAI will set up centre for e-filing tax returnsThe apex accounting body ICAI has announced to set up centres for filing returns and tax-related documents electronically. The will be helpful implementing goods and services tax (GST) effectively.

Income tax raid find IAS officer with 220 bank accounts, millions of rupees

Income tax raid find IAS officer with 220 bank accounts, millions of rupeesA raid by the income tax department at the residence of IAS Officer BL Agrawal of Chhattisgarh has found that the officer has 220 bank accounts and assets worth millions of rupees.

He had opened these accounts in many fake names as well as in the names of his domestic helps. Apart from his residence, raids were also conducted on the business establishments of his relatives on Thursday.

Centre wants petroleum and alcohol included in GST

Goods-and-Services-TaxThe Centre on Monday indicated that it wants the inclusion of petroleum products and alcohol in the proposed goods and services tax regime (GST). The states have however expressed concerns over its implementation.

The centre also wants to include purchase tax, electricity duty and other local taxes in the GST regime and has set up a target turnover of Rs 10 lakh.

The decision paper was released by the Empowered Committee (EC) of state finance ministers on GST and the centre responded by saying that it wants uniform rates of taxes both at centre and the state levels.

Revenue Secretary expects GST to ease the tax burden by 25 to 30%

GstAccording to a senior government official, the goods and services tax (GST) will offer relief to the tax payers by 25-30 percent. The GST is planned to be levied from the next financial year across the country and would be charged between 17 to 18 percent.

The revenue secretary, Mr. P V Bhide has informed that the launch of GST will help in removing inefficiencies and multiplicities in the current tax regime, which in order help in reducing the tax burden to 25 -30 percent.




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