Home Blog Page 2313

Ravi Shankar Prasad’s controversial statement, says demonetisation like ‘labour pain’,will result in ‘joy’

0

Union Law Minister Ravi Shankar Prasad today likened demonetisation woes to “labour pain“, saying its end result would be as “joyful” as the birth of a baby.

Ravi Shankar Prasad
Photo courtesy: livemint

Prasad made the remarks at an event organised by the Delhi BJP’s IT cell that lay emphasis on how demonetisation was an opportunity for the country’s transition towards a cashless economy.

However, Prasad said the government’s motive behind demonetisation was “less cash”, not cashless. He criticised the Opposition parties for “not allowing” the Parliament to function.

 

“People will face a little problem. But the pain is like the one that a woman in labour undergoes. Eventually one will experience the joy like one does hearing the first cry of a baby,” Prasad said.

He asserted that the defunct notes deposited in the banks will be scrutinised and not all of it will be considered “white”.

At the gathering, largely consisting of lawyers, Prasad also took jibes at former Prime Minister Manmohan Singh, saying, he was “happy” when Singh spoke.

“I eagerly wait for the speeches of two people. Manmohan Singh and Rahul Gandhi,” he said, and went on to hail Prime Minister Narendra Modi for having “raised” India’s stature in the global community through his foreign trips.

He said the amount deposited in the banks will help in investing in strengthening the Indian Army, assisting farmers, small traders, building roads, adding that “naxals and terrorists” are a troubled lot due to the decision.

Speaking at the event, Delhi BJP chief Manoj Tiwari said politicians like Arvind Kejriwal and Akhilesh Yadav, who are opposing the measure, are actually “aware of its benefits”.

Tiwari also referred to Modi’s statement that former Prime Minister Indira Gandhi had “rejected” Wanchoo Committee’s recommendations in 1971 to bring demonetisation.

(With inputs from PTI)

Courtesy: Janta Ka Reporter
 

Modi Govt’s Black Money Hunt Spares Political Parties -No IT Scrutiny on Old Notes Deposit

0

No checks on deposits by political parties

On Friday, December 16 Revenue Secretary Hasmukh Adhia said if the deposits are in bank accounts held by political parties, they would attract no tax.

Arun jaitley
Image: Business Standard
 
Despite it’s high voltage campaign, ostensibly against black money, political parties appear to have been spared. Is this a brazen attempt to build a cross-party silence or consensus?Worse, this means that individuals or corporations can launder their money through the account of political parties and escape the net!

The Modi government has put out an email ID for whistleblowers to send information about possible conversion of black money by individuals, but it seems to have given political parties a free run with deposits of old currency notes in their accounts. On Friday, Revenue Secretary Hasmukh Adhia said if the deposits are in bank accounts held by political parties, they would attract no tax.

The government has put out an email ID for whistleblowers to send information about possible conversion of black money by individuals, but it seems to have given political parties a free run with deposits of old currency notes in their accounts. On Friday, Revenue Secretary Hasmukh Adhia said if the deposits are in bank accounts held by political parties, they would attract no tax.

Both the Economic Times and the Indian Express have widely reported this controversial move.

“Dekhiye, if it is a deposit in  the account of political parties, they are exempt. Lekin agar individual ke account mein, kisi ke bhi account mein jama ho raha hai, toh woh toh definitely the information will come on our radar (See, if it is a deposit in the account of political parties, they are exempt. But if it is deposited in any individual account, in anyone’s account, that information will definitely come on our radar.)

Finance Ministry officials said that the tax exemption to political parties will be subject to existing conditions in the law. According to Section 13A of the Income-tax Act, political parties are exempt from income tax provided they maintain books of accounts and record details of individuals making donations over Rs 20,000.

Separately, at a FICCI event, Finance Secretary Ashok Lavasa, when he was asked about deposits of political parties, said, “Jab tak 30 December tak purane note koi bhi jama kara sakta hai toh isme kisi ke khilaaf aisa koi vyavdhaan nahi hai ki falaana aadmi nahi kara sakta aur falaana kara sakta hai (Until December 30, anyone can deposit old notes. There is no provision that says so-and-so cannot deposit and so-and-so can). Anybody in India can deposit these notes in his account.”

Having collected around Rs 1 crore in every search-and-seizure and admissions of Rs 2,600 crore of concealed income through 295 surveys, the tax department on Friday announced commencement of the second opportunity. Beginning Saturday, Adhia said, citizens can come clean with their unaccounted wealth through the Pradhan Mantri Garib Kalyan Yojana (PMGKY) till March 31, 2017.

Declarations made in the 105-day scheme will be subject to total 49.9 per cent of tax, penalty and surcharge, along with the declarant having to deposit 25 per cent of the undisclosed income in an interest-free deposit scheme for four years. Adhia said that black money cannot be converted to white unless taxes on undisclosed assets are paid and full investigation is concluded. Adhia announced an e-mail ID — blackmoneyinfo@incometax.gov.in — for whistleblowers to send information about possible conversion of black money.

Central Board of Direct Taxes (CBDT) chairman Sushil Chandra said the tax department was also receiving a lot of real-time information, which was being matched with existing profiles of tax assessees. He said that since the November 8 announcement of discontinuing high-denomination currency notes, the department had seized Rs 393 crore after conducting 291 searches and seizures. Of this, Rs 316 crore were cash seizures, including Rs 80 crore in new currency notes. Apart from this, jewellery worth Rs 77 crore was seized.

“Deposits in bank accounts are being watched and, therefore, they should come very clean under this scheme which is the last window available for anyone,” Chandra said, adding that around 3,000 notices have already been issued based on the deposits made after November 8.

Emphasising that scrutiny of data will be “non-intrusive” so that there is no fear of ‘Inspector Raj’, Adhia said that the government would also take help from professional agencies to analyse information of deposits made post the currency discontinuation decision.

“We want people to come forward and declare on their own unaccounted cash/deposit. The moment all the deposits come by December 30, we will analyse the voluminous data that we get. We would scrutinise all the data in a non-intrusive manner so that the fear of ‘Inspector Raj’ is not there in the minds of people,” he said.

Unlike the previous four-month long tax compliance window — Income Declaration Scheme (IDS) — which ended on September 30, declarants under the PMGKY will have to produce a receipt ensuring that they have paid taxes and penalties, before filing a declaration. Under IDS, declarants made their disclosures before payment of tax and penalty. The disclosure scheme is part of The Taxation Laws (Second Amendment) Act, 2016, approved by the Lok Sabha earlier this month and has the President’s assent.

Adhia said that while declarations made under the new taxation and investment regime of PMGKY will not be admissible as evidence under different tax Acts such as Central Excise, Wealth Tax or Companies Act, the declarants will not enjoy any immunity under existing criminal laws.

He said that if the undisclosed cash or deposit in accounts was not declared under the PMGKY scheme, it will attract tax, surcharge and cess totalling 77.25 per cent of the income if it is declared in the income tax returns. In case the disclosure is not made either using the scheme or in returns, a further 10 per cent penalty on tax will be levied followed by prosecution, he said. Under the scheme, the income declared will not be included in the total income of the declarant under the Income Tax Act for any assessment year.
 

RSS की बीजेपी को नसीहत, पैसे की किल्लत दूर करो या यूपी चुनाव आगे बढ़वाओ

0

नई दिल्ली। नोटबंदी का फैसला आए 39 दिन हो चुके हैं। इस बीच करीब 100 लोग नोटबंदी की भेंट चढ़ चुके हैं। इसके कारण खराब होते हालात पर केन्द्र सरकार के सभी प्रयास विफल होते नज़र आ रहे हैं। पार्टी कार्यकताओं का धैर्य जवाब देता दिख रहा है। राष्ट्रीय स्वंयसेवक संघ (RSS) और भारतीय जनता पार्टी (बीजेपी) से जुड़े कुछ संगठनों ने पार्टी के नेतृत्व से कहा है कि नोटबंदी के कारण जो परेशानियां आई है उन्हें खत्म किया जाए या फिर उत्तर प्रदेश में होने वाले चुनावों की तारीख को आगे बढ़वा दिया जाए।

RSS

जनसत्ता के अनुसार, RSS और बीजेपी से जुड़े कई लोकल लेवल के संगठनों ने कहा है कि नोटबंदी की वजह से अगले साल होने वाले उत्तर प्रदेश विधानसभा चुनाव में बीजेपी को नुकसान होना तय है। इन लोगों ने पार्टी नेतृत्व को बताया है कि मध्यम वर्ग के लोग शुरुआत में तो नोटबंदी के फैसले से खुश थे लेकिन फिर जब नोटबंदी के ऐलान के एक महीने बाद भी कैश की किल्लत दूर नहीं हुई तो लोगों का गुस्सा और निराशा सामने आने लगी। पहले जो लोग फैसले के समर्थन में थे उनमें से ज्यादातर अब तक एटीएम और बैंक के बाहर लगी लंबी लाइनों को देखकर परेशान हैं।
 
इंडियन एक्सप्रेस को मिली जानकारी के मुताबिक, RSS और BJP के कुछ नेताओं ने बुधवार को लखनऊ में एक मीटिंग की थी। उसमें विश्व हिंदू परिषद, एबीवीपी के साथ बाकी संगठनों ने भी एक रिपोर्ट सौंपी थी जिसमें इन बातों का जिक्र था। हालांकि मीटिंग में एक सदस्य ने हो रही कार्रवाईयों का भी जिक्र किया था। उसने कहा, ‘गलत काम कर रहे बैंक और काला धन छिपाकर बैठे लोगों के ठिकानों पर इनकम टैक्स विभाग के छापों को लोगों के सामने लाया जा रहा है। उससे लोगों के सामने केंद्र सरकार की अच्छी इमेज बन रही है। लोग मान रहे हैं कि सरकार ईमानदारी के काम कर रही है।’
 
आपको बता दे कि नोटबंदी की योजना को कामयाब बनाने के लिए पीएम मोदी ने संसद के शीतकालीन सत्र के आखिरी पार्टी के सभी सांसदों को जिम्मेदारी दी है कि वे लोग सरकार की नई स्कीम ‘लकी ग्राहक योजना’ और ‘डिजी धन व्यापार योजना’ के जो विज्ञापन अखबार में छपेंगे उन्हें ज्यादा से ज्याद लोगों तक पहुंचाएं। ये विज्ञापन शनिवार (17 दिसंबर) से अखबारों में छपने शुरू हो रहे हैं।

Courtesy: National Dastak
 

Demonetisation Depression: Aligarh Locked Down

0

Aligarh's centuries-old lock industry is staring at what could be a total shutdown.

It has been more than a month since the chaotic process of demonetisation began. The drastic effect of this scheme is seen on local industries across the country. Aligarh's centuries-old lock industry, which comprises of 5,000 organised and as many unorganised units, employs over 2 lakh daily wage workers, and is worth Rs. 4000 crore is staring at what could be a total shutdown. 90% of the small and cottage scale units, including unregistered ones in Aligarh have either closed down or are on the brink of closure. Owners have no money to pay wages or buy raw material, while stock of manufactured goods is piling up in their storehouses. Newsclick spoke to the people in Aligarh regarding the devastating impact of demonetisation on their lives. Here is our video report from ground zero. 

Courtesy: Newsclick.in