News Update

India, China hold fresh dialogue for complete disengagement on Western borders: MEAThakur says India is prepared for 2036 OlympicsCBDT substitutes Form in ITR-5EV Revolution: Lessons for India to learn from US and China!London court green-signals auction of luxury apartment of fugitive Nirav ModiGovt consults RBI; finalises borrowing plan for first half of FY 2024-25Gadkari says Farmers’ protest is politically-motivatedVP calls upon women entrepreneurs to be 'Vocal for Local'America offers USD 10 mn bounty for information on ‘Blackcat’ hackers after UnitedHealth gets hitI-T- The order of the ITSC can only be reopened in cases of fraud or misrepresentation: HC8 persons including Hezbollah militants killed in Israeli strike on LebanonI-T - Income so surrendered on account of investment in excess stock during course of survey cannot be brought to tax under deeming provisions of section 69B: ITATMacron pillories EU-South Africa trade deal; calls it ‘really bad’ in BrazilI-T-Power of revision need not be exercised where facts do not reveal any lack of enquiry by AO into relevant issue & when twin requirements of order being erroneous as well as prejudicial to Revenue's interests, are not satisfied: ITATThailand’s Lower House okays Bill to legitimise same-sex marriageI-T -Penalty u/s 271(1)(c) cannot be imposed where an assessee claims deduction u/s 80P while being ineligible therefor, but being under the bona fide impression of being eligible for such benefit : ITATYellen warns China against clean energy dumpingCus - Enhancement of declared value of imported goods is not tenable, where Department adduces no material to show how the enhanced value was computed & where no cogent rationale is made out for rejecting declared value: CESTATMilky Way’s central black hole - Twisted magnetic field observedCus - Assessee has not proved beyond reasonable doubt that goods in question imported under air way bills/bills of entry were in fact filed by him and hence the only natural corollary available to Revenue is confiscation of same: CESTATSmall investors help Trump Media’s valuation skyrocket to USD 13 billionST - When the facts are in the knowledge of department subsequent SCN alleging suppression cannot be issued and entire demand was found beyond normal period of limitation: CESTATFM Nirmala Sitharaman declines to contest LS elections as she has no fundsST - Tripura State Rifles not required to pay Service Tax under heading of Security Services, as it is is not engaged in business of providing security services: CESTATJustice Ritu Raj Awasthi joins as Judicial member of LokpalCX - Clandestine removal alleged based on consumption of raw inputs and heightened electricity usage - Tax demands based on third party statements but without permitting cross examination of deponents; case remanded to allow this exercise: CESTAT
 
PM urges taxpayers to avail black money amnesty scheme or face action post-Sept 30 deadline

By TIOL News Service

NEW DELHI, JUNE 26, 2016: PRIME Minister Narendra Modi is very fond of his "Mann Ki Baat" programme aired on All India Radio. Apart from sharing his experiences on a variety of issues such as Smart City Project, International Yoga day and rating survey of achievements of his Government on completion of two years he also talked about the ambitious domestic black money tapping scheme, euphemistically described as theIncome Declaration Scheme.

In his talk the PM made a fervent appeal to all citizens to come forward to make declaration of their hitherto undeclares assets and income and have a nice sleep. He referred to the September 30 deadline and urged the black money hoarders to get rid of this burden by paying the tax with minimal penalty. He also reiterated that if such a declaration is made, the Govt is committed not to make any further inquiry.

Referring to the Rajaswa Gyan Sangam, the PM also shared his experience he had collected from the taxmen and also said that he had urged them to encourage taxmen to join the growing taxbase bandwagon. He also made a reference to the shocking fact that there are only about 1.5 lakh taxpayers India has, who declared their income above Rs 50 lakhs.

In this background, the PM has said that the notified 'Complaince Window' is a golden opportunity for those who have black money and they should be prepared for preventive action post the deadline if they do not avail the scheme.


POST YOUR COMMENTS
   

AR not Afar by SK Rahman

TIOL Tube Latest

Shri Shailendra Kumar, Trustee, TIOL Trust, giving welcome speech at TIOL Awards 2023




Shri M C Joshi, Former Chairman, CBDT




Address by Shri Buggana Rajendranath, Hon'ble Finance Minister of Andhra Pradesh at TIOL Awards 2023