Government of India opens another window for disclosing black money

Newsroom24x7 Staff

currency notesNew Delhi: Under the Taxation Laws (Second Amendment) Act, 2016, which came into force on yesterday (15 December, 2016) and the linked rules notified today and placed in public domain, the Taxation and Investment Regime (disclosure scheme) for Pradhan Mantri Garib Kalyan Yojana, 2016 will become operational from Frday (17 December 2016) and will remain open for declarations up to 31 March 2017.
The Taxation Laws (Second Amendment) Act, 2016 has come into force on 15th December, 2016.

The Prime Minister in the morning stated that all political parties are sore because their cash reserves have been hit and in the afternoon the government said parties can deposit their old notes, no questions will be asked and no IT charged. Everyone knows that political parties are the biggest generators and users of black money.The common man feels betrayed and taken for a ride.

 

Declaration under the new Scheme can be made by any person in respect of undisclosed income in the form of cash or deposits in an account with bank or post office or a specified entity.

Tax at the rate of 30% of the undisclosed income, surcharge at the rate of 33% of tax and penalty at the rate of 10% of such income is payable besides mandatory deposit of 25% of the undisclosed income in Pradhan Mantri Garib Kalyan Deposit Scheme, 2016. The deposits are interest free and have a lock-in period of four years.

The income declared under the Scheme shall not be included in the total income of the declarant under the Income-tax Act for any assessment year.

The declarations made under the Scheme shall not be admissible as evidence under any Act (eg. Central Excise Act, Wealth-tax Act, Companies Act etc.). However, no immunity will be available under Criminal Acts mentioned in section 199-O of the Scheme.

Non-declaration of undisclosed cash or deposit in accounts under the Scheme will render such undisclosed income liable to tax, surcharge and cess totaling to 77.25% of such income, if declared in the return of income. In case the same is not shown in the return of income a further penalty @at the rate of 10% of tax shall also be levied followed by prosecution. It may be noted that the provisions for levy of penalty for misreporting of income at the rate of 200% of tax payable under section 270A of the Income-tax Act have not been amended and shall continue to apply with respect to cases falling under the said section.

The Taxation Laws (Second Amendment) Act, 2016 has also amended the penalty provisions in respect of search and seizure cases. The existing slab for penalty of 10%, 20% & 60% of income levied under section 271AAB has been rationalised to 30% of income, if the income is admitted and taxes are paid. Otherwise a penalty at the rate of 60% of income shall be levied.

The Scheme, Rules and Notifications are available on the official website of the Income Tax Department @ http://www.incometaxindia.gov.in

Any queries/clarifications relating to the Scheme may be emailed at ts.mapwal@nic.in .

Reservation in Promotion in Madhya Pradesh: SAPAKS accuses State Government of appeasing the SC/ST officers and employees

Big Question Mark on Administrative Efficiency

Newsroom24x7 Staff

sapaks-press-conferenceBHOPAL: The officers and employees belonging to the general category, OBCs and minorities in Madhya Pradesh are angry with the State Government as it is siding with employees belonging to the reserved SC/ST categoeies and following the policy of appeasement towards them.

This was pointed out emphatically by Dr. Anand Singh Kushwah, president of “Samanya Pichda evam Alpsankhyak Varg Adhikari Karmchari Sanstha” (SAPAKS) at a press conference in the State Capital.

The SAPAKS President accused the Government of resorting to delaying tactic to prolong the hearing in “Reservation in Promotion” case at the Supreme Court level.

Taking a dig at the Government for using money power in the Reservation in Promotion case, Kushwah cited news reports to point out how the State Government was spending Rs. 25 lakh to Rs. 50 lakh per hearing and said that the Government owes an explanation and will have to tell what about its responsibility towards those belonging to the general category, OBCs and minorities. He also asked why the Government, instead of protecting and taking equal care of all sections of the people under the letter and spirit of the Constitution, was only serving its vote bank.

Kushwah said that there was a ray of hope for the general category, OBC and minority employees after the Jabalpur High Court declared as null and void and scrapped the special provision (Madhya Pradesh Government Rule of 2002) for granting reservation in promotion to the SC/ST employees, reserving vacancies and managing the rosters which was brought in force to implement the Dalit agenda by the previous Congress government led by Digvijay Singh and was being implemented continuously.

The present State BJP Government has challenged the High Court order and this is the first time it was pointed out by SAPAKS that any State Government is funding an Army of lawyers to represent it in the Apex Court.

Founder of SAPAKS A.K. Jain, who was also present, briefed media-persons about the status of the ‘reservation in promotion’ case in Supreme Court. Dr. K.S.Tomar, also a founder of SAPAKS told the journalists about the injustice and endless suffering they were going through due to the reservation policy. He said that irrespective of the confidential report and despite facing charges of indiscipline, many of those in the reserved category have got promoted in various departments and the brilliant and deserving officers were stagnating on the same post. He particularly said those junior, and lacking in performance have got promoted to top posts in many departments while the senior and efficient officers are languishing on the same post This is adversely affecting the administrative efficiency, he added.

Jointly addressing the media-persons,  Lalit Shastri, the president of “Samanya Pichda Alpsankhyak Kalyan Samaj Sanstha” (SAPAKS SAMAJ representing the general category, deprived and economically backward sections and minorities)  and a senior journalist, said that his organisation formed by leading members of society, would be launching a state-wide drive to keep the public informed about the pitfalls of the reservation in promotion policy. He said that the people are concerned and want its immediate scrapping since it is adversely affecting administrative efficiency. Shastri also underscored the Constitutional position and gave a brief account of how the Madhya Pradesh Government provision for reservation quota, introduced using Article 335 and 309 of the Cosntitution and the reasons cited by the High Court to declare it as null and void.

Shastri said that he would like to appeal to the State chief minister that he should not discriminate between different sections of government employees and under no circumstances money from the state exchequer should be spent on taking up a case in the Supreme court in support of a perticular section and against the interests of a vast majority of government employees.

The press conference was also a curtain raiser for a “Maha Adhivesan” (State level convention) of SAPAKS office bearers in the State capital tomorrow. On this occasion SAPAKS Samaj will start its membership drive and also launch its website.

VYAPAM scam case: My detractors have been exposed says Chief Minister Chouhan

Newsroom24x7 Staff
Vyapam

Khandwa: Madhya Pradesh chief minister Shivraj Singh Chouhan has said that those who were hurling allegations and were trying to spoil his image have been exposed by ghe Supreme Court ruling that a hard disk linked with Madhya Pradesh Professional Examination Board (VYAPAM) Scam– was not tampered with.

“Satyameva jayate (truth alone triumphs). My antagonists were levelling baseless allegations against me,” the chief minister told media-persons here. Chouhan was in Hanuwantiya to inaugurate the Second Jal Mahotsav.