Rs 3 lakh cash transactions limit set by budget too high_ revenue secretary hasmukh adhia – the financial express
Despite the promises made by senior functionaries, high-pitched assessment and other modes of harassment by a section of tax officials are troubling industry. Usd inr rate today In an interview with FE’s Sumit Jha and Shobhana Subramanian, revenue secretary Hasmukh Adhia says this problem is being addressed. Usd jpy live rate In the the last two years, he said, the two apex tax boards (CBDT and CBEC) have dismissed 72 officials and penalised another 193 for overreach. Convert ip to binary The secretary also said the Rs 3-lakh limit set by the Budget for cash transactions was “too high”, even though it may not be practical to lower it at this juncture.
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Tax claims under dispute stood at R7 lakh crore through FY16. Convert rmb to us dollars Has your efforts at reducing the disputes by withdrawing appeals changed the scenario meaningfully?
Disputes worth around R1,200 crore have been settled, but that is not a satisfactory number. Usd to gbp chart We will have to think about other means of bringing down tax claims stuck in disputes.
We would like to get into each major case and see whether it’s a case of excessive assessment or if not, find out what exactly is the problem. Exchange rate brl usd I would like look into the issue with my officers. Premarket stock futures cnbc We thought it (withdrawing appeals in low-value cases) was a good idea because most of the cases are at the commission or appeal level, and the thinking was that people would come forward (to settle the dispute if the claims are brought down). Check messages online We have to look into the reasons of why that hasn’t happened. Funny quotes about love We have also requested the Supreme Court to expedite the high-value cases.
The Budget has a provision under which tax officials can confiscate property to ascertain fair market value. Equity meaning Would this not lead to harassment and inspector raj?
By bringing in Operation Clean Money, we have established our credibility. Usd inr today We could have sent an inspector straight away to examine the cases but we want to work in a faceless manner. Video editor windows 10 What we are assuming is a power of seizing, not confiscation, of bank accounts or property. Nokia modem The act of seizure precedes confiscation which means no transaction can be done through these assets. Currency converter usd to aud This power of seizure is with all assessing officers like ITOs and assistant commissioners but not the investigating division which actually conducts the searches.
Currently, senior officers like deputy directors and assistant directors do not have the power to immediately seize assets. 1 aed to usd What is happening is that the moment any search takes place, people move money from their bank accounts. What are futures in the stock market That is why this power is now proposed to be given to a few more officers numbering around 300 in addition to the existing 8,000 or so. Usd sek chart The present practice is that the investigating team would complete the entire investigation and then send a report to the assessing officers and then the assessing officer can issue orders for seizure, which practically takes a long time.
Under the clean money mission, you have identified about 18 lakh individuals whose cash deposits do not match with their income profile. Futures market transaction But the actual number as read out by the finance minister is much bigger at over 3 crore. Exchange rate pound to dollar Why?
These (18 lakh) individuals are part of the first phase which targets high-value accounts only. Dollar to pound exchange rate today There will be three to four phases depending on the narrowing down of accounts through data analytics. Gbp usd forecast today The cases in the first phases are apparent ones where there is no prima facie link between deposits and income. Python dictionary example This data analytics has been done in-house but we would be hiring outside technical expertise also.
We have made a committee in every state consisting of two principal/chief commissioners. What are futures in stock market Under a chief commissioner, there are three senior officers and they form a collegium. Gold usd chart Any person who thinks he has got a high-pitched assessment or a completely frivolous one can approach the committee when the notice is served on her. German stock market futures The committee can decide to either continue with the notice or dismiss it. The futures market Apart from this, in the last two years, we have dismissed 72 officials from the CBDT and CBEC combined including six officers from Group A. Gender research topics Besides, we have heavily penalised 193 officers including nine from Group A. Eur usd exchange rate live Some officers are serving prison terms after being convicted by CBI courts for charges of bribery and other offences.
The GST Council agreed to split assessment of companies with revenue above Rs 1.5 crore. Home meaning in hindi How would be you apportion the companies between state and Centre under GST?
This would be through a computerised draw, meaning there would be equal division in every segment. Silver forecast 2017 State and central officers could sit together and decide elements of the draw as well. Decimal to binary calculator For example, in certain geographical areas, the Centre may not have enough presence, so the state can decide to assess all the companies while Centre takes those in the urban areas.
I do believe it is too high. Eur usd live rate But at least a beginning has been made. Usd inr conversion People with black money would carry sacks of cash to buy luxury cars. Us to inr exchange rate The intention is to bring down the legal limit for cash transactions but that will happen only when cheque and other digital modes of transactions increase.
MSMEs are paying an effective tax rate of 30% while that rate for nearly 300 companies with annual profit of Rs 500 crore and above is 25%. Binary key If we had reduced 0.5% tax for everyone, it would have meant revenue loss of Rs 9,000 crore. Binary to alphabet converter But with a loss of Rs 7,200 crore, we have provided relief to 96% of the companies. The millionaire fastlane The corporate tax will eventually come down but we need time. Futures in stock market definition We can’t bite that bullet now.
The Budget also limits the interest cost that is tax deductible for a company if paid to an associate company. Pre market stock futures How much revenue was being lost due to this practice?
This is a standard practice the world over, called thin capitalisation. Crude oil futures market I do not have an estimate of the amount we have been losing but this is an anti-abuse provision. Gbp to usd live charts These companies will now have to fall in line.
Yes, the cut is meant for only incorporated firms, who also pay dividend distribution tax while others don’t. Pre market us stock futures Partnerships can also earn interest of 12% on their own capital which also the incorporated firms can’t. Binary programming We want to encourage firms to migrate to company format.
The idea is not to tax genuine investors. 18 usd It may be possible that a genuine private equity investor may not have paid securities transaction tax (STT) at the time of entry but when it exits, it will still get the benefit of (lower) long-term capital gains tax. 1 usd to amd We will have to define genuine investors so that they could be put in an exemption list. Dow jones futures market watch The misuse of long-term capital gain provision will be curbed. Dollar to pound exchange rate graph It’s an enabling provision but we have the power to provide exemption to genuine companies. Usd zar rate If there is any confusion anywhere in any class of people, we will look at those problems and issue a notification.