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The government has decided to open a one-time, four-month compliance window for domestic black money-holders. This gesture is intended to help them come clean by paying tax and penalty of 45 per cent.
“We are moving towards a lower tax regime with a non-litigious approach. Thus, while compliant taxpayers can expect a supportive interface with the department, tax evasion will be countered strongly,” Finance Minister Arun Jaitley said.
He said the capability of the tax department to detect evasion had improved because of increased access to information and the availability of technology-driven analytical tools to process such information. “I want to give an opportunity to the earlier non-compliant to move to the category of compliant.”
The compliance window will enable one to declare undisclosed income or income represented in the form of any asset, and clear up past tax transgressions by paying tax at 30 per cent, a surcharge of 7.5 per cent and a penalty of 7.5 per cent. This will add up to 45 per cent of the undisclosed income. The surcharge at 7.5 per cent will be called Krishi Kalyan surcharge, and the money thus raised will be used for agriculture and rural economy.
ARMAAN BAGS TOP FMSCI AWARD
India’s Armaan Ebrahim was awarded the Motorsports Man-of-the-Year Trophy at a gala award ceremony, organised by the Federation of Motor Sports Clubs of India (FMSCI), here on Sunday.
B.I. Chandhok received the Lifetime Achievement Award for his immense contribution to motorsports in the country. Another 99 drivers were awarded across eight different championships.
Armaan walked away with the glittering Raymond Gautam Singhania Rolling Trophy and cash prize of Rs. 2 lakh for his performance in the Lamborghini Blancpain Super Trofeo Asia Series. Armaan, along with partner Dilantha, put up a good show in the Asia Series — winning the Fuji main race and qualifying for the World Series.
ALUMINIUM ASSOCIATION OF INDIA ELECTS NALCO CMD AS PRESIDENT
Tapan Kumar Chand, CMD of state-run Nalco has been elected as the president of Aluminium Association of India (AAI).
Tapan Kumar Chand was elected unanimously at the National Governing Council Meeting of the AAI held here.
AAI is the apex body representing the entire spectrum of Indian aluminium industry and is a part of the world association, Nalco said in a release. Earlier, the post of president was held by S K Roongta, former chairman of SAIL and Vedanta Group.
On assuming the post of president, Chand welcomed the Union Budget 2016-17, describing it as a balanced budget with focus on growth.
BUDGET 2016: AADHAAR TO GET LEGAL BACKING
In his third Union Budget, Finance Minister Arun Jaitley announced cooking gas subsidy for women members of 5 crore poor households, giving a legal backing to Aadhaar numbers and launching direct benefit transfer for fertilizers to help farmers.
The government will provide LPG connections to women members of a below poverty line household. It has earmarked Rs. 2,000 crore to help meet the initial cost of providing the cooking gas connections to 1.50 crore poor households in 2016-17.
The move will help streamline delivery of government subsidies to the poor and the government plans to bring all the benefits and subsidies funded from the Consolidated Fund of India on the Aadhaar platform.
BUDGET 2016: CHEER FOR FIRST-HOME BUYERS
For the first-home buyers and affordable house seekers, the Union Budget has something to cheer for.
Finance Minister Arun Jaitley has announced an additional interest deduction of Rs. 50,000 a year for loans up to Rs. 35 lakh sanctioned during 2016-17 for the first-time homebuyers. The cost of the house, however, should not exceed Rs. 50 lakh.
BIG BANG REFORMS IN FDI GUIDELINES
To facilitate ease of doing business for foreign investors and their domestic recipients, the Union Budget 2016-17 has proposed liberalisation of foreign direct investment (FDI) norms in a host of sectors.
These include insurance, pension, Asset Reconstruction Companies (ARC), stock exchanges, marketing of food products, listed Central Public Sector Enterprises (CPSE) except banks and areas governed by financial sector regulators, falling beyond the 18 specified NBFC activities.
This the second time such ‘big bang’ FDI reforms are being announced by the government under Prime Minister Narendra Modi. In November last year, just after the BJP-led National Democratic Alliance (NDA) suffered a huge defeat in the Bihar Assembly Elections, the Centre had similarly eased norms across 15 sectors, including defence, private sector banking, construction, single brand retail, broadcasting and civil aviation to boost investment sentiment and attract more foreign capital into the country. Following these reforms and the Make in India initiative, FDI during April-December 2015 in FY’16 was up 40 per cent year-on-year to $29.5 bill
EXPLORING A MARS-LIKE PLACE ON EARTH
A Mars-like laboratory in the “driest place on Earth” is helping NASA scientists study the limits of life and test drilling and life-detection technologies that might be sent to Red Planet in the future.
In a harsh environment with very little water and intense ultraviolet radiation, most life in the extreme Atacama Desert in Chile exists as microbial colonies underground or inside rocks.
According to researchers at NASA, the same may be true if life exists on Mars.
The Atacama Rover Astrobiology Drilling Studies (ARADS) project has just completed its first deployment after one month of fieldwork in the hyperarid core of the Atacama Desert.
The extreme dryness the soil in this region is remarkably similar to that of the Red Planet.
FORMER CJI HL DATTU TAKES OVER AS NHRC CHAIRMAN
Former Chief Justice of India HL Dattu on Monday took charge as the Chairperson of the National Human Rights Commission (NHRC).
He is the seventh Chairperson of the Commission. Justice KG Balakrishnan completed his tenure on May 11, last year following which member of the Commission Justice Cyriac Joseph held charge as the acting Chairperson. Justice Dattu has been associated with several significant judgments.
He was on the bench that expanded the Indian jurisprudence on death sentence cases by commuting the death penalty of terror convict Devinder Pal Singh Bhullar to life term over mental illness and an inordinate delay in deciding his mercy plea by the government.
VICTORY FOR REFORMISTS TO BOOST IRANIAN ECONOMY
President Hassan Rouhani and his allies won big gains in elections that could deepen Iran’s engagement with the world after his government ended years of sanctions by agreeing to curb its nuclear programme.
The outcome in the results for Tehran on Monday was a blow to the conservative Islamic establishment, although it retains decisive power due to Iran’s unwieldy dual system of clerical and republican rule.
Most of the lawmakers who did not make it to the new Parliament strongly opposed the nuclear deal, including Mehdi Koochakzadeh, who called Foreign Minister Mohammad Javad Zarif “a traitor”, and Roohollah Hosseinian, who threatened to bury the negotiators under cement for agreeing to concessions to world powers.