English हिन्दी
Connect with us

India News

Tax Collection Woes of the Government

Published

on

Budget 2017-18

[vc_row][vc_column][vc_column_text]By Parsa Venkateshwar Rao Jr

Finance Minister Arun Jaitley in his 2017-18 Budget speech in the Lok Sabha on Wednesday explained the rationale of demonetisation and the push towards digital transactions by citing the tax evasion figures of those who do not file returns at all and those who under-quote their profits.

He said of the 4.2 crore who were employed in the organised sector, only 1.74 crore files tax returns, and out of the 5.6 crore individual enterprises and firms doing small business, only 1.81 crore filed returns. And among the 13.94 lakh companies which are registered till March 31, 2014, only 5.97 lakh companies filed returns for 2016-17. And of the 5.97 lakh companies which have filed returns, 2.76 lakh companies have shown losses or zero income. Among those which showed profit, 2.85 lakh companies have shown less than Rs 1 crore in profit, 28,667 have shown profits between Rs 1 crore and Rs 10 crore, and only 7781 companies showed more than Rs 10 crore in profit.

Of the 3.7 crore individuals who have filed tax returns in 2015-16, 99 lakh showed the exemption limit of Rs 2.5 lakh per annum, 1.95 crore showed an annual income between Rs 2.5 lakh and Rs 5 lakh, 52 lakh showed income between Rs 5 lakh and Rs 10 lakh and only 24 lakh showed annual income more than Rs 10 lakh. And of the 76 lakh who showed income above Rs 5 lakh, 56 lakh were in the salaried class. Only 1.72 lakh showed income of more than Rs 50 lakh per annum.

Jaitley in his speech said, “We can contrast this with the fact that in the last five years, more than 1.25 crore cars have been sold, and the people who flew abroad, either for business or tourism, is 2 crore in the year 2015. From all these figures we can conclude that we are largely a tax non-compliant society.”

And he argues, “The predominance of cash in the economy makes it possible for the people to evade their taxes. When too many people evade taxes, the burden of their share falls on those who are honest and compliant.”

Then he referred to the preliminary analysis of data with regard to deposits in the Rs 1000 and Rs 500 denominations: “During the period November 8  to December 30 , 2016, deposits between Rs 2 lakh and Rs 80 lakh were made in 1.09 crore accounts with an average deposit size of Rs 5.03 lakh. Deposits of more Rs 80 lakh were made in 1.48 lakh accounts with average deposit size of Rs 3.31 crores.”

He concluded: “This data mining will help us immensely in expanding the tax net as well as increasing the revenues, which was one of the objectives of demonetisation.”

Lead Picture: The Union Minister for Finance and Corporate Affairs, Arun Jaitley along with the Minister of State for Finance and Corporate Affairs, Arjun Ram Meghwal arrives at Parliament House to present the General Budget 2017-18, in New Delhi. Photo: PIB[/vc_column_text][/vc_column][/vc_row]

India News

MDMK ends nine-year alliance with DMK, keeps options open on joining Vijay-led front

MDMK has formally severed ties with the DMK after nine years, while refraining from immediately joining Chief Minister Joseph Vijay’s alliance.

Published

on

The Marumalarchi Dravida Munnetra Kazhagam (MDMK), led by Vaiko, has formally ended its nine-year association with the Dravida Munnetra Kazhagam (DMK), marking a significant shift in Tamil Nadu’s political landscape. The decision was taken during the party’s general council meeting held on Friday.

MDMK cites attempts to weaken party

In resolutions adopted at the meeting, the MDMK alleged that efforts had been made to weaken the party within the DMK-led alliance, making it difficult to continue the association. The party also claimed there were attempts aimed at facilitating an AIADMK return to power, allegations that were rejected by the DMK.

Although political observers have speculated about the MDMK moving closer to Chief Minister Joseph Vijay’s Tamilaga Vettri Kazhagam (TVK), the party did not formally announce any alliance with the ruling front. Instead, it said decisions regarding future political alignments would be taken at an appropriate time.

Warm remarks for Vijay government fuel speculation

The MDMK’s resolutions welcomed the state government’s functioning under Chief Minister Joseph Vijay and urged it to remain committed to key promises, including ensuring corruption-free governance and safeguarding Tamil Nadu’s interests on issues such as the Mekedatu dam project. These remarks have intensified speculation about a possible future understanding between the two sides.

The development comes amid broader political realignments in Tamil Nadu following the 2026 Assembly elections, with several parties reassessing their alliances in the changed political scenario.

Continue Reading

India News

Champat Rai, Anil Mishra resign from Ram Temple Trust amid donation embezzlement probe

Top officials of the Shri Ram Janmabhoomi Teerth Kshetra Trust have resigned as investigators continue probing alleged embezzlement of donations at the Ayodhya Ram Temple.

Published

on

Senior functionaries of the Shri Ram Janmabhoomi Teerth Kshetra Trust, Champat Rai and Anil Mishra, have resigned from their respective positions amid the ongoing investigation into the alleged theft and embezzlement of donations received at the Ram Temple in Ayodhya.

According to reports, Champat Rai stepped down from his role as the Trust’s general secretary, while trustee Anil Mishra also resigned from his responsibilities linked to overseeing the counting of cash offerings. The developments come as the probe into alleged irregularities in handling temple donations continues to expand.

The resignations reportedly followed the registration of an FIR in connection with the alleged misappropriation of cash and valuables donated by devotees. Several individuals associated with the counting process have already been arrested, and investigators have recovered substantial amounts of cash during the course of the probe.

Sources indicated that the resignations were offered to facilitate an impartial investigation into the matter. However, there has been no official statement from the Trust detailing whether the resignations have been formally accepted.

The alleged embezzlement case has triggered political reactions, with opposition parties demanding a thorough and transparent investigation into the handling of temple donations. The issue has also raised questions regarding internal oversight and security mechanisms governing donation management at the temple.

Authorities continue to investigate the matter, while further action is expected based on the findings of the ongoing probe.

Continue Reading

Education

Maharashtra TET 2026 postponed a day before exam after alleged paper leak, three arrested

Maharashtra postponed the MAHA TET 2026 examination after an alleged paper leak came to light in Thane district, leading to the arrest of three individuals

Published

on

The Maharashtra Teacher Eligibility Test (MAHA TET) 2026, scheduled to be conducted on June 28, has been postponed following allegations of a question paper leak. The decision was announced after police uncovered material suspected to be linked to the examination during a raid in Thane district.

Authorities said the suspected leak came to light during an early morning operation in Bhiwandi, where individuals were allegedly found in possession of question papers that matched the actual examination material. Three people have been arrested in connection with the case, while further investigations are underway.

The Maharashtra State Council of Examination (MSCE) subsequently decided to postpone the examination to maintain the integrity and transparency of the recruitment process. Officials stated that a fresh date for the examination will be announced later. Candidates will be required to download new admit cards once the revised schedule is released.

According to officials, more than six lakh candidates were expected to appear for the examination across 1,700-plus centres in the state. The postponement, announced just a day before the test, has affected thousands of aspirants preparing for teaching positions in Maharashtra schools.

The incident has once again raised concerns over the security of competitive examinations in the state, with opposition parties criticising the government over recurring allegations of paper leaks.

Continue Reading

Trending

© Copyright 2022 APNLIVE.com