[New Delhi]Center Planning To Abolish Several Thousands Posts Vacant for 5 yrs
There May be several thousand central government posts which are lying vacant for five or more years,
The government is planning to abolish all posts which have been vacant for more than five years, and has directed all ministries and department to submit a comprehensive report on the matter.
As per Finance Ministry , It had asked all ministries and departments to submit an action-taken report for the cause
As per the ministry,Some departments and ministries have responded but some, instead of providing a comprehensive report, have submitted the requisite information in piecemeal manner,
Ministry of Home Affairs has also issued such directions to all concerned
Tag: Ministry Of Finance
Center Planning To Abolish Several Thousands Posts Vacant for 5 yrs
Jaitley Tables Eco Survey 17-18 Before Adjournment Of LS
[New Delhi] Jaitley Tables Economic Survey 17-18 Before Adjournment Of LS
Union Finance Minister Arun Jaitley today tabled the Economic Survey 2017-18 in the Lok Sabha soon after President Pram Nath Kovind’s address to the joint sitting of both Houses of Parliament.
As soon as the House met for the first day of the Budget session, Secretary General Snehlata Shrivastava laid a copy of the President’s address.
Speaker Sumitra Mahajan then directed the finance minister to table a copy of the Hindi and and English versions of the Economic Survey 2017-18.
Prime Minister Narendra Modi, Union Ministers, Deputy Speaker M Thambidurai, opposition leaders Mallikarjun Kharge, Mulayam Singh Yadav, Sudip Bandopadhyay and Farooq Abdullah were among others present in the House.
Thereafter, the Speaker adjourned the House for the day.
The House will meet on February 1 when the general budget for 2018-19 will be presented by the finance minister.
Before the House was assembled, the prime Minister, accompanied by Parliamentary Affairs Minister Ananth Kumar, went to the opposition benches and greeted the leaders, including Kharge, Yadav, Bandopadhyay and Abdullah.
Modi also greeted the members of the treasury benches before the House assembled as well as after it was adjourned for the day
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Modi Govt to Infuse Rs 88K cr in 20 Public Banks
[New Delhi] Modi Govt to Infuse Rs 88K cr in 20 Public Banks
The unprecedented Rs 2.1 lakh crore bank recapitalisation plan announced in October last year was to be spread over two financial years — 2017-18 and 2018-19.
Government of India today announced Rs 88,139 crore capital infusion in 20 public sector banks (PSBs) during the current fiscal, As per Finance Minister Arun Jaitley
IDBI Bank getting the most — Rs 10,610 crore.
State Bank of India will get Rs 8,800 crore capital and
Bank of India, Rs 9,232 crore.
UCO Bank will get Rs 6,507 crore;
Punjab National Bank – Rs 5,473 crore;
Bank of Baroda – Rs 5,375 crore;
Central Bank of India – Rs 5,158 crore;
Canara Bank – Rs 4,865 crore;
Indian Overseas Bank – Rs 4,694 crore and
Union Bank of India – Rs 4,524 crore.
Oriental Bank of Commerce would get Rs 3,571 crore,
Dena Bank Rs 3,045 crore,
Bank of Maharashtra Rs 3,173 crore,
United Bank of India Rs 2,634 crore,
Corporation Bank Rs 2,187 crore,
Syndicate Bank Rs 2,839 crore,
Andhra Bank Rs 1,890 crore,
Allahabad Bank Rs 1,500 crore,
Punjab and Sind Bank Rs 785 crore.
The PSBs are faced with mounting non-performing assets (NPAs) or bad loans, putting the financial sector under stress, and need to be recapitalised.
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India, USA To Exchange Tax Indentification Numbers
[New Delhi]India USA To Exchange Tax Indentification Numbers (TINs) for pre-existing accounts
India and USA have signed the Inter-Governmental Agreement (IGA) under FATCA in 2015. To enhance the effectiveness of information exchange and transparency, both the sides committed to establish, by January 1, 2017, rules requiring their Reporting Financial Institutions (RFIs) to obtain the Tax Identity Number (TIN) of each reportable person having a reportable account as of June 30, 2014 (pre-existing account).The Income-tax Rules, accordingly, provide for reporting of U.S. TIN from the year 2017 onwards in respect of any pre-existing account.
The US-IRS has issued guidelines through Notice 2017-46dated 25.09.2017 providing relaxation to Foreign Financial Institutions (FFIs) with respect to reporting of U.S.TIN for calendar years 2017, 2018 and 2019. Now the Competent Authority of USA will not determine significant non-compliance with the obligations under the IGA solely because of a failure of a reporting FFI to obtain and report each required U.S.TIN, provided that the reporting FFI:
(i) obtains and reports the date of birth of each account holder and controlling person whose U.S. TIN is not reported;
(ii) requests annually from each account holder any missing required U.S. TIN; and
(iii) before reporting information that relates to calendar year 2017 to the partner jurisdiction, searches electronically searchable data maintained by the reporting FFI for any missing required U.S. TINs.
Modi Govt Start Attaching BENAMIs :Opening Score Rs 3500 Cr
[New Delhi]Modi Govt Start Attaching BENAMIs :Opening Score Rs 3500 Cr
@narendramodi Warned
He Informed
Now
His Govt
Starts Attaching BENAMI Properties
Inaugural Attchments @ Rs 3500 Cr
As per The Income Tax Department (ITD)
it has attached more than 900 benami properties including flats, shops, jewellery and vehicles worth over Rs 3,500 crore.
ITD said in a statement that it has stepped up action under the Prohibition of Benami Property Transactions Act, which came into force from November 1, 2016.
The Act provides for provisional attachment and subsequent confiscation of benami properties, whether movable or immovable.
The department had set up 24 dedicated Benami Prohibition Units (BPUs) under its Investigation Directorates all over India in May, 2017 to ensure swift action in respect of Benami properties.
Benami literally means ‘without a name’. An asset without a legal owner or a fictitious owner is called benami.
The original Benami Act was introduced in 1988 for prevention of black money and was amended in 2016 to prohibit benami transactions and provides for confiscating benami properties.
Direct Tax Collected with 18% Growth
[New Delhi] Direct Tax Collected with 18% Growth
Direct Tax collections up to December, 2017 show that net collections are at Rs. 6.56 lakh crore which is 18.2% higher than the net collections for the corresponding period of last year.
The net Direct Tax collections represent 67% of the total Budget Estimates of Direct Taxes for Financial Year (F.Y.) 2017-18 (Rs. 9.8 lakh crore). Gross collections (before adjusting for refunds) have increased by 12.6% to Rs. 7.68 lakh crore during April to December, 2017. Refunds amounting to Rs.1.12 lakh crorehave been issued during April to December, 2017.
An amount of Rs. 3.18 lakh crore has been received as Advance Tax up to December, 2017 reflecting a growth of 12.7% over the
Advance Tax payments of the corresponding period of last year.
As per Ministry Of Finance , The growth in Corporate Income Tax (CIT) Advance Tax is 10.9% and that in Personal Income Tax (PIT) Advance Tax is 21.6%.
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e-Way Bill Made Compulsory from 1st of Feb 2018 :24 GST Council Meeting
[New Delhi]e-Way Bill Made Compulsory from 1st of Feb 2018
The 24th GST Council Meeting held today through video conferencing decides that Inter-State e-way Bill to be made compulsory from 1st of February, 2018;
The System to be ready by 16th of January, 2018; The Uniform System of e-way Bill for Inter-State as well as Intra-State movement will be implemented across the country by 1st June, 2018.
The 24th Meeting of the GST Council held today through video conference under the Chairmanship of the Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley. The GST Council today reviewed the progress of readiness of hardware and software required for the introduction of nationwide e-way Bill System and the following decisions were taken :-
i) The nationwide e-way Bill system will be ready to be rolled out on a trial basis latest by 16th January, 2018. Trade and transporters can start using this system on a voluntary basis from 16th January, 2018.
ii) The Rules for implementation of nationwide e-way Bill system for Inter-State movement of goods on a compulsory basis will be notified with effect from 1st February, 2018. This will bring uniformity across the States for seamless inter-State movement of goods.
iii) While the System for both inter-State and intra-State e-way Bill generation will be ready by 16th January, 2018, the States may choose their own timings for implementation of e-way Bill for intra-State movement of goods on any date before 1st June, 2018. There are certain States which are already having system of e-way Bill for intra-State as well as inter-State movement and some of those States can be early adopters of national e-way Bill system for intra-State movement also. But in any case, the Uniform System of e-way Bill for inter-State as well as intra-State movement will be implemented across the country by 1st June, 2018
Photo Arun Jaitely
Income Tax Payer Unfriendly Dy Commissioner “Meena” Suspended
Income Tax Payers Unfriendly Dy Commissioner “Meena” Suspended
D. K. Meena, Deputy Commissioner of Income Tax, posted at Surendranagar in Gujarat Region is suspended for harassing a taxpayer in a scrutiny case with malafide intention.
The officer was alleged to have demanded illegal gratification through the taxpayer’s Chartered Accountant for favourably completing the assessment.
रु ५० हजार से अधिक की निकासी पर फ़िलहाल टैक्स सम्बन्धी निर्णय नही
[नईदिल्ली]रु ५० हजार से अधिक की निकासी पर फ़िलहाल टैक्स सम्बन्धी निर्णय नही |मुख्य मंत्रियों की कमिटी द्वारा प्रस्तावित सिफारिशों के आधार पर लगाई जा रही मीडिया अटकलों पर विराम लगाते हुए केंद्र द्वारा स्पष्टीकरण जारी किया गया है जिसके अनुसार फिलहाल कमिटी की सिफारिशों पर कोई निर्णय नहीं लिया गया है| आंध्र प्रदेश के सी एम् चंद्रबाबु नायडू की अध्यक्षता में मुख्य मंत्रियों की कमिटी ने डिजिटल पेमेंट्स पर अपनी सिफारिशें प्रस्तुत कर दी है |इन सिफारिशों के आधार पर अनेकों अटकले लगाईं जा रही है |एक मीडिया अटकल के अनुसार रु ५०००० की नकदी निकालने पर टैक्स लगाया जाएगा|इसे सिरे से ख़ारिज करते हुए कहा गया है के फ़िलहाल इस पर कोई फाइनल निर्णय नहीं लिया गया है
I T Seizes Rs 393 Cr Cash Including Rs 77 Cr In New Currency
[New Delhi]I T Deppt Seizes Rs 393 Cr Cash Including Rs 77 Cr In New Currency After Demonetization
Income Tax Searches lead to Admission of Undisclosed Incomes of Rs. 2600 Crore since 8th November, 2016.
The Income Tax Department has continuously been carrying out investigations since the de-monetisation of Old High Denomination (OHD) currency announced by the Government on 8th November, 2016.
While Searches have been carried out in
291 cases across the country,
295 cases have been covered by survey action. In addition to these, open enquiries have been effected in more than
3000 cases. Approximately
Rs. 393 Crore including
Rs. 316 Crore cash and
Rs. 77 Crore worth of jewellery has been seized.
As a result of these investigations, approximately
Rs. 2600 Crore of undisclosed income has been admitted by the taxpayers.
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