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Showing posts from December 16, 2016

Govt to notify income disclosure scheme for taxing black money hoarders

The Parliament has given its nod to a bill that seeks to further empower tax authorities to crack down on black money, a government official confirmed on Thursday. It will also pave the way for the government to notify its income tax disclosure scheme, giving tax evaders another opportunity to come clean but by paying higher taxes and penalties. The scheme is likely to end on 30 December. The Taxation Laws (2nd Amendment) Bill 2016 was passed by the Lok Sabha on 29 November and was subsequently sent to the Rajya Sabha for its nod. But with the upper house failing to take up this money bill after more than 14 days, the bill is now presumed to be passed by both houses of Parliament. It will be notified by the revenue department in the ministry of finance after the President gives his assent. “Because 14 days are over since the Lok Sabha passed the bill, the revenue department will now notify it,” a senior finance ministry official said, speaking on condition of anonymity. Constitut

Labour Min wants to retain 8.8% interest on EPF for FY'17

The labour ministry is pitching for retaining 8.8 percentage intrest rate on employees' provident fund(EPF) deposists of over 40 million subscibers of the retainment fund body the Employees'provident Fund organisation for 2016-17 and trying to bring the finance ministry on board. The finance ministry had earlier this year decided to lower intereston EPF for 2015-16 to 8.7 percent from the 8.8 percent approved by EPFO'S apex decision making body,the central board of trustees (CBT)which is headed by tje labour minister.The govenment had to roll back the decision. Business Standard New Delhi,16th December 2016

Bill to allow cashless payment of salaries

With the government focusing on cashless transactions post demonetisation, a bill seeking to allow business and industrial establishments to pay salaries through cheques or by using electronic means, was introduced in the Lok Sabha on Thursday. Once passed by the Parliament, The Payment of Wages (Amendment) Bill, 2016 will amend Section 6 of the principal Act to enable employers to pay wages to their employees through cheques or by crediting it to their bank accounts electronically. The Bill was introduced by Labour Minister Bandaru Dattatreya amid din over demonetisation issue. Business Standard New Delhi,16th December 2016

Bring land, realty, power under GST fold, says Arvind Subramanian

As the Narendra Modi government wages its biggest war on black money yet, Chief Economic Advisor Arvind Subramanian today pitched for including land and real estate under the GST regime to check money laundering and corruption. Subramanian, who for the finance ministry had authored a report on possible tax rates under the Goods and Services Tax (GST), suggested that the new indirect tax set-up should be clean with simple low rates and should include land and property as well as electricity. Buisness Standard New Delhi,16th December 2016