GST done, govt to now take up income tax laws overhaul

DHNS
July 2, 2017

New Delhi, Jul 2: After the historic GST, the government may soon take up an overhaul of income tax laws. Prime Minister Narendra Modi has hinted at a revisit to the Direct Taxes Code (DTC).it

The finance ministry mandarins said the Prime Minister’s comment that Albert Einstein too found it difficult to understand India's income tax laws is being taken as the beginning of an overhaul of complex income tax laws.

“Once Albert Einstein, an eminent scientist had said that the most complex thing to understand in this world is Income tax. I was wondering if he was present here then how he would have reacted looking at the plethora of taxes,” Modi had said addressing a huge gathering of lawmakers, industry and prominent citizens from social sector soon after launching GST from the Central Hall of Parliament on late Friday night.

His remark came close on the heels of a come Parliamentary Committee on Finance urging the government to implement DTC within a stipulated deadline along the lines of the goods and services tax (GST) regime.

The report of the Standing Committee on Finance which was tabled in Parliament recently went on to say that without implementation of DTC, the intended gains of GST will not be felt.

The Committee headed by senior Congress leader Veerappa Moily said the purpose of a direct tax reform will be defeated that if the government kept on doing piecemeal amendments in income tax laws.

Soon after Modi’s reference, reforms in direct taxation and giving benefits of revenues generated through GST also figured in Finance Minister Arun Jaitley’s comments late on Saturday.

Currently, the government is busy with implementation of GST. Only 48 hours before the launch of independent India’s biggest tax reform, deregistered and ordered closure of more than 1 lakh companies which were found tampering with their accounts after November 8 demonetisation.

Over 3 lakh companies have been identified for action and the government has been collating data on transactions of more such firms post the note ban as part of a broader strategy to clamp down on corruption and black money.

Comments

Keshavamurthy
 - 
Friday, 7 Jul 2017

i dont know why people are supporting this vote bank protest.

Abdul
 - 
Thursday, 6 Jul 2017

Rightly said, huge respect sir

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News Network
July 6,2020

Mangaluru, Jul 6: Two fresh deaths in last 24 hours have taken the total number of covid-19 deaths in Dakshina Kannada district to 24.

The deceased are a 52-year-old woman from Ullal and a 52-year-old man from Thokkottu.

The man was suffering from cardovascular disease and pneumonia, sources said.

The woman passed away in Wenlock hospital.

More details are awaited.

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News Network
April 13,2020

Bengaluru, Apr 13: Karnataka Chief Minister BS Yediyurappa today held a review meeting with his cabinet colleagues and senior officials regarding prevailing coronavirus situation and several other important issues in the state.

Chief Secretary TM Vijay Bhaskar was also present at the meeting. The possible situation once the COVID-19 lockdown is lifted was discussed along with the financial status of the state government and how to mobilise additional resources, sources said.

The Chief Minister also appealed to sugar factory owners to clear the pending payment to the tune of Rs 2834 crore to farmers in 11 districts. He also said that the government has released Rs 45 crore compensation to farmers for loss of paddy crop in Raichur and Koppal District due to hailstorm based on a report submitted by District Collectors.

Amid the lockdown distribution of free milk to the poor will also be continued for one more week, sources added.

The meeting also decided to speed up disposal of cases related to the regularisation of unauthorised constructions which are pending before the High Court and Supreme Court.

In addition to this, the government is planning to auction more than 12,000 corner sites lying idle in Bengaluru. An amendment to the law governing permission to allow sites in private and co-operative housing societies will be made. Hundreds of societies are waiting for approval from the government for releasing the sites, sources said.

It was also decided to utilise Rs 1,000 crore available at Rajiv Gandhi Health University to upgrade medical college hospitals.

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Media Release
January 17,2020

Udupi, Jan 17: In a unique philanthropic initiative, two US based NRI children have established the first unit of Keithan & Keisha Skill Development Centre at SVS English Medium School, Katapady in Udupi district.

The centre was inaugurated by Dr. Ranjan B. Kini, Professor of Management - Information Systems of Indiana University Northwest (UCN), USA on Saturday, January 11, 2020.

The centre will provide exposure to rural high school students in technical skills in emerging technological domains, soft skills and life skills through online training and video conferencing during weekend seminars. The centre is established by Keithan and Keisha with the help of their parents. They are the children of Katapady Krishna Mohan Pai, CEO of Invenger Technologies Inc., USA. One 55 inch LCD TV, two computers and one laptop were donated as part of the initiation package.

Dr. Srikanth Prabhu, Associate Professor, Department of Computer Science & Engineering, MIT, Manipal will be anchoring the training sessions which will cover emerging fields like Robotics, its impact and the opportunities in the future. The training will include international online programmes and video conferencing.

“In today’s competitive world, students need technical knowledge to keep pace with the changing scenarios. Along with technical exposure, they should also be equipped with soft skills, communication skills and organizing abilities,” said Dr. Ranjan B. Kini after inaugurating the first unit at SVS English Medium School, Katapady.

Dr. Srikanth Prabhu informed the gathering about the idea behind the project, explained its features and programmes. “If good awareness is given to students at a young age regarding latest developments in technical fields and if they are trained in soft skills and other complementary skills, they will be able to face the future with confidence and attain the heights of success even if beginning from zero,” he said.

Presiding over the function K. Sathyendra Pai, Director of Invenger Technologies said, “This is the first centre to be set up under our initiative to train rural children in add-on skills and help them to gain parity with better educated students.”  More such centres will be set up in other schools soon, he added.

Katapady Krishna Mohan Pai, CEO of Invenger Technologies Inc., Amith Nayak of Archana Developers, Umesh Rao, President of Rotary Club Katapady, Savitha Manjunath, PWD Officer of Udupi, technical experts Nidhi Manjunath and Mitesh Singh were the guests of honour. Directors of the company B. C. Pai, Srinivas Vasudev Kini and Venkatramana Bhat were present.

School Headmaster Devendra Nayak welcomed the gathering. Megha gave a vote of thanks. School teachers Uma and Chaitra along with other teachers coordinated the event. Student leaders Dhanush and Jessel Vinola Quadros compered the programme.

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