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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
January 23,2020

Mangaluru, Jan 23: Members of the Social Democratic Party of India (SDPI) on Thursday held a protest against the Karnataka government, accusing it of shielding Aditya Rao, the main accused of planting an improvised explosive device (IED) at the Mangaluru airport on January 20.

Meanwhile, the Judicial Magistrate First Class (JMFC) Court has sent the accused Aditya Rao to 10 days police custody.

Earlier on Wednesday, the Bengaluru Police said that the procedure is being followed to hand-over to the Mangaluru Police a suspect who surrendered before it two days after planting an improvised explosive device (IED) at the Mangaluru International Airport.

The IED was later defused in an open field by the personnel of the bomb disposal squad.

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News Network
March 2,2020

Bengaluru, Mar 2: The Karnataka Department of Public Instruction has directed the School heads across the State to grant leave to students and staff suffering from fever, cold, cough and other respiratory infections.

As precautionary measure following the COVID-19 (known as coronavirus) outbreak at the global level, the department issued a circular in this regard here on Monday.

If any student, teacher or staff is suffering from respiratory infections, they should be granted leave. They should be allowed to come back to school only after confirming from the doctor that they are cured, the circular added.

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News Network
June 9,2020

Bengaluru, Jun 9: A 42-year-old founding director of an engineering consultancy firm lost Rs 65,000 to online fraudsters who posed as representatives of a mobile service provider and lured him with the offer of a fancy number recently.

Asif (name changed) received a text message on May 19, informing him that a platinum number, 9099999999, was available and interested people could dial a mobile number to avail it.

“Asif, who runs a mechanical, electrical, plumbing (MEP) engineering consultancy near Shivajinagar, decided to get the fancy mobile number. He called the number and the receiver said they would generate an invoice for his request. After a fake invoice for Rs 64,900 was generated, Asif paid the money through online transaction that day. Asif waited for two weeks for the SIM card with the fancy number to reach him,” an officer said.

East CEN Crime police registered a case of cheating under section 420 of IPC and sections under the Information Technology Act after Asif lodged a complaint on June 6.

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