Modified norms to lower taxes of small traders by 30%: FM

December 20, 2016

New Delhi, Dec 20: Finance Minister Arun Jaitley today said the government's decision to tweak the presumptive income norms would reduce the tax liability by up to 30 per cent for those small traders opting for digital transactions.jaitly copy

He said in the Budget for 2016-17, small traders and businessmen, with turnover of up to Rs 2 crore who did not maintain proper accounts, were presumed to have earned 8 per cent income or profit for tax purposes. But if they use digital mode of payments, their income will now be presumed to be 6 per cent of the turnover and not 8 per cent.

"So he will get a significant tax benefit. The object is if you do transactions using digital mode then you can pay less tax. It is a tax incentive to support digitisation of the economy. And if we calculate it, then some traders would get over 30 per cent tax advantage if he transacts through digital mode," Jaitley told reporters here.

Under the existing Section 44AD of the Income-Tax Act, 1961, in case of certain assessees (an individual, HUF or a partnership firm other than LLP) carrying on any business having a turnover of Rs 2 crore or less, the profit is deemed to be 8 per cent of the total turnover for taxation.

"...it has been decided to reduce the existing rate of deemed profit of 8 per cent under section 44AD of the Act to 6 per cent in respect of the amount of total turnover or gross receipts received through banking channel/digital means for the financial year 2016-17," the Central Board of Direct Taxes (CBDT) had said yesterday in a notification.

The decision has been taken to achieve the government's mission of moving towards a less cash economy and to incentivise small traders/businesses to proactively accept payments by digital means, the CBDT said.

Following decision to demonetise old Rs 500/1,000 notes, the government has taken several measures to encourage digital payments to promote less cash economy.

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News Network
February 18,2020

Ayodhya, Feb 18: A senior Supreme Court lawyer has written to the Ram temple trust on behalf of a group of Muslims in Ayodhya, asking that five acres of land around the demolished Babri Masjid where a graveyard is situated be spared for the sake of 'sanatan dharma'.

The letter, written by advocate M R Shamshad, is addressed to all 10 trustees of Shri Ram Janmabhoomi Teertha Kshetra.

Shamshad said according to Muslims, there is a graveyard known as 'Ganj Shahidan' around the demolished Babri Masjid where 75 Muslims who lost their lives in the 1885 riots in Ayodhya were buried.

"There is a mention of this in Faizabad Gazetteer also," he said.

"The central government has not considered the issue not using the grave-yard of Muslims for constructing the grand temple of Lord Ram. It has violated 'dharma'," the letter stated.

"In view of religious scriptures of 'sanatan dharma', you need to consider whether the temple of Lord Ram can have foundation on the graves of Muslims? This is a decision that the management of the trust has to take," it said.

"With all humility and respect to Lord Ram, I request you, not to use the land of about four to five acres in which the graves of Muslims are there around the demolished mosque," the letter added.

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News Network
May 9,2020

Thrissur, May 9: Five people were arrested for allegedly conducting congregational prayers at a mosque here in violationofthe COVID-19 lockdown norms.

A case was registered against five people for conducting evening prayers on Friday, police said.

We received information that prayers were being conducted in the mosque, they said adding they were held at Eriyad Masjidul Bilal mosque here.

On Friday, four people, including the president of a local temple trust, were arrested for allegedly conducting a religious recitation in a temple here in violation of lockdown restrictions.

Though lockdown conditions have been eased in accordance with the Centre's guidelines, public gatherings, including functions, weddings, political events and religious gatherings were not allowed.

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Agencies
March 3,2020

Lucknow, Mar 3: Two days after wife of Kafeel Khan, who is booked under the National Security Act, alleged that her husband faced a threat to life in Mathura jail, where he is lodged for anti-CAA protests, the District Magistrate claimed that Khan was 'fully secure' in the jail.

"Kafeel Khan, who has been booked under the National Security Act (NSA) for alleged inflammatory statements during an anti-CAA protest in Aligarh, is absolutely fine and fully secure in Mathura jail. Allegations of 'inhuman' treatment being meted out to him are baseless," Mathura District Magistrate Sarvagya Ram Mishra said on Monday.

Also Read: Kafeel Khan’s wife fears threat to his life
Senior Superintendent of Mathura district prison, Shailendra Maitrey, said that Khan's condition is being monitored every half an hour and the report is written in the gate book. He said, his ECG is normal and blood pressure was also in control.

He said that Khan was demanding checkup from a cardiologist.

"Since no specialist is available in the government sector here, his request could not be complied with. However, the jail authorities have sent his request to chief medical officer and have asked him to make a specialist available," the jail official said.

He said Khan is in barrack, which is fully ventilated, and he shares it with 50-60 'good behaviour' prisoners.

It may be recalled that in a letter to the Chief Justice of Allahabad High Court, Additional Chief Secretary (Home), and Director General (Jail), Shabista Khan, wife of the jailed doctor, had alleged that her husband was being treated inhumanely in the jail.

She feared that an attempt could be made on her husband's life inside the jail. She had demanded adequate security for him and had urged that her husband should be kept away from active criminals lodged in the jail.

Khan was booked by Aligarh police on December 13 for delivering a provocative speech in Aligarh Muslim University (AMU) during an anti-CAA protest in the campus, a day earlier, and was arrested from Mumbai airport on January 29 by Uttar Pradesh special task force.

The Aligarh police had slapped the stringent National Security Act (NSA) against Khan on February 13 night, hours before he was expected to walk free from the Mathura jail, after he was granted bail by Aligarh's chief judicial magistrate on February 10.

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