PM to ‘clarify’ Pranab’s tax measures

June 29, 2012

28_pranab_1127824e

New Delhi, June 29: Taking charge of the Finance portfolio after the resignation of Pranab Mukherjee, Prime Minister Manmohan Singh has kindled hopes of a rethink on the controversial tax measures the departing Minister leaves behind.

While the Finance Ministry maintained on Thursday that there were no plans to defer the roll-out of the General Anti-Avoidance Rules (GAAR) beyond April 1, 2013, it said it was committed to providing “clarifications” to the PMO within two or three weeks on tax matters, which have raised the hackles of industry ever since the budget was presented.

Besides transfer pricing issues, the clarifications, in particular, would pertain to the retrospective amendment of Section 9 of the Income Tax Act — now popularly known as the Vodafone tax — which now forms apart of the Finance Act, 2012, on enactment of the Finance Bill.

Speaking to journalists, after another meeting with the Prime Minister a day after Dr. Singh in his review meeting with top Finance Ministry officials referred to “problems on the tax front which need to be addressed” as they were among the “many factors that have contributed to this general negative mood,” Finance Secretary R.S. Gujral said: “The Prime Minister’s Office sought clarifications on taxation issues and Section 9 of the Income Tax Act [related to tax on indirect transfer of assets]... We asked them to give us two-three weeks’ time.”

Under the amended provisions of Section 9 of the I-T Act, 1961, with retrospective effect, Vodafone would now be liable to pay about Rs. 20,000 crore (including interest), if and when a tax demand is raised by the authorities, though the British telecom major had won its case in the Supreme Court under the earlier legal framework.

While not giving any indication as to whether clarifications on the retrospective tax law were likely to result in any softening of the government’s stance, compared with what obtained when Mr. Mukherjee was Finance Minister, Mr. Gujral, who also heads the Revenue Department, sought to scotch speculation on deferment of the GAAR beyond April next year, as was indicated by the Finance Minister in his reply during the debate on the budget.

There is “no deferment... the GAAR is staying,” Mr. Gujral said, pointing out that the Finance Ministry would shortly issue draft explanatory guidelines on the GAAR for public comments. “We have finalised the GAAR draft rules after three meetings with the stakeholders. The draft will have examples for what would be deemed as permissible and impermissible arrangement.”

Late at night, the Central Board of Direct Taxes (CBDT) went into fast-forward mode to clear the confusion in the minds of foreign investors and issued a 23-page draft guidelines on the implementation of the GAAR in terms of Section 101 of the I-T Act with illustrative examples of cases, in which the provisions of the law would be invoked.

“The GAAR will be applicable for income arising from April 1, 2013. Certain grey areas have been highlighted. We need to clear the legislative intent of the proposal,” Mr. Gujral said. He pointed out that stakeholders would have 15 days to offer comments on the draft rules, after which the Finance Ministry would come out with the final guidelines.


Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
March 9,2020

Kolkata, Mar 9: A diabetic man died in the isolation ward of a hospital in West Bengal's Murshidabad on Sunday, a day after he was admitted there with suspected symptoms of coronavirus following his return from Saudi Arabia.

According to doctors, he was admitted to the hospital with fever, cough and cold.

Though test results of his blood and swab samples for novel coronavirus were awaited, it can be said that he died probably of diabetes, Director of Health Services Ajay Chakraborty told PTI.

"The man was highly diabetic and was on insulin. He returned home from Saudi Arabia and had no money to take insulin for the last three to four days.

"He was also suffering from fever, cough and cold. He was admitted to the isolation ward of the Murshidabad Medical College and Hospital yesterday and died today," the health services director said.

"We are waiting for the results of medical tests. The possibility of his death due to novel coronavirus infection is remote," he said.

However, precautions will be taken during the last rites of the victim according to the directives set by the central and state governments for patients who die of the virus, another senior official said.

"Family members will not be allowed to touch the body since the man had been suffering from cough and breathlessness. Those performing his last rites will be given protective gear, masks and gloves. Though test results are yet to be known, we do not want to take any chance," he said.

Meanwhile, the state health department has issued a directive to all private medical facilities to create a system for assessing all patients at admission allowing early recognition of possible COVID-19 infection and immediate isolation of patients with suspected novel coronavirus infection in an area separate from other patients.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
June 10,2020

Patna, Jun 10: A man in Bihar has willed half his property to two elephants after one of them foiled an attempt on his life by a pistol-totting criminal.

Akhtar Imam, chief manager of the Asian Elephant Rehabilitation and Wildlife Animal Trust (AERAWAT), said he has been looking after elephants since the age of 12.

"Once, there was an attempt of murder made against me. At that time the elephants saved me. When some miscreants armed with pistols tried to enter my room my elephant started trumpeting. It woke me up and I was able to shout and raise an alarm due to which the miscreants ran away," Imam said.

Imam says the two elephants, named Moti and Rani are like family for him and he cannot live without them.

However, the man claims that he fears threats to his life from his family members after he transferred his land to his two elephants. Imam's wife and sons have been living away from him for the last 10 years due to some dispute in the family.

He recounted that his son had allegedly filed a wrong case against him and also got him locked up. He eventually was let away after the charges levelled against him were proven wrong.

Imam said that his son Meraj had tried to sell the elephant to smugglers but was fortunately caught.

Imam says he has willed half of his property to his wife and his share of property worth Rs 5 crore to elephants said that if the jumbos die then the money would go to AERAWAT organisation.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
May 5,2020

Jammu and Kashmir, May 5: Awarding the prestigious Pulitzer Prize to three Indian photographers, the Pulitzer Board at Columbia University claimed that it was for their work in Kashmir as "India revoked its independence".

The award to Channi Anand, Mukhtar Khan and Dar Yasin in the feature photography category for their pictures for the Associated Press was announced on Monday.

The prizes, considered the most prestigious for US journalism, are associated with the university's Graduate School of Journalism where the judging is done and is announced, although this year it was done remotely.

Besides a certificate, the prizes carry a cash award of $15,000, except the public service category for which a gold medal is awarded.

The public service prize went to The Anchorage Daily News for a series that dealt with policing in Alaska state.

In making the award to the three, the Board said on its website that it was "for striking images of life in the contested territory of Kashmir as India revoked its independence, executed through a communications blackout".

Besides making the false claim about "independence" of Kashmir being "revoked", the board that includes several leading journalists did not explain how their photographs could have reached the AP within hours of the incidents recorded "through a communication blackout".

India's Central government only revoked Article 370 of the Constitution that gave Jammu and Kashmir a special status and it was not independent.

Indian journalists were allowed to operate in Kashmir, while only non-Indian journalists were barred.

The wording of the award announcement calls into question the credibility of the Pulitzer Board that gives out what are considered prestigious journalism awards.

The portfolio of pictures by the three on the Pulitzer web site included one of a masked person attacking a police vehicle and another of masked people with variants of the Kashmir flag, besides photos of mourners and protesters.

One of the finalists for the Pulitzer Prize for explanatory journalism was a reporter of Indian descent at The Los Angeles Times, Swetha Kannan, who was nominated for her work with two colleagues on the seas rising due to climate change.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.