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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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coastaldigest.com news network
May 20,2020

Bengaluru, May 20: A mysterious "boom" heard in large parts of Bengaluru this afternoon left residents of the city and social media users puzzled. While the source of the sound is being investigated, the Indian Air Force (IAF) indicated that it could be the result of "routine test flights that necessitate going supersonic a times".

The sound was heard from as far as the Bengaluru airport in Devanahalli to the IT hub of Electronic City 54 km away. It was also heard in Kalyan Nagar in east Bengaluru, central Bengaluru's MG Road and areas such as Marathahalli, Whitefield, Sarjapur and Hebbagodi.

IAF said no aircraft of training command was flying in the area. "However, ASTE (Aircraft and Systems Testing Establishment) and HAL (Hindustan Aeronautics Limited) could have been undertaking their routine test flying, which necessitates going supersonic at times. These are done well beyond the city limits in specified sectors. However, considering the atmospheric conditions and reduced noise levels in the city during these times, the aircraft sound may become clearly audible even if it happened way out from the city," said the air force statement.

Many people had speculated that the sound could have been caused by a fighter jet such as a Mirage 2000.

"We have also asked the Air Force Control Room to check if it was a jet or supersonic sound. Bengaluru police are awaiting confirmation from the Air Force," Bengaluru police commissioner Bhaskar Rao said in a statement.

It was not an earthquake, Karnataka's state disaster monitoring centre had tweeted earlier.

"Earthquake activity will not be restricted to one area and will be widespread. We have checked our sensors and there is no earthquake activity recorded today," the Karnataka State Natural Disaster Monitoring Centre said, quoting its director Srinivas Reddy.

"The activity reported in Bengaluru is not due to an earthquake. The seismometers did not capture any ground vibration as generally happens during a mild Tremor. The activity is purely a loud unknown noise," the agency tweeted.

#Bangalore and #BangaloreBoom was among the top trends on Twitter this afternoon.

"We are trying to ascertain the source of the noise," a senior police officer said. "In Whitefield area, we have searched on the ground and so far, there is no damage to any property," he added. There were no calls to the police control room reporting any damage.

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coastaldigest.com news network
August 1,2020

Mangaluru, Aug 1: A teenage boy, who was critically injured in a road accident at Manchi village in Bantwal taluk, breathed his last at a private hospital in the city today.

The victim has been identified as Mohammad Unais (17), a resident of Bolanthoor village.  

The mishap occurred yesterday (July 31) at around 6 p.m. when Unais was riding a motorbike.

In his bid to overtake a speeding lorry near the Manchi mosque, the boy lost control over his motorbike, which first rammed into an auto-rickshaw and then collided with the same lorry. 

The impact was such that the boy was thrown onto the road. He was immediately rushed to a hospital in Mangaluru. 

He breathed his last early today without responding to any treatment. 

A case has been registered at jurisdictional Melkar Traffic Police Station and investigations are on.

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coastaldigest.com news network
February 5,2020

Udupi, Feb 5: A school boy died after being bitten by a venomous snake while he was returning home from a playground at Perdoor village in Udupi district.

The victim has been identified as Abhinav (9), son of Raju Shetty and Gita Shetty couple from the same village. 

Abhinav had returned from school yesterday evening as usually. He then went out to play. At around 7 p.m. while he was walking towards home, a snake bit him sources said. 

He was immediately taken to KMC Hospital in Manipal, where doctors pronounced him brought dead. 

A case of unnatural death has been registered in the jurisdictional police station.

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