India targets black money with new assets disclosure law

June 8, 2012

Black_Money

New Delhi, June 8: Filing of income tax returns has become more complicated for those with assets overseas as the government has introduced a compulsory disclosure law for Indians in the country and abroad aimed at tracing black money.

“The overseas assets will not be taxed, but it is an additional hassle for taxpayers,” said Neeru Ahuja, a partner at Deloitte Haskins and Sells.

Apart from the additional hassle, Ahuja said, expatriates see it as an intrusion on their privacy.

“Many people are complaining. Expatriates who have come here to work even for a short period are required to disclose assets back home,” Ahuja said.

The Central Board of Direct Taxes (CBDT) recently issued the new tax return forms for 2011-12 or assessment year 2012-13, mandating disclosure of foreign assets. On the form, a new section labelled ‘FA’ (Foreign Assets) is included.

Individuals with taxable income exceeding Rs1 million (Dh66,750) and Indians and expatriates with assets overseas must file their returns electronically.

“Resident individuals are required to file tax returns in India irrespective of whether they have income chargeable to tax in India or not,” said Ahuja.

As per the Finance Bill 2012, residents with assets outside India are required to file tax returns electronically giving details of such assets.

In other words, income is now not the only criteria for filing a tax return. Residents with assets abroad are now required to submit their details irrespective of whether they have income generated in India.

The government has made disclosure of foreign assets mandatory in a bid to trace black money, which has become a big political issue.

Although there is no official figure, some private research puts illicit money held by Indians at $1.4 trillion (Dh5.14 trillion).

The government says the mandatory disclosure of foreign assets is aimed at preventing the generation and circulation of unaccounted-for money and so that undisclosed assets can be tracked.

However, such a disclosure could cause undue hardship to individuals, especially the family of an expatriate, who qualify as residents due to their physical presence in India.

For example, spouses of foreigners who work in India or non-resident Indians returning to India will need to disclose their foreign assets.

“It is not clear how the additional information may be used, but it will cause hardship to genuine tax payers,” said Ahuja.

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News Network
July 22,2020

New Delhi, Jul 22: Rajya Sabha Chairman M Venkaiah Naidu on Wednesday urged the newly elected members of the House to uphold rules and procedures of the House while discharging their duties as the lawmakers for the country.

"In his remarks at the end of the administration of oath/affirmation to the new members of Rajya Sabha in the Chamber of the House today, Shri Naidu urged them to hold themselves to account with regard to their conduct both within and outside the House, so as to enhance the standing of the institution in the eyes of the people," read a press note.

The note further read that Naidu suggested the members to "question themselves if they had acted to enhance the dignity of the institution or to the contrary at the end of each day during the session and if their conduct was ethical during the inter-session period".

He said, "Answers to these simple questions would guide you on the right path."

He further stressed, "Ensuring rule of law is the spirit of our law of the land (Constitution). It shall begin with your compliance with the rules and procedures of this House."

Of the 61 members elected to Rajya Sabha from 20 States in the recent biennial and bye-polls, 45 made oath/affirmation today including 36 who have been elected for the first time. 12 sitting members have been re-elected which include Sharad Pawar, Digvijaya Singh, Bhubaneswar Kalita, Prem Chand Gupta, Harivansh and Ramdas Athawale, who took oath today.

Those elected for the first time to Rajya Sabha include Mallikarjun Kharge, Jyotiraditya M Scindia and KC Venugopal who have vast legislative experience and taken oath today. Those members who could not make oath/affirmation will do so during the ensuing Monsoon Session.

"Members including three women made oath/affirmation in 10 languages viz., Telugu, Bodo, Kannada, Manipuri, Marathi, Oriya, Tamil, Bengali, Hindi and English," the note read further.

"Today's oath-taking has been organized to enable the newly elected members to participate in the committee meetings which are underway at once and in the monsoon session which is to follow. I hope to nominate all of you on different committees in a day or two. #RajyaSabha," the Vice President's official handle tweeted earlier on Wednesday.

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Agencies
June 5,2020

Jodhpur, Jun 5: A video has gone viral on social media showing what could be called Jodhpur's George Floyd moment with a twist, showing cops throwing a person on the ground and pressing his neck with their knees for roaming around without a mask.

However, unlike the unfortunate incident in Minneapolis, Minnesota, the cops in Jodhpur reportedly acted after the person, said to be mentally challenged, turned violent after being confronted by the police.

Dumb TV media is playing the initial part of this video as 'India's George Flyod moment'. Doesn't matter to them that the same video shows the man beating the cops back badly pic.twitter.com/vGSaON6oii

— Swati Goel Sharma (@swati_gs) June 5, 2020

George Floyd, a 46-year-old black man, died after being arrested by the police outside a shop in Minneapolis in the US on May 25. Footage showed a white officer, Derek Chauvin, kneeling on Floyd's neck for several minutes while he was pinned to the floor. He was pronounced dead later in the hospital, triggering widespread protests across the US.

However, in the Jodhpur incident, the man, identifed as Mukesh Kumar Prajapat, did not die but instead started fighting with the policemen.

Jodhpur police officers confirmed that the video was shot in the city on Thursday after the police wanted to issue a challan against the man for roaming on the streets without wearing a mask before he started manhandling the police.

The video shows a cop pressing his neck with his knee while two other cops held the young man's legs. A huge crowd gathered when the scuffle broke out.

Meanwhile, the SHO of Dev Nagar police station, Somkaran, said that the police were issuing a challan to Prajapat when he attacked them and tore their uniform. An FIR has been lodged against Prajapat on a complaint lodged by the Pratap Nagar police station. He will be produced in the court later in the day.

Prajapat is said to be mentally challenged and had damaged his father's eye earlier for which a case was registered against him, the poice said. Action is being initiated against Prajapat under the Epidemic Act, they added.

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News Network
January 29,2020

Jan 29: Multiple organisations have called for a Bharat Bandh today in order to protest against the recently passed Citizenship Amendment Act and the proposed National Register of Citizens (NRC). The Bharat  Bandh today has been organised in Surat in Gujarat, Jharkhand and Andhra Pradesh. Increased security measures have been put in place in the three states keeping in view the call for shutdown.

According to media reports, the call for Bharat Bandh was given by Maulana Sajjad Nomani of the All India Muslim Personal Law Board (AIMPLB). This was to protest against the controversial CAA-NRC. This call is supported by an NGO based in Surat, Versatile Minorities Forum (VMF). Apart from the VMF, the call for strikes has been supported by organizations such as Bahujan Kranti Morcha, National Association of Street Vendors of India Surat chapter and the Textile Market Workers' Union.

The workers of the VMF were also spotted distributing pamphlets and urging people to support the strike. Several shopkeepers have also put up notices stating that their shops will be shut for the day.

Earlier, Bharat Bandh was called by 10 trade unions and several bank employees in order to protest against the "anti-people policies of the government" on January 8 and 9. A few violent incidents during this Bharat Bandh were reported in West Bengal.

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