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
January 2,2020

New Delhi, Jan 2: Thirteen firefighters were among the 14 people injured when a battery factory collapsed in northwest Delhi's Peera Garhi following an explosion due to a fire that broke out early on Thursday morning, officials said.

A fire brigade personnel still remained trapped under the debris of the building in Udyog Nagar area, an official said.

A large portion of the two-storey building collapsed following an explosion when firefighters were dousing the blaze, the official said, adding that fire department had received a call at 4.23am.

Plumes of smoke billowed out from the building as the fire brigade personnel battled to contain the blaze. An eyewitness said several explosions were heard as the blaze gutted down the building.

The National Disaster Response Force (NDRF) and civil authorities rushed to the spot to control the situation, an official said, adding that 35 fire tenders were at the spot.

The injured, including a security guard of the factory, were rushed to nearby hospitals, a police officer said.

Chief Minister Arvind Kejriwal said he was monitoring the situation.

"V sad to hear this. Am closely monitoring the situation. Fire personnel trying their best. Praying for the safety of those trapped," Kejriwal tweeted.

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News Network
January 17,2020

New Delhi, Jan 17: Deputy Chief Minister Manish Sisodia does not have any car on his name, according to information shared in the poll affidavit filed by him for Delhi elections.

In the affidavit, it is also shown that while his self-acquired immovable property remained roughly the same as in 2015. His wife's self-acquired immovable property is worth roughly about Rs 65 lakh, as per his latest affidavit.

In the papers submitted during the nomination for 2015 Delhi polls, the senior AAP leader had declared that he owned a Maruti Swift car of make 2013.

However, in his 2020 affidavit, he has mentioned "nil" in the column for motor vehicles and other means of transport.

In the affidavit submitted on Thursday, his moveable assets were declared worth Rs 4,74,888 for 2018-19, as against Rs 4,92,624 for 2013-14.

In 2015, Sisodia had informed in his affidavit that he had bought a property in Vasundhara, Ghaziabad, worth Rs 5.07 lakh in April 2001. The approximate current market value of self-acquired property in 2015 was Rs 12 lakh.

In his current affidavit, the AAP leader has mentioned the same property. However, the approximate current market value of self-acquired property in 2020 has increased to Rs 21 lakh.

In his affidavit for the 2015 polls, Sisodia had also said that his wife had purchased a property in March 2008 costing Rs 8.70 lakh. At that time, the approximate value of her self-acquired property was Rs 20 lakh.

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News Network
April 24,2020

Kozhikode, Apr 24: A four-month-old baby girl, who had tested positive for COVID-19 and suffering from congenital heart disease, died in a hospital here in Kerala early Friday after suffering a cardiac arrest, officials said.

This is the third COVID-19 death and the first infant fatality in the state where two elderly people had succumbed to the disease earlier.

The baby was admitted to the Medical College Hospital here on April 21 with history of fever, cough, breathing difficulties and seizure after being treated at two other hospitals and the end came at 6 am, a medical bulletin said.

State Health Minister K K Shailaja said doctors had made maximum efforts to save the life of the child, whose family belonged to Payyanad near Manjeri in Malappuram district.

"Preliminary information which we have is that there has been some primary contact", she told reporters in Thiruvananthapuram.

The protocol for COVID-19 cases would be followed for the baby's last rites, the Minister added.

As of Thursday, the total active COVID-19 cases in the state stood at 129.

The bulletin said on arrival at the hospital on Tuesday the baby was in shock and had respiratory failure.

"She was resuscitated, mechanically ventilated and appropriate antibiotics for pneumonia and supportive measures to correct shock were started", it said adding the baby, however, continued to remain sick.

"Even though there was no history of any high or low risk contact or any epidemiological links as the child comes from SARI (Sever Acute Respiratory infection) criteria, she was admitted to the COVID-ICU and swab was taken and she tested positive", the bulletin said.

Contact tracing of those who had come in contact with the child was in progress.

Mallapuram District Medical Officer (Health) Dr Sakeena K said the child was having severe health issues from its birth itself and was admitted to a private hospital in Manjeri near here with breathing problem.

As her condition worsened, the baby was shifted to another hospital and later to the medical college hospital.

"The baby was having chest deformity and Atrial Septal Defect by birth which developed into severe health issues, the official added.

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