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 26,2020

New Delhi, Jul 26: Nidan Singh Sachdeva, the Afghan Sikh who was kidnapped a month ago and released recently, arrived here earlier in the day and narrated the ordeals that he faced at the hands of abductors and also thanked the Indian government for bringing him back to his 'motherland'.

Facing threats from Pakistan-backed Taliban, eleven members of Sikh community from Afghanistan, who were granted short-term visas by Indian Embassy in Kabul, including Sachdeva, who was abducted from a gurudwara in Paktia province last month, touched down in New Delhi on Sunday afternoon.

Speaking to news agency on his return, an emotional Sachdeva, said, "I don't know what to call Hindustan -- whether it is my mother or my father -- Hindustan is Hindustan."

"I was abducted from the gurudwara and 20 hours later, I was covered with blood. I was tied to a tree as well. They used to beat me and ask me to convert into a Muslim. I repeatedly told them that why should I convert, I have my own religion," he said while describing
Nidan Singh thanked Government of India for bringing him here.

"I am more than thankful to the Indian government for bringing us here to our motherland. I have no words to describe my feelings here. I arrived here after much struggle. The atmosphere of fear prevails there.

Gurudwara is where we can be safe but a step outside the Gurdwara is fearful," he said.
"They used to beat me every day and every night," he said further and added, "It is because of sheer happiness, I am speechless. I am very grateful to them."

Ministry of External Affairs recently announced that India has decided to facilitate the return of Afghan Hindu and Sikh community members facing security threats in Afghanistan to India.
The decision comes four months after a terror attack at a gurdwara in Kabul's Shor Bazaar killed at least 25 members of the community.

India has condemned the "targeting and persecution" of minority community members by terrorists in Afghanistan at the behest of their external supporters remains a matter of grave concern.

Leaders of the Afghan Sikh community have appealed to the Indian government to accommodate the Sikhs and Hindus from Afghanistan and grant them legal entry with long term residency multiple entry visas.

Once a community of nearly 250,000 people, the Sikh and Hindu community in Afghanistan has endured years of discrimination and violence from extremists, and the community is now estimated to comprise fewer than 100 families across the country.

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News Network
March 10,2020

Thiruvananthapuram, Mar 10: Senior Congress leader Shashi Tharoor on monday thanked PM Narendra Modi  for extending birthday wishes to him in malayalam.

"Thank you, Prime Minister Narendra Modi, for this elaborate birthday greeting in shudh sahitya Malayalam! Am touched by your thoughtfulness," Tharoor tweeted with a picture of the letter from Modi.

In another tweet, the Congress MP also posted its translation, that reads,

Tharoor, who is an MP from Thiruvananthapuram, turned 64 on march 9.

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SmR
 - 
Tuesday, 10 Mar 2020

Is he next Scindia waiting to board the BJP ship?

 

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July 18,2020

Washington, Jul 18: The Foreign Direct Investment (FDI) from the US to India has crossed the $40 billion mark so far this year, reflecting the growing confidence of American companies in the country, the head of an India-centric business advocacy group has said.

The American companies, during the Covid-19 pandemic, which has battered the world economy, have shown great confidence in India and its leadership, said Mukesh Aghi, president of the US-India Strategic and Partnership Forum (USISPF), which keeps a track of the major US FDIs in India.

“Year to date investment from the US, including the recent ones, is over $40 billion,” Aghi said.

In recent weeks alone, the announcement of the FDI into India has been over $20 billion, he said, referring to the announcements made by some of the top companies like Google, Facebook and Walmart.

“Investors’ confidence in India is high. India still remains a very promising market for global investors. If you look at the $20 billion… not just the US, but (investment) has also come from other geographies such as the Middle East and the Far East.

“So, India still remains a very, very bullish market for the investor community,” Aghi said in response to a question.

The USISPF has been working with New Delhi to bring in FDI into India… playing a key role in encouraging American companies planning to move their bases out of China, he said, adding that the move was going on in the last three years of the Trump administration, but gained momentum during the coronavirus pandemic.

“We feel that Prime Minister (Narendra Modi’s) intention is very high. The challenges lie on the execution side. Efforts are being made to encourage manufacturing… I've never seen it so better. The policy framework is moving in the right direction,” he said.

Early this week, Larry Kudlow, the White House Economic Advisor, told reporters that the US tech giants like Google and Facebook announcing big investments in India shows that people are losing trust in China and India is emerging as a big competitor.

At the same time, he rued that India continues to be a protectionist country.

“The question is how do you define protectionism... the administration here is saying America first and India is saying vocal for local…,” Aghi added.

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