Aanchal Magazine


Delhi: I-T department attaches land linked to Satyendar Jain
Mon, Mar 06, 2017

The department also alleged that Jain used his knowledge in making investment in land, and was trying to influence government decisions to regularise unauthorised colonies.

Key step cleared, July rollout likely for GST, says Arun Jaitley
Sun, Mar 05, 2017

Jaitley expressed optimism about being able to meet the intended July 1 deadline for rollout of the indirect tax regime.

Database limited, more complete information by next year: Chief Statistician TCA Anant
Fri, Mar 03, 2017

On the credibility of quarterly data releases, Anant underlined “it is a careful statistical exercise” and that in many areas, “more complete information would be available in many ways by next year”.

I’m constrained by public data; GDP not based on anecdotes, says Chief Statistician TCA Anant
Fri, Mar 03, 2017

In an interview to The Indian Express, Anant emphasised that additional data will help in getting a better picture of October-December, the quarter of demonetisation, and it will be reflected in revised estimates next year.

Consumption mystery could be traced to piling up of inventories
Thu, Mar 02, 2017

As per the methodology, since no direct data of expenditure is used, most of the GDP data is calculated based on output data

Additional powers to taxmen: Amendment to I-T Act sought to plug misuse
Tue, Feb 28, 2017

Apprehensions regarding the abuse of information by the assessees appear to be the main reason behind the tax department's move to seek changes to the Income Tax Act

Budget 2017-18: Over 4K copies printed after ‘shortage’ last year
Sat, Feb 25, 2017

The Budget division official in another set of internal communication said that they do not intend to print any additional copies this year.

NPA a hard problem… many years we had extended pretence, says Arvind Subramanian
Fri, Feb 24, 2017

Was he in loop on note ban? Subramanian quotes Buddhist maxim: ‘Speak only when you can improve upon the silence’

Lack of clarity on GSTN’s service tax liability: Experts
Tue, Feb 21, 2017

Kumar responded to an e-mail query sent by The Indian Express saying: “GSTN is registered under Service Tax.

Additional power to taxmen: Govt to reveal reason for searches before Constitutional courts
Tue, Feb 21, 2017

Revenue secretary, while appearing before a Parliamentary panel, has clarified the government’s stand on the fresh provisions introduced in the Budget.

Tenth GST council meet: Bill for compensating states gets nod; CGST, IGST hang in balance
Sun, Feb 19, 2017

Clashes between Centre and states over minutes of previous meet

GST Council meeting: States allowed to tweak taxpayer division after consulting Centre
Fri, Feb 17, 2017

Concession over & above 90:10 division of taxpayers below Rs 1.5-cr threshold.

Finance seeks Labour reply: Is 8.65% EPF interest rate sustainable?
Thu, Feb 16, 2017

The Finance Ministry has also sought details from Labour Ministry on the number of inoperative accounts.

Operation Clean Money: ‘Error’ in I-T queries as November 8 deposit data gets mixed up
Fri, Feb 10, 2017

The online responses received from some of these individuals have revealed this discrepancy, which is expected to be removed in the second phase of the data mining operation.

Fiscal deficit kept at 3.2 per cent considering needs for development, says Ashok Lavasa
Wed, Feb 08, 2017

Finance Secretary Ashok Lavasa, told The Indian Express that both the department and the government do not want such a situation and they are working towards reducing human interface through the use of technology.

Interview with Economic Affairs Secretary: ‘Limited time window will keep electoral bonds from becoming a parallel currency’
Tue, Feb 07, 2017

On the proposed electoral bonds, Das, in an interview with the Indian Express, said that a limited time window for electoral bonds will help avoid the danger of them becoming a parallel currency.

Government allays industry concerns on additional powers to taxmen
Sun, Feb 05, 2017

The CBDT chairman assured industry that genuine investors, IPO, FPO, placement, ESOPs, will not be affected by this amendment.

Most deposited Rs 2 lakh or more, some used one PAN for 20 accounts: Govt
Fri, Feb 03, 2017

Over two-thirds of the demonetised currency deposited in banks has come in the form of deposits over Rs 2 lakh — totalling around Rs 10.38 lakh crore.

Enforcing Rs 15-lakh cap on cash holding difficult; idea still being examined, says Hasmukh Adhia
Fri, Feb 03, 2017

Revenue Secretary Hasmukh Adhia speaks to The Indian Express.

Immovable property: Period for long-term gains cut to 2 years
Thu, Feb 02, 2017

Ease of tax burden for those selling properties after 2 years as against 3 years earlier; new base year is now 2001 from 1981.

All cesses, barring petroleum, to be merged in GST: Hasmukh Adhia
Thu, Feb 02, 2017

It was decided that even though all other cesses would be subsumed in the GST, the Centre would continue to levy clean environment cess on coal, peat and lignite.

Union Budget: Next fiscal, no smooth sailing, says Survey
Wed, Feb 08, 2017

In the current year or 2016-17, the Survey expects the economy to grow 6.5-6.75 per cent, with demonetisation lopping off 0.25-0.5 percentage points from a baseline growth of 7 per cent.

Smart City: Affordable housing, technological innovation find place in New York’s top priorities
Sat, Jan 28, 2017

Projects such as affordable apartments, Hunter’s Point South Living and start-up hub Grand Central Tech have already been rolled out

Input tax credit on ATF: Aviation Ministry suggests ways to compensate airlines
Fri, Jan 27, 2017

Union civil aviation minister Ashok Gajapathi Raju said his ministry has suggested various alternatives to the finance ministry to help compensate airlines that cannot take tax credit on ATF under the GST regime.

Income surge behind farm tax proposal was data entry error
Thu, Jan 26, 2017

Subsequently, though, the Income Tax department, in a response submitted to the Standing Committee on Finance, admitted to huge agriculture incomes in ITRs primarily on account of data entry errors.

Goods and Services Tax: Beyond audit & scrutiny, dual control still a grey area
Thu, Jan 19, 2017

On Monday, the Centre and the states managed to hammer out a broad consensus over the contentious issue of division of administrative control over tax assessees.

Budget demand: PowerMin seeks tax breaks for ongoing hydel projects
Wed, Jan 18, 2017

A proposal for deemed export status has also been sought for hydro projects.

Headway on dual control, GST likely in July: FM Arun Jaitley 
Tue, Jan 17, 2017

Finance Minister Arun Jaitley said 90 per cent of tax assessees below the annual turnover threshold of Rs 1.5 crore will be under the control of states and the remaining 10 per cent will be under the Centre’s jurisdiction.

Govt wants details of cash deposited before note ban
Tue, Jan 10, 2017

Finance Ministry says bank account holders must submit PAN by Feb 28

Undisclosed income: I-T unearths Rs 490 crore since Dec 30, total swells to Rs 4,807 crore
Tue, Jan 10, 2017

The total undisclosed income admitted or detected as part of the action conducted by the I-T department, till December 29, was Rs 4,313.79 crore.

To be part of revised estimates: GST receipt estimates not to be part of next financial year’s BE
Fri, Jan 06, 2017

Estimates for GST receipts for the next financial year will become a part of the revised estimates, not Budget estimates for 2017-18, officials in the know said.

Agriculture definition revised: Absentee landlords, food processing firms brought under GST net
Tue, Jan 03, 2017

The Council retained its proposed definition of ‘agriculturist’ to allow a land to have been personally cultivated only if it’s farmed by individuals and family members of a HUF.

Lower tax rate, repo cut, GST to guide growth
Sun, Jan 01, 2017

The year 2016 had marked significant progress in the roadmap for GST roll-out, with the passage of the Constitution (One Hundred and First Amendment) Act, 2016.

‘Women employed the most in education sector’
Thu, Dec 29, 2016

The lowest employment was seen in the construction sector with only 3.67 lakh workers.

Engagement on Smart Cities initiative: US trade body flags clarity of plans, autonomy of states
Mon, Dec 19, 2016

The USTDA officials also spoke of how an exclusive investment desk along the lines of the ones provided to Japan and Korea will be conducive for attracting investment from US investors.

Tax prosecution cases witness a spurt in April-October
Tue, Dec 13, 2016

Direct tax cases during the period higher than FY16.