Sunday, September 1, 2013

Whither Planning, Budgetring, Policies, so on >>>

  1. Sebi finds 22 PSUs violating norms; SBI files for settlement

  2. WT
  3. While on the topic of socialism/people oriented policies or programmes,  no ‘govt.’, across the borders, including the US, just as back home, does have different but identical feathers!
  4. That is, 'signature' to(u)ne is simply the same !
  5. < old
  6. BS
  7. Sept. 23
  8. A K Bhattacharya: Austerity and entitlement

    The latest effort to cut govt expenditure mtay yield solid benefits this fiscal but the issue of hierarchy-based austerity may cause problems
  9. Tightening while loosening

    Raghuram Rajan will live up to his stated views on inflation

    Say yes at WTO

    Trade facilitation agreement a must for India
  10. TOI
  11. Sept 3
  12. < While a part of the refund is on account of excess tax paid by individuals and companies, a large part of the burden is due to pressure from the tax department on the corporate sector to pay additional sums to help officers meet the targets set for them.>
  13. IMPROMPTU (genesis- ‘common sense’):
  14. Brings to surface/ sharp focus, albeit belatedly,  a perplexing, rather mindboggling question, eluding a ready answer : - As to under which of the legally known heads,- TDS, ADV.TAX, or any other, such payments are compelled / required  and come to be paid; and how accounted for by both payee (govt.) and payer (assessee) ?
  15. The rules book does not , so far as known, anywhere  provide for or envisages  any such collection/ or payment of tax, prima facie with no “authority of the governing law” in its profound sense,- that is, outside of the rules book, but under compulsion (verging on coercion or undue influence, so to say). In short, the intriguing and inconvenient poser is, if not a collection or payment strictly in terms of or "in accordance with" any specific provision of the tax law, how then a refund of any excess entitles the assessee  to interest ? Seriously suggest , - all concerned, including the statutory auditors of taxpayers, so also the office of the CAG in its capacity as the watchdog of the  governments' accounting, will do well to go through the applicable provisions with a fine -toothed comb, for finding a fully convincing / right answer (s) in the larger “public interest”.
  16. KEY NOTE: Under the common law, a claim for interest on principle of equity may be, ignoring for a moment the prima facie attendant irregularity in the eyes of law, considered fair and be sustained. But then the point is, can at all such an attendant irregularity  be justiciably ignored ? It is for law experts / judiciary to deliberate and come to a righteous conclusion !
  17. <previous
  18. Sept 2
  19. <> Sporadic Reflection, from a common sense (not necessarily an expert) viewpoint:
  • The PAC for once has to be rightly commended for taking a rigid but upright view, a highly commendable perceptive one at that.
    The difficulty of   ‘correct estimation’ as sought to be adduced to the undeniably  glaring unconstitutional omission reported on  by the CAG,  cannot be sanely regarded to hold (even a drop of) water; as such, has been rightly rejected as not tenable. In fact, the excuse given is  prima facie inexcusable by any standard or logic, as it offends the common understanding of, and offends the very concept of ‘estimation’ – for, ‘estimation’ , after all, constitutes the essential element  or condition (sine quo non !)  of / for each and every one of the proposals- regardless of it pertaining to  Revenue or  Expenditure; being the subject matter of a ‘financial budget’ presented to the Parliament  as an annual ritual. It is the Finance Minister, as its chief architect, who, -while on his feet  in person (and  emphasising , repeatedly , with all the force humanly possible, the word ‘I’) -commends to the august House his proposals/recommendations.
    BY the way, the ghost of interest  said to haunt the government , it needs to be remembered,  is not  to be mistaken as wholly  relatable  to the simple and straightforward  cases  of excess tax paid by taxpayers/on their account , by way  of Advance tax, TDS, or the like. If one were to take a conscious note of the largeness of the delayed refunds giving rise to significant interest payment , going by a reasonable guess, those could be  refunds mostly arising because of ‘ high-pitched’ assessments made by the lowly AO on the first occasion but  eventually /finally, after a prolonged litigation, happens to be  annulled in entirety or partly. This is an aspect which specially, rather incisively , calls for / deserves  a detailed inquiry/ separate exercise and  investigation  by the empowered CAG, to the end of his duly reporting.
    Over to experts, with the hope of  eliciting their eminent contribution on the subject.

  • <previous
    Why the Re. can keep falling ?- Answer by one with common sense must be very simple - as going by the law of nature - reference is to the gravitational pull of mother earth- falling comes naturally, with no efforts made, while on the contrary, to accomplish 'rising' , human has to exert and exhaust all his will power to firstly rise, then to maintain and keep rising to higher and higher levels. That reminds one of an old joke (admittedly borrowed, but) just to impulse and enthuse we, the ordinary mortals, to take easy and relax in a moment of any such so-dubbed deep crisis): Class teacher asked pupil , - why a ball thrown up comes down on its own, and with a greater velocity ? Pat came the answer- sir, there is none up above to catch it, that is why !

    Times of India (blog) ‎- 1 day ago
    People ask me, will the exchange rate go to Rs 70 to the dollar? ... This will keepblowing for 12-18 months. ... Why the rupee can keep falling.

    Times of India‎ - 1 day ago

  • Times of India‎ - by Saurabh Sinha‎ - 4 hours ago


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