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....The Shome
Committee...
TOI
A full
blown political war is on over the Government's decision to review ...
BL
July 12
… and the
Opposition maintained a Manmohanesque silence
Finance Minister Arun Jaitley’s
first Budget presentation seemed a staid affair till the... »
A long standing demand of the
real estate industry and a third attempt by the market regu... »
REITs and
Invits are sound ideas, but it may be a while before they find full acceptance
The
Finance Minister has attempted to channel funds into the infrastructure and
realty sectors by... »
· Following are the highlights of
the Union Budget 2014-15 presented by Finance Minister Arun Jaitley in
Parliament on July 10, 2014
· Income-tax exemption limit
raised by Rs. 50,000 to Rs. 2.5 lakh and for senior citizens to Rs. 3 lakh
· Exemption limit for investment
in financial instruments under 80C raised to Rs. 1.5 lakh from Rs. 1 lakh.
· Investment limit in PPF raised
to Rs. 1.5 lakh from Rs. 1 lakh
· Deduction limit on interest on
loan for self-occupied house raised to Rs. 2 lakh from Rs. 1.5 lakh.
· Committee to look into all fresh
tax demands for indirect transfer of assets in wake of retrospective tax
amendments of 2012
·
Fiscal deficit target retained at 4.1% of GDP for current fiscal and
3.6% in FY 16
·
Rs. 150 crore allocated for increasing safety of women in large cities
· LCD, LED TV become cheaper
· Cigarettes, pan masala, tobacco,
aerated drinks become costlier
· 5 IIMs to be opened in HP,
Punjab, Bihar, Odisha and Rajasthan
· 5 more IITs in Jammu,
Chhattisgarh, Goa, Andhra Pradesh and Kerala.
· 4 more AIIMS like institutions
to come up in AP, West Bengal, Vidarbha in Maharashtra and Poorvanchal in UP
· Govt proposes to launch Digital
India’ programme to ensure broad band connectivity at village level
· National Rural Internet and
Technology Mission for services in villages and schools, training in IT skills
proposed
· Rs. 100 cr scheme to support
about 600 new and existing Community Radio Stations
· Rs. 100 cr for metro projects in
Lucknow and Ahmedabad
· Govt expects Rs. 9.77 lakh crore
revenue crore from taxes
· Govt’s plan expenditure pegged
at Rs. 5.75 lakh crore and non-Plan at Rs. 12.19 lakh crore.
·
Rs. 2,037 crore set aside for Integrated Ganga Conservation Mission
called ‘Namami Gange’
·
Kisan Vikas Patra to be reintroduced, National Savings Certificate with
insurance cover to be launched
· FDI limit to be hiked to 49% pc
in defence, insurance
· Disinvestment target fixed at
Rs. 58,425 crore
· Gross borrowings pegged at Rs. 6
lakh crore
· Contours of GST to be finalised
this fiscal; Govt to look into DTC proposal.
· ‘Pandit Madan Mohan Malviya New
Teachers Training Programme’ launched with initial sum of Rs. 500 crore
· Govt provides Rs. 500 crore for
rehabilitation of displaced Kashmiri migrants
· Set aside Rs. 11,200 crore for
PSU banks capitalisation
· Govt in favour of consolidation
of PSU banks
· Govt considering giving greater
autonomy to PSU banks while making them accountable
·
Rs. 7,060 crore for setting up 100 Smart Cities
·
A project on the river Ganga called ‘Jal Marg Vikas’ for inland
waterways between Allahabad and Haldia; Rs. 4,200 crore set aside for the
purpose.
· Govt proposes Ultra Modern Super
Critical Coal Based Thermal Power Technology
·
Expenditure management commission to be setup; will look into food and
fertilizer subsides
·
Impasse in coal sector will be resolved; coal will be provided to power
plants already commissioned or to be commissioned by March 2015
·
Long term capial gains tax for mutual funds doubled to 20%; lock-in
period increased to 3 years
·
Rs. 4,000 cr set aside to increase flow of cheaper credit for affordable
housing to the urban poor/EWS/LIG segment.
·
EPFO to launch the ‘Uniform Account Number’ service to facilitate
portability of Provident Fund accounts
·
Mandatory wage ceiling of subscription to EPS (Employee Pension Scheme)
raised from Rs. 6,500 to Rs. 15,000
·
Minimum pension increased to Rs. 1,000 per month
·
More...
July 10
Union Budget 2014: First test of Narendra Modi's reform mettle
Itatonline
- Download Report of Standing
Committee on Direct Tax Code Bill 2010
- Speech of the Finance
Minister whilst moving the amendments to the Finance Bill 2012
- Assessment of banks –
Checklist for Deductions – regarding
- Section 80-IB(10) deduction
on percentage completion method
- Frequently Asked Tax
Questions by Qualified Foreign Investors (QFIs)
BS
http://www.business-standard.com/article/economy-policy/govt-may-drop-attestation-of-docume...
7 Jun 2014 ... He also told officials all government application forms should be made short and
simple by doing away with unnecessary fields. “The prime ..<> The reactions from readers seem to be more or less the same in substance. One wonders whether it is possible or conceivable to expect a different reaction from anyone either active in someway in partaking, or wishing to do in all sincerity, in the desired most laudable exercise/arduous mammoth task of 'nation building'?!
In own perspective, a daring novel step, hopefully in the 'right' direction, despite all known or unknown odds working against any such basically ideological, nay rational disposition evinced by the newly installed government, which has laid emphasis on more 'governance' than 'government'; so long as that means 'good governance' being the longstanding aspiration of the people (or the populace !), with 'transparency' and 'accountability' being the two essential criteria.
Now that the government has daringly gone ahead with the rational step founded on good faith and the utmost trust, it is for the people who owe it to the nation to reciprocate and do their bit for the common good.
As Lord Keynes is, in his rich wisdom and sublime vision, quoted to have said: "Men will do the rational thing..but only after exploring all other alternatives". So also added: "After the other alternatives had failed dismally...". No room for denying that has come to be true about the mindlessly long-being-insisted thus far, sheer paper formalities of the so called external 'attestation' and sworn and attested (external) 'affidavit'.
One has to wait and see how and when the novel diktat is going to be followed, besides for 'departmental' purposes, also for others such as, judicial process / adjudication purposes.
ET
<> The inordinate delay
in ushering in the long felt but o/s need , urgency, GST regime, verging on a
long drawn but easily avoidable stalemate ought not to be prolonged any longer.
The states must realize sooner than later that they have, and owe, an onerous
responsibility unto the populace of the Nation as a whole,- the Union of which
they individually and collectively constitute an integrated, inseparable part-
by fully co-operating with the Centre in every respect, setting aside all
differences, mostly imaginary, in making the long-dreamt-of GST regime happen
and turned into a reality.
prev.
| Budget 2014-15: Don't expect too much | ||
| If the Finance Minister can adjust a few deductions with the inflation rate, the consuming class should be reasonably happy Read More » |
The recently aired wishes/hopes, albeit not many, are seen to have been wished away, dictated by individual wisdom of so called experts at large but to the chagrin of the taxpayers. On the premise that the newly installed FM has, however been left with two more clear days for making any changes should he so mind, one is tempted to offer following for lending his 'janata' friendly ears to:
The suggestion of EIIT last mentioned, none can disagree, may be worth an earnest consideration. A couple of others, as urged elsewhere, in one's conviction meriting a favorable look at, are these concerning the realty sector:
(1) The delays in completion and handover of the flats/apartments have led to grave prospects of 'purchasers' failing to satisfy the rigid time limits (1- 3 years) for claiming and being allowed the CGT exemption under the different schemes; albeit for no fault of them. Need crying for attention but yet to be heard is relaxation of such time limits having regard to the surrounding realities.
(2) Levy of service tax (15 % ?) on purchase of the property in an ongoing construction, even if under a pure, simple and straightforward 'sale' transaction, should payment be made before the dreaded but invariably not secured by promoters - CC. As is common knowledge, in fact, promoters as a matter of longstanding practice never ever care to procure a CC, even after construction has been completed, that be in a technical or any other sense. The said levy cannot conceivably be regarded fair if tested on the touch stone of profound logic.
The infamous Campa Cola Mumbai case, being the most sensational of all of today's talk of the town, is one instance in which added complications have arisen also because of the concept of 'deemed conveyance' ;which, according to a school of reasoned thought, suffers from the malady of half-baked legislation, without giving due thought and incisive consideration of all its varying facets/ missed practical implications.
Is the FM by any chance tuned for the nonce to the same wavelength as the aggrieved are !
bl
What home buyers want from Jaitley
Here are the budget measures that will make a big difference to home buyers
Delayed hand-over, escalating prices, soaring monthly payments − you know how life has been f...
»
bs
Modi backs UIDAI, seeks accelerated DBT rollout |
Asks officials to revive the National Identification Authority of India Bill
|
bl
The big fat Indian Budget
TOI
Times of India - 1 day ago
The government on Thursday showed willingness to integrate the UIDAI (Aadhaar) project with National PopAadhaar, if at all to prove a foolproof system , must be integrated not just with NPR but data based with NBR ; that is, to ensure that the identity proof is issued no sooner than a birth takes place. If one is not mistaken, that is the way the system in place even in small or big but forward thinking countries e.g. Singapore.or US works. Then alone there could be as near complete coverage as possible. That already "at least a large part of the population" has been covered does not seem to be sound or sane reasoning, or bear any courage of conviction; for, as common sense should tell, it is the rest , however small part that be, could be the cause for worry, for purposes of , besides not simply personal identity, but from the viewpoint of the national security itself.
yahoo
https://in.finance.yahoo.com/photos/education-of-india-s-past-5-finance-ministers-1360829645-slideshow/
BL
July 2
No room for populism: Jaitley
BS
Introduce 'zero duty' on the import of chemicals to facilitate easy
availability and higher import of cheaper feedstock Read More »
|
It is the earnest belief that, in
the larger public interest, the objective of GST being to give a decent burial
to the decades old vexing multipoint(-level)of taxation of goods and services, such
as inter state sales tax, all types falling under the category of Octroi /entry
tax, including 'tolls' in every form, would be fully covered, with no
exception.
Read More
Federal spirit of the country has been diluted: Govt
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BL
june 24
PM
at infra meet: make Railways the ‘identity of India’; focus on common man
In the
context of reality surrounding our modern times, -to be precise, times of
crisis of 'identity', one is totally confused about the true import of the
message from the revered Head of our nation! In following the advice to 'identify' the railways, should
focus on India be exclusive of common
man , not inclusive anyway.
Is anyone
else but with good or better IQ level (i.e. intelligent perception) confused likewise ?!
Govt hikes import duty on sugar
To clear cane arrears, sugar mills to get interest-free loans of ₹4,400 crore
The Government today decided to hike the import duty on sugar to 40 per cent from 15 per cent to...
»
1 comment What a contrast but reversed (ulta pulta ?) ! Read the blogs @google, contrasting the mythological Ram(a) aur Krishna !!
http://thekarna.wordpress.com/2010/04/05/lord-rama-vs-lord-krishna/
5 Apr 2010 ... In fact, Lord Shri Ram and Lord Shri Krishna are two forms of Lord ..... In the
contrast Lord Krishna helped Pandava, Draupadi, Sudama etc who ...
http://www.boloji.com/index.cfm%3Fmd%3DContent%26sd%3DArticles%26ArticleID%3D11227
17 Jul 2011 ... Lord Vishnu came to the world as Ram in Ramayana and Krishna in
Mahabharata. But like the ... In contrast Lord Krishna was not the same.
http://eternal-dharma.org/2011/07/23/ram--krishna---whose-approach-is-most-relevant-to-indi...
23 Jul 2011 ... The Avatar of Ram & Krishna came to earth in different times and under different
... In contrast, Raavan could go anywhere in Arya-Vart. With his ...
http://www.quora.com/Indian-Mythology/How-did-Sri-Krishna-and-Sri-Rama-die
Answer 1 of 1: Death of Sri Krishna: After the slaying of Ravana while ... How
does one explain the contrast between the characters of Rama and Krishna?
http://www.quora.com/Indian-Mythology/What-are-the-fundamental-differences-between-Rama-and...
17 May 2013 ... Both Ram and Krishna were Avatars of Vishnu. They were ... How does one
explain the contrast between the characters of Rama and Krishna?
http://nirmala-km.blogspot.com/2004/12/krishna-vs-rama-i-am-little-confused.html
8 Dec 2004 ... Krishna Vs Rama (I am a little confused) ... Valmiki's Rama represents idealism
and Ved Vyas' Krishna, realism. .... By contrast, I love Rama.
< "Rama is the ideal man. Krishna is the ideal strategist." >>>>>>>>
Clue @
Krishna
< "Rama is the ideal man. Krishna is the ideal strategist." >>>>>>>>
Clue @
Krishna
Men
may come and men may go but cronyism goes on forever.
When we are running high inflation why is the Govt. raising the price of
an essential commodity? And why should the tax payer pay for interest
free loans for the sugar mills? Are there not enough laws to force them
to pay their small suppliers (farmers)?
What a disappointment from the Modi Govt.
Read a Lot More>
STP < BBMP X CITIZEN
Currently sanitary charge is being levied even if you let treated
sewage to drainage network, and even if the yield of your borewell is
low. No charge is levied on you if you use only tanker water. What’s
going on?
Eternal Dharma
Our Reflections About Dharma
The
Government needs to throw policy paralysis out of the window. Here’s how
For over a decade, Indian governance was at the
mercy of compulsions and pressures emanating fro... »
Opinion
Blow the lid off
The new whistleblowers’ law needs changes
On May 9, President Pranab Mukherjee signed the Whistleblowers Protection Bill, 2011 into an...
»
Inherent flaws, if delved into, could be many more:
For instance, the Bill envisages,-
".... reporting corruption or willful misuse of discretion by
public servants, including Ministers."
Alternating doubts :
Why a public servant should at all be vested with
'discretion ' of any kind?
Why at all the emphasis is on, or the need for
qualifying, -'misuse of discretion', with 'willful'; albeit prima facie dubious
and unwarranted, -in that has every potential to whittle down or nearly defeat
the very underlying objective?
There is no gainsaying that in the ultimate
analysis the power of discretion vested in any public servant itself has been
the fertile breeding ground for the evil. For an elaboration, look up, - Discretion:
Root cause of Corruption @ TaxGuru.com
BS
Bharat Bhushan: The future shape of the Opposition
Prev.
Govt mulls common law for all financial-sector regulators
Is it a single window but with multi pigeon holes !
True, it could only be a 'long
road', never be otherwise. But, 'full recovery' has, from time immemorial,
never been or can never be, except founded on a faulty logic, crooked notion- a
figment of wild imagination, mirage, same as an illiterate prattler talking of
reaching the horizon! Anyone around with a better or different vision?
Lci
President assents to Whistleblowers Protection Bill, 2011
".... reporting corruption or willful misuse of discretion by public servants, including Ministers."
Why a public servant should at all be vested with 'discretion ' of any kind?
Why at all the emphasis is on, or the need for qualifying, -'misuse of discretion' with
'willful'; albeit prima facie dubious and unwarranted, -in that has every potential to whittle down or nearly defeat the very underlying objective ?
<<Discretion: Root cause of Corruption -
As commented:
The ‘discretionary powers’ of any authority – whether he be a
statutory or quasi-statutory authority; not to mention others, such as
quasi judicial,- is undoubtedly a cause for the ever increasingly felt
evil of corruption.
However, in one’s view, rather it has for long been one’s strong
conviction, that cannot be regarded or concluded to be the only cause ;
much less as the root cause, for the noted evil.
Going to the very root of the matter, one cannot fail to realise that
it is every ‘power’- executive, administrative, or even quasi judicial –
which an authority is vested with under any statute or rules or
regulations having a statutory force, – is in its own way responsible
for the evil perpetrated or being perpetuated all along.
Further, i am of the view that, the other factor or cause for the
ever dreaded, rather increasingly threatening evil of corruption – is
the ignorance of law – be it genuine or feigned or otherwise.
Reference be made viewpoints summed up in the article –
Ignorance of law – is no excuse, or is it bliss?
@http://www.ourkarnataka.com/articles/law/ignlaw09.htm
Ignorance of law – is no excuse, or is it bliss?
@http://www.ourkarnataka.com/articles/law/ignlaw09.htm
May be, as the subject of ‘corruption’, entails public interest,and
has been the hottest topic of the day,deserves a deliberation in extenso
in enlightened circles, fruitfully by devoted social activists working
for the common good.
what can happen if the whistleblower is wrong and dishonest?
On Ignorance Of ..Law, New Law >>>
http://en.islamtoday.net/artshow-385-3369.htm
LCi
Bill On whistle blowers
ref. comment
BL
Jaitley’s Budget promises to usher in big reforms
If care to look at the history of say, 'Octroi' , the one mainly proposed to be subsumed by GST, ridiculed by wise men to be a" levy that has every vice " , dates back to 2000 years, the days of the Roman empire when the world was far less civilized and the value put on time was infinitely lower than it is today. Sir Charles Trevelyan is quoted t have remarked that octroi represents "the remains of a barbarous system of universal taxation".
< The above is just a glimpse; but for an elaborate critique may be read the published article dating back to 1987 (Book: "We, the Nation THE LOST DECADES ")
From a pragmatic point of view, extending deadline for GST has sadly and regrettably been a recurring event in the recent years, with an anticipated marked regularity, With no ideally wanted co-operation between the union and the states, of course, such repeated postponement of deadline has proved a Hobson's choice. In the larger national interests, however, it is imperative that no pains are spared by both sides to make it a reality; as, otherwise, even a fresh deadline may be fated to remain a 'dead' line to eternity- never coming to life.
<Retrospective taxation’ needs to go, India Inc tells Govt
Tax row: Vodafone may restart talks with Govt
BS
Big-bang capital market reforms on the cards
The finance ministry is set to push through major reforms in
equity and debt markets to be implemented in the next three months. According to the plan, the foreign borrowing
norms are to be liberalised and the capital controls imposed by the Reserve
Bank of India last year rolled back. The ministry is also considering replacing short-term capital gains tax with
a higher securities transaction tax (STT).
TOI
Govt likely to continue with Aadhaar:
According to a school of
thought, -if were to be prudently guided by wisdom open to be gathered from
decades old practice, not without substantial success, across the globe e.g in
the US, for that matter even in a tiny but model country like Singapore, - the
point of major concern is whether or not 'Aadhaar' should be gone ahead with,
with all sincerity, to eventually make it a principal/foolproof tool, if not
the sole one, for 'personal identity', for varied purposes. The objection
against the idea of its implementation such as that the numbers happen to be
allotted to 'non-citizens' cannot be a truly sustainable ground , so as to be
taken as a major dissuading factor. or insurmountable hurdle. In any view, it
is for the competent socio-economic experts at large to take a call and come
out with useful guidance to the men in governance.
<Imposing
or any attempt at enforcing a multiplicity of 'identity proof' (mainly for name
or address) , for any purpose of human activity, - be it economic or other
wise- could, for obvious reasons, merely self-defeat ,rather spell disaster to-
the purpose or objective behind of the whole exercise. To be noted, the like
'UIN' models already in place and successfully in practice for decades now, such
as in the US, for that matter even in the tiny country of Singapore might be
prudent to follow and intelligently emulate.
< Speaking Tree
< Interviews
The finance ministry is set to push through major reforms in
equity and debt markets to be implemented in the next three months. According to the plan, the foreign borrowing
norms are to be liberalised and the capital controls imposed by the Reserve
Bank of India last year rolled back. The ministry is also considering replacing short-term capital gains tax with
a higher securities transaction tax (STT).
TOI
Govt likely to continue with Aadhaar:
According to a school of
thought, -if were to be prudently guided by wisdom open to be gathered from
decades old practice, not without substantial success, across the globe e.g in
the US, for that matter even in a tiny but model country like Singapore, - the
point of major concern is whether or not 'Aadhaar' should be gone ahead with,
with all sincerity, to eventually make it a principal/foolproof tool, if not
the sole one, for 'personal identity', for varied purposes. The objection
against the idea of its implementation such as that the numbers happen to be
allotted to 'non-citizens' cannot be a truly sustainable ground , so as to be
taken as a major dissuading factor. or insurmountable hurdle. In any view, it
is for the competent socio-economic experts at large to take a call and come
out with useful guidance to the men in governance.
<Imposing
or any attempt at enforcing a multiplicity of 'identity proof' (mainly for name
or address) , for any purpose of human activity, - be it economic or other
wise- could, for obvious reasons, merely self-defeat ,rather spell disaster to-
the purpose or objective behind of the whole exercise. To be noted, the like
'UIN' models already in place and successfully in practice for decades now, such
as in the US, for that matter even in the tiny country of Singapore might be
prudent to follow and intelligently emulate.
| < Speaking Tree | ||||
| < Interviews | ||||
