Regulations
Black money law intentionally harsh: CBDT chairperson
The new black money law has been intentionally made harsh because the government is tacking a problem which normal law were not able to address for so many years, Central Board of Direct Taxes (CBDT) chairperson Anita Kapur said on Tuesday.
 
"We owe it to the country to ensure at least law is clear and the law is stringent so that the menace is handled," she said at an event on taxation organised by the PHD Chambers of Commerce and Industry.
 
Kapur also said that government is willing to respond on industry's concerns raised on procedures to be followed under the new black money law.
 
"We have been issuing FAQs. On compliance window we issued three sets of responses to the queries raised, we are open to issue responses to what you find problematic in the procedures on the black money," she said.
 
The CBDT chief also said her department was trying to address issues on the administration side but advised the industry not to overplay such issues.
 
"We do not want to recover taxes which we are not entitled to recover, we want taxes which as per our law, we have been obligated to recover," she said.
 
"Less than one percent of taxpayers get to see our offices, 99 percent of taxpayers do not need to come to our offices. We accept their returns, we do a non-human interface processing of cases, we do issue refunds without human intervention," she added.
 
In this regard, Kapur said arbitration is not the best way to resolve tax disputes.
 
"One must understand that if MAP (Mutual Agreement Procedure) works, there is no need for arbitration," she said.
 
"Because taxation is a sovereign right and with the two competent authorities who represent the two sovereigns cannot resolve a dispute then how would you ensure that the arbitration award will be fair," she added.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Twitter to layoff 8 percent of its global workforce, says CEO
Twitter has finally announced to cut eight percent of its global workforce - nearly 330 jobs - to strengthen the micro-blogging site that is facing slow user growth amid tough competition from the rival social media platforms.
 
In a letter sent to employees on Tuesday, Twitter CEO Jack Dorsey announced several moves including layoffs to get the once fast-growing social media service back on track, Wall Street Journal reported.
 
"We feel strongly that engineering will move much faster with a smaller and nimbler team, while remaining the biggest percentage of our workforce," Dorsey wrote.
 
The job cuts would mostly affect its product and engineering teams in an effort to "organise around the company’s top product priorities and drive efficiencies”.
 
Over the past year, the company’s workforce grew 24 percent to 4,100 employees, about half of whom are engineers.
 
However, Twitter’s monthly user growth climbed just 2.6 percent to 316 million in the quarter ending June 30.
 
In the same time, Facebook has more than doubled the strength of employees but nearly five times as many active users.
 
Twitter also announced that it expects revenue and a measure of its adjusted earnings to come in above the high end of its previously forecast range for the third quarter.
 
In his letter, Dorsey said the coming roadmap will entail “a plan to change how we work, and what we need to do that work”.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Specials Trains at special prices

A survey by RailYatri shows that about 90% travellers didn’t know that special trains run with a delay and many charge higher prices

 

In a survey RailYatri.in has found out that that passengers travelling in special trains during the festive season will end up spending lot more for their journeys in special trains. Though there are hundreds of special trains announced, to overcome the rush and meet the scarcity of tickets, only about 30% of them are launched in the regular pricing category. “Hundreds of special trains have been announced this year to meet the rush in certain busy routes. But the irony in these announcements is that only about 30% of these trains will charge the normal fares. 35% of the special trains belong to the dynamic pricing category and the rest 35% are superfast trains,” says Manish Rathi of RailYatri.in.

 

In a special survey conducted by RailYatri at New Delhi, Bangalore and Mumbai railway stations, more than 2,000 passengers were interviewed. Some of the key findings include: (a) About 90% travellers didn’t know that Special Trains run with a delay and were stranded at the railway station; (b) Over 97% railyatris were not aware that they paid extra to book their tickets on Special Trains; and (c) 95% Special Trains will be delayed this festival season.
 
The irony is that these Special Trains launched for the benefit of travellers not only charge more money than a normal train but are also delayed. “Although a hefty number of Special Trains is announced each year, there is still a major lack in the infrastructure to tackle the increased traffic of trains. Delays are common for Special Trains, and so are the pitiful services for passengers while travelling,” feels Rathi of RailYatri.in
 

 

 

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