The I-T department found that the sale of the medicines and other ayurvedic concoctions are a commercial venture and they should not be enjoying any tax exemption
New Delhi: Yoga guru Baba Ramdev's trusts have lost their exemption from payment of Income Tax and have been slapped a notice of Rs58 crore demand on the sale of their ayurvedic medicines, reports PTI.
The I-T notice, for the assessment year 2009-10, on Haridwar-based Patanjali Yogpeeth Trust, Divya Yoga Mandir Trust and Bharat Swabhiman Trust have been slapped on the income of Rs120 crore which the department has held as "commercial activities", sources said.
Baba Ramdev, who is leading a campaign against black money in the country, heads an organisation that runs the trusts which manages the manufacture and sale of ayurvedic medicines in India and abroad.
His trusts have been enjoying tax exemption under the provisions realting to charitable organisations for the last few years.
The I-T department, which conducted a "special audit" of all the businesses related to Baba Ramdev has found that the sale of these medicines and other ayurvedic concoctions are a commercial venture and they should not be enjoying any tax exemption, the sources said.
Repeated attempts to obtain a response from Ramdev's spokesperson S K Tijarawala failed. .
Sources said the I-T assessment will strengthen another probe into alleged foreign exchange violations against Ramdev's trusts being conducted by the Enforcement Directorate (ED).
The I-T department has conducted the audit after getting the financial documents of investments and transactions from various banks in the country which operate the accounts of Ramdev's trusts.
Sources said another regular audit of the income of his trusts and collection of Tax Deducted at Source (TDS) is underway.
The ED, meanwhile, has detected a Rs7 crore alleged contravention under the Foreign Exchange Management Act (FEMA) in the remittances made by Ramdev's trusts and it is currently scrutinising documents in this regard.
Ramdev had last year declared his business empire to be worth more than Rs1,100 crore. The capital involving the four trusts run by him totalled Rs426.19 crore while the expenditure incurred on them amounted to Rs751.02 crore.
While the Divya Yoga Mandir trust has a capital of Rs249.63 crore, Patanjali Yoga Peeth trust has Rs164.80 crore, Bharat Swabhiman Trust Rs9.97 crore and Acharyakul Shiksha Sansthan Rs1.79 crore, all totalling Rs426.19 crore.
The Parliamentary Standing Committee on Rural Development also recommended that land should be returned after five years from date of possession if it is not used for the purpose for which it was acquired
New Delhi: Setting tough conditions for land acquisition, a Parliamentary panel on Thursday said the government should not acquire land for private businesses and stressed on a clearer definition of "public purpose" in this regard, reports PTI.
"Public purpose" in Land Acquisition, Rehabilitation and Resettlement Bill should be limited to linear infrastructure and irrigation, including multipurpose dams and social sector infrastructure such as schools, hospitals and drinking water or sanitation projects constructed at state expense, the panel said.
"All cases of land acquisition must entail obligations for adequate compensation, rehabilitation and resettlement to all land losers and other affected persons," said the Parliamentary Standing Committee on Rural Development, chaired by BJP leader Sumitra Mahajan, in its report on the Bill.
The report was tabled in Parliament today.
The panel has suggested that land acquisition for any purpose should be brought under the purview of this legislation, which currently exempts land acquired under 16 Acts listed in the Fourth Schedule from its ambit.
On the issue of fixing compensation for land acquisition, the Committee suggested that the government constitute a multi-member land pricing commission to finalise the cost of acquisition of land.
It also recommended that land should be returned after five years from date of possession if it is not used for the purpose for which it was acquired.
The Committee also recommended scrapping of a provision that allowed the Centre to amend the Act by issuing a notification.
It is extremely difficult, if not impossible, to defy technology and that the days of withholding information have gone
New Delhi: In the wake of a recent court order directing internet giants to remove objectionable contents from Indian websites, an opposition member on Thursday brought a motion in Rajya Sabha for annulment of government rules aimed at regulating internet content, reports PTI.
The statutory motion, moved by P Rajeeve (CPI-M), demanded that the Information Technology (Intermediaries Guidelines) Rules, 2011, are ultra vires of the provisions of the parent IT Act and violate the freedom of speech and expression.
He said the rules should be done away with and noted that Parliament had powers to intervene in matters of subordinate legislations like this and asked the government to bring the required amendments instead of bringing such rules.
Leader of the Opposition Arun Jaitley complimented Rajeeve for bringing to their notice that Parliament had a role in not just enacting new laws but also in overseeing and supervising subordinate legislations.
Noting that it is extremely difficult, if not impossible, to defy technology and that the days of withholding information have gone, Jaitley urged the Minister to "reconsider the language of restraints" to prevent its misuse.
He said he had no objection to the architecture of the Bill but felt "there is need for a balanced approach".
EMS Natchiappan (Cong) said there was a House Committee on subordinate legislations to look into such matters.
The IT Rules of 2011 stipulate that websites "cannot host information that is a grossly harmful, harassing, blasphemous, defamatory, obscene, pornographic, paedophilic, libellous, invasive of privacy, hateful, or racially, ethnically objectionable, disparaging, relating or encouraging money laundering or gambling, or otherwise unlawful in any manner whatever, harm minors or infringes any patent, trademark, copyright or other proprietary right."