President urges innovative handling of rising tax cases
New Delhi : President Pranab Mukherjee on Sunday said the growing number of tax disputes in India and the amount involved call for innovative tax litigation management to contribute to further ease of doing business in the country.
"With the development of Indian economy, the direct taxes and number of tax payers have increased manifold, which have put pressures on the tax dispute redressal system," Mukherjee said while inaugurating the platinum jubilee celebrations here of the Income Tax Appellate Tribunal.
"The rising trends in tax disputes and the quantum involved in tax litigations, call for an innovative tax litigation management system," he said.
"Through speedy justice, consistent orders, fair approach and business-oriented litigation management system, you can contribute to the growth story of India, which is unfolding itself," he told the tax appellate body officials.
The president said tax dispute resolution is an integral component of the ecosystem for promoting investments and attracting business.
"As per World Bank Group 2016 report, India is ranked at 130 in the ease of doing business. This status must be improved," he said.
Mukherjee also said the rising number of disputes call for trained manpower in both the tax department as well as tax judiciary to keep India globally competitive in the tax judicial system.
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.



Ganesh Kamat

1 year ago


1) For Big Tax collections
take 1% Tax from 20 Taxpayers
than 20% Tax from one Taxpayer.

2) Simple Tax of 1% on Receipt /Transaction /Interest /Sale /Gift /Loan /Benefit /Salary /Dividends /Rent /Custom.....
any & all inward cash, Cheque etc.

3) Average say on Rs 30 L Receipt,
Pay Rs. 0.3 Lac Tax per year.
If Taxpayers = 60 Cr.
Tax collection will be 18 L- Cr.

4) Simple Tax means more Taxpayers, more collection & No refund Problem.

5) At present, we have say @ 3 Cr Taxpayers,
with Collection of say @ 3.5L-Cr,

6) So with 1℅ Tax, the Taxpayers will work to improve Business / Goods Services/ R. & D. / Social work.
So more Employment, make in India, less Farmer Suicide & Peace of mind to the people.

7) Bank Account number is your mobile number.

8) Tax payment by your mobile number @ RBI a/c,
In bank transaction, the Bank will deposit your 1℅ Tax by your mobile number @ RBI a/c directly.

9) For cash Transaction pay similar to Post paid Mobile charges,
to your mobile number @ RBI a/c.
Most will pay if the Tax is 1% & simple to pay.

10) Your Bank Account Number should be mobile number & connected to PAN/ AADHAAR /Passport/ Election Card etc. For Simplicity.

11) Tax collection will be distributed to State & Local bodies, say 10 % each, from the place of collection.

12) Also add 1% more (L.P.F.)
Less Privilege Fund,
similar to PPF for,
social / self benefit,
to give Power to the people for Social Cause / in your bad days.

13) In short Pay Rs. 20- for every Rs. 1,000- Received.

i) Rs. 10- as tax to RBI
ii) Rs. 10- in your (L. P. F.) a/c. Could be use for social cause/ for your bad days.

14) L. P. F. (Less Privilege Fund)
of 18 L- Cr, with 60 Cr voters, will reduce dependency on the Government for the Social development. Fund will be used for the Social cause / in your bad days.

15) Keep faith in 60 Cr voters, as they will take care of their neighbours, in need.
Also most will pay, if Tax is 1℅ & Simple to pay.
Only Indian can make better India.

16) Can consider more tax for Higher Receipt, say above 0.5 Cr per year, payable at the year ending.

17) All Transactions are Traceable as mobile number is once Bank a/c number & connected to PAN/ AADHAAR / Election card.....
So, No Corruption & Black Money Problem.

18) Babus Harassing the youth,
Traders,Farmers, Voters.. who wants to work.
Babus are ruthless as they
pay "Protection Money" to......?
for Posting/ Promotion/ Permit...
Administrations Reform is a Must,
For getting Votes too!!

19) Farmers suicide can get reduced, by encouraging them to sell their farm products on Railways to commuter & roads to motorists, also we need more Passenger Train, to help farmers to sell farm products, to nearby Towns.

20) Expecting Feedback on How to make India Peaceful Place by Refined, Simple Laws.
No blame game please.
Media/ Babus /Netas /Judicial Role is Eminent along with People.

For "Sare Jaha Se Achha Hindustan Hamara." forward this message.

Gold monetisation scheme: Banks to get 2.5 percent commission
New Delhi : The government will pay banks a 2.5 percent commission for mobilising gold under the gold monetisation scheme and depositors will be permitted premature withdrawal of the precious metal deposited, an official statement said on Sunday.
“The banks would be getting a 2.5 percent commission for the scheme which will include the charges payable to the collection and purity-testing Centres/Refiners," the finance ministry said in a statement on the gold monetisation scheme.
"It is expected that the modifications will make the scheme more attractive for potential depositors," it said. 
As per the revised guidelines, the government will pay participating banks a fee services like gold purity testing, refining, storage and transportation on medium and long term gold deposits.
Premature redemption have been now permitted under medium and long-term government deposits.
The monetisation scheme encourages individuals, households and temples to deposit gold jewellery or bars with banks or collection agents. The gold deposited would be later refined for domestic purpose and would help cut dependence on imports.
"Any Medium Term Deposit will be allowed to be withdrawn after three years and any Long Term Deposit after five years. These will be subject to a reduction in the interest payable," the statement said.
Besides, gold depositors can now give the metal directly to the refiner, instead of only through the Collection and Purity Testing Centres (CPTCs). 
"This will encourage the bulk depositors, including institutions, to participate in the scheme," the statement added.
The finance ministry said the gold monetisation scheme, launched by Prime Minister Narendra Modi last November, provides for tax exemptions on interest earned on the gold deposited and exemption from capital gains made through trading or at redemption.
Bureau of Indian Standards (BIS) has modified the licensing condition for refiners from the existing three years of refining experience to one year towards making the scheme more attractive, it added. 
"BIS has published an Expression of Interest (EOI) on its website inviting applications from more than 13,000 licensed jewellers to act as a CPTC in the scheme, provided they have tie-up with BIS licensed refiners," the statement added.
The government has mobilised around 900 kg of gold in over two-and-a-half months' time through the scheme, which pays depositors interest of up to 2.50 percent per annum.
In an effort to make the scheme more customer-friendly, the Reserve Bank of India (RBI) said earlier this week that depositors will be able to withdraw medium-term (5-7 year) and long-term government deposits (12-15 years) pre-maturely after the minimum lock-in period, albeit with a penalty.
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.



Nanda Patel

1 year ago

banks get 2.5%(at a go) and you as a depositor get 2.5% a year and taxable!

do you really want to take a change. what if government changes the rules after you make your gold deposit.

Look at PSU.. why would one take that huge of risk.

MG Warrier

1 year ago

The quick response from GOI and RBI to stakeholders’ sentiments make the chances of survival and success of the three gold schemes under implementation (Sovereign Gold Deposit Scheme, Gold Monetisation Scheme and Gold Coin Scheme) brighter. After decades of hesitant approach to gold management, India is now exhibiting the country’s determination to exploit the past savings idling in the lockers of families, institutions and religious centres, and bring them to the mainstream economy, to which gesture, people are responding positively.
The initiative taken by GOI to exploit the potential of domestic gold stock to country’s advantage, if pursued with will and determination, will have a great impact on the growth story of India. When credibility in the government’s ability to manage country’s resources without leakages is restored, temples and other institutions with whom large stock of the yellow metal lie idle will plough it back to mainstream economy. That is their interest also.
Centre is yet to institutionalise a system to manage country’s gold stock. Let us wait for the Budget 2016-17, for a formal announcement on this. RBI should quickly revisit the 1990’s proposal to establish a Gold Bank which can, as an apex body, coordinate the demand and supply sides of gold management professionally.

India's economic exposure to external risks gone up: Moody's
Chennai : Global credit rating agency Moody's Investors Service and its Indian affiliate ICRA Ltd on Monday said their poll said India's economic exposure to external riks has gone up during the past seven months.
In a statement, Moody's said the poll was conducted during Moody's and ICRA's India Outlook Conference in Mumbai on 13 January 2016. 
The event brought together some of the country's largest investors, intermediaries and issuers, with 110 market participants attending.
"The market participants we surveyed are increasingly concerned about the potential spillover on India's growth story of external risks such as interest rate tightening in the US and China's ongoing slowdown," Rahul Ghosh, a Moody's vice president and senior research analyst, was quoted as saying in the statement
Of the market participants who responded to Moody's and ICRA's question on the greatest risk to India's macroeconomic growth over the next 12-18 months, 35 percent saw external shocks as the greatest challenge facing India's economy, up from just 10 percent for the previous Moody's and ICRA poll conducted in May 2015, the statement said.
"However, the result is more likely a reflection of the broad-based spike in global risk aversion, rather than India's relative vulnerabilities," said Ghosh.
According to him, investors term India as much better placed in terms of growth than most of its similarly rated emerging market peers, such as Indonesia, Turkey, Brazil, South Africa and Russia.
Moody's has released its report titled "India Credit - Heard from the Market: India Not Immune to External Risks".
The same poll of respondents found that 32 percent thought sluggish reform momentum will be the largest threat to India's gross domestic product (GDP) growth, down from 47 percent in May 2015.
As for the market participants who responded to the polling question on India's economic growth rate, more than three quarters of those surveyed said headline GDP growth will stay between 6.5- 7.5 percent over the next 12 to 18 months.
On the asset quality of Indian banks, the market participants polled were split on whether government initiatives will help improve the banks' asset quality, with 40 percent expecting a reduction in weak assets in the coming 12-18 months compared with 45 percent who believe asset quality is unlikely to improve, the statement said.
However, 89 percent of the respondents expect single digit loan growth for the public sector banks owing to capital constraints.
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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