Centre compulsorily retires 15 senior revenue officials for misconduct
Within days of showing the door to a dozen senior Income Tax officials for alleged charges of misconduct, the axe has now fallen on 15 senior revenue officials dealing with indirect taxes on charges ranging from demanding bribe, criminal conspiracy to financial impropriety.
 
Finance Ministry sources said that the axe fell on officials in the rank of Principal Commissioner and Commissioner, besides others of the Central Board of Indirect Taxes & Customs (CBIC) under Rule 56 (j) of central civil services (pension) rules.
 
This is yet another major clean-up drive by the Modi government after coming to power for the second consecutive term last month.
 
The officers include Anup Srivastava, Principal Commissioner, Pr ADG (Audit) Delhi, Atul Dikshit, a commissioner who was under suspension and G. Shree Harsha, Commissioner, ADG DGPM Chennai.
 
Assistant Commissioner of Mumbai GST Zone, Vinod Kr. Sangha, Assistant Commisioner of Bhubaneswar GST Zone, S.S. Bisht and Amresh Jain, Deputy Commissioner of Delhi GST Zone were also among the 15 compulsorily retires officials.
 
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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    COMMENTS

    Ramesh Poapt

    5 months ago

    there are other 15000 such officers.

    LALIT SHAH

    5 months ago

    its good . but what about mps mla missmatch of property ?

    Sona Sett

    5 months ago

    Great job done by the Govt. There are many more who are either corrupt or non-performers, lazy and indisciplined and also harrass public in public dealings. These Govt. Servants should also be thrown out in similar manner.

    Capital Gain on Shares? Wait Few More Days Before Filing Income Tax Returns
    With the Income Tax (I-T) department changing the method for calculation of capital gains tax, taxpayer are being advised not to file returns in a hurry and wait for few more days. 
     
    In a notification displayed on I-T e-filing site, the department says, "In case of long term capital gains (LTCG) arising on sale of equity shares or unit of equity oriented fund or unit of business trust on which securities transaction tax (STT) is paid, separate computation of capital gains should be made for each scrip or units of mutual fund sold during the year and aggregated amount should be provided in item No. B4 (ITR 2) or B5( ITR 3) (in case of residents) or item No. B7 (ITR 2)/B8(ITR3)(in case of non-residents)."
     
     
    Ameet Patel, noted chartered accountant and former president of Bombay Chartered Accountants’ Society (BCAS), in a tweet has asked fellow CAs to wait for another update in next 10 days while requesting them to not to file tax returns with long-term capital gain (LTCG) just now.
     
     
    Chirag Chauhan, another prominent and vocal CA raised question on the testing of these forms. In a tweet, he says, "(I-T) forms (were) made live in April. However they are not tested based on changes in the I-T Act. What is the use of making live if assesee cannot file (returns)?"
     
     
    At present, capital gain is calculated based on consolidated value of share. However, the I-T department is planning to tax through individual scrip comparison method. 
     
    The notification from the department says it has updated the utility (for uploading returns) and relaxed relevant validation rules. 
     
     
    However, as suggested by both the abovementioned CAs, it would be better to wait for few more days, in case, you have capital gains from equities or equity oriented mutual funds.
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    COMMENTS

    ramanamurty malla

    5 months ago

    Why this last minute confusion. I took lot of efforts and prepared my LTCG individual scripwise after collating data from market value on 31st Jan2018, actual cost and sales value.

    Gopalakrishnan T V

    5 months ago

    The best way to collect capital gains tax is to make the STT more dynamic and collect the tax at source without expecting the people to file returns and pay capital gains tax. This is easier and more tax compliance effective. Ease of doing business is also well ensured and will help to keep the capital market for people FRIENDLY. Capital formation through capital market involving more retail investors is a must and the need to augment tax collection from capital market without any complications and corruption is also a necessity. To ensure both it is advisable to make the STT more dynamic and better tax compliance.

    Aditya G

    5 months ago

    It's a sign that the I-T Department and North Block are fatigued and out of quality manpower & bureaucrats.

    Stuff like this shouldn't happen at all. It's not the first time and it won't be the last, unless I-T Dept overhauls their systems & processes.

    CAIT releases White Paper on GST, asks FM to lower rates
    Traders body CAIT on Thursday urged the government to lower GST rates on various products, including auto parts and aluminium utensils.
     
    It also suggested a review of items placed under different tax slabs under Goods and Services Tax (GST) as many of them are overlapping.
     
    "Various items like auto parts, aluminium utensils etc. are not of luxurious nature (and) should be taken out from 28 per cent tax slab...," CAIT said in a statement.
     
    The trade body submitted a White Paper on GST to Finance Minister Nirmala Sitharaman, in which it emphasized the need to streamline the GST slabs and ensure that as a matter of policy, the tax rate on a raw material is not more than the tax rate for the finished goods. 
     
    Presenting the paper, CAIT Secretary General Praveen Khandelwal urged the Minister to simplify Form GSTR 9 and 9C as it demands various information which were not prescribed earlier and hence traders are unable to comply with the same.
     
    He also said that as per original announcement, the non-banking finance companies and micro finance institutions should be roped into the Mudra scheme to lend to the ultimate beneficiary and banks should be asked to lend finance to NBFCs and MFIs.
     
    While welcoming waiving-off of bank charges, Khandelwal suggested that in order to encourage adoption and acceptance of digital payments, the bank charges levied on card payments should be subsidised by the government directly to banks and neither the traders and nor the consumers should be charged any bank charges on card transactions.
     
    The traders' body has also urged the Finance Minister to form GST Lokpal in each state and at the Centre so that a forum is provided to all traders to redress their concerns.
     
    Welcoming the suggestion, Sitharaman assured the delegation that she will look into the issues raised by CAIT. The intention of the Government is certainly to simplify the tax procedure so that more and more people can easily comply with it, she said while urging traders to streamline their existing business format and comply with the law.
     
    In its White Paper on GST, the CAIT has raised many issues including advance ruling, reverse charge mechanism, rectification of GST returns, that the liability of paying GST should be devolved on the seller only and no action should be taken against the buyer, clarification of jurisdiction of CGST & SGST, HSN code issues, abolition of Form ITC-04, and so on.
     
    The CAIT has also urged a reduction in the tax rate from the current slab to the appropriate lower slab for items like hardware, mobile covers, food items, dry fruit, ice cream, food grains, malt/cereal-based health food drinks, paints, marble, used vehicles, two-wheelers, agricultural equipment, roasted chana, etc.
     
    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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