Amnesty For Tax Defaulters ,
Compromise With Bank Loan Defaulters,
Dialogue With Terrorist and Naxals
But ready to comment badly against Judges and torture Media men, Individuals and all opposing Politicians
Who Speak Against corruption of government ,
Who exposes Scams of The Government And
Who Do Not Yield To Improper Pressure of the Government to Keep Mum on Evils of the government , on the minister like Pawan bansal and on Flattery and bribery culture prevalent in government departments, CBI or CVC.
Government is ready to write off Rs.11000 tax claim from Vodafone but not ready to bear the burden of subsidy on fuel, food and fertilizer available to common men.
Government is ready to sacrifice tax worth lacs of crores of rupees in favour of big corporate houses but not ready to increase income tax ceilings for individual.
Government is ready to ready treat persons earning upto Rs.6.00 lac a year as OBC and ready to give all favours to such OBC people but not ready to give any financial help to Non-OBC who earn even less than sixty thousand rupee per year.
Finance Ministry implements amnesty scheme for service tax defaulters-Economic times 20th May 2013
NEW DELHI: Aimed at widening revenue from indirect tax, the Finance Ministry has implemented one-time amnesty scheme for service tax defaulters to pay their due without any penalty or late payment charges.
The 'Voluntary Compliance Encouragement Scheme', which came into force after passage of Finance Bill on May 10, can be availed by a service tax defaulter by this year end.
A defaulter may declare his due tax liabilities, including the cess charges, for a period between October 1, 2007 and December 31, 2012 and pay it to the government after making a truthful declaration and can avoid penalty, interest or any other penal proceedings.
The first-of-its-kind scheme was introduced by Finance Minister P Chidambaram while presenting budget for 2013-14.
Of the 17 lakh registered assesses under Service tax, only seven lakh were filing returns, Chidambaram had said.
"Many have simply stopped filing returns. We cannot go after each of them. I have to motivate them to file returns and pay the tax dues. Hence, I propose to introduce a one-time scheme called 'Voluntary Compliance Encouragement Scheme'," the Finance Minister had said.
However, any person who has furnished return and disclosed his true liability, but has not paid the disclosed amount of service tax or any part thereof, will not be eligible to make declaration for the period covered by the said return, the Finance Bill says.
To further encourage voluntary compliance by defaulters, the Finance Ministry has also decided to "reject" any enquiry or investigation against an evader, if he comes forward to make truthful declaration under this.
"A person may make a declaration to the designated authority on or before the 31st day of December, 2013," it said.
The 'Voluntary Compliance Encouragement Scheme', which came into force after passage of Finance Bill on May 10, can be availed by a service tax defaulter by this year end.
A defaulter may declare his due tax liabilities, including the cess charges, for a period between October 1, 2007 and December 31, 2012 and pay it to the government after making a truthful declaration and can avoid penalty, interest or any other penal proceedings.
The first-of-its-kind scheme was introduced by Finance Minister P Chidambaram while presenting budget for 2013-14.
Of the 17 lakh registered assesses under Service tax, only seven lakh were filing returns, Chidambaram had said.
"Many have simply stopped filing returns. We cannot go after each of them. I have to motivate them to file returns and pay the tax dues. Hence, I propose to introduce a one-time scheme called 'Voluntary Compliance Encouragement Scheme'," the Finance Minister had said.
However, any person who has furnished return and disclosed his true liability, but has not paid the disclosed amount of service tax or any part thereof, will not be eligible to make declaration for the period covered by the said return, the Finance Bill says.
To further encourage voluntary compliance by defaulters, the Finance Ministry has also decided to "reject" any enquiry or investigation against an evader, if he comes forward to make truthful declaration under this.
"A person may make a declaration to the designated authority on or before the 31st day of December, 2013," it said.
Rs 577-cr tax notice on Infosys
BANGALORE, MAY 19:
Infosys has been slapped a fresh Rs 582 crore ($106 million) tax demand notice by the Income tax department.
According to a filing to the SEC, India’s second largest software exporter has said that this is the tax the company is due to pay for the 2009 fiscal.
This is in addition to the Rs. 1,175 crore ($214 million) that the tax department says that Infosys owes, for the four fiscal years from 2005 onwards, a claim that Infosys is contesting.
Commenting on this, an Infosys spokesperson said: “We have received the assessment order for the assessment year 2009- 10 demanding a net tax of Rs. 577 crore. The assessment followed the order of the Assessment Year 2007-08 and 2008-09 that did not allow tax benefits on income from onsite software development revenue from SEZ, disregarding the latest clarification issued by the CBDT and Infosys is in the process of filing an appeal before the Commissioner of Income Tax.”
This is mainly on account of disallowance of a portion of the deduction claimed by the company under Section 10A of the Income Tax Act.
According to this Act, a company can gain 100 per cent deduction of profits and gains derived by an undertaking from export of articles or things or computer software manufactured or produced by it. The deduction is available for a period of ten consecutive assessment years, beginning with the assessment year relevant to the previous year in which the undertaking begins to manufacture or produce such articles.
Further, in the filing, Infosys added that as the company is contesting this position like earlier years, the appellate authority would be approached within the time limit prescribed under the relevant law.
Govt banks write off Rs 15,000 crore bad debts annually-Times of India
To clean up their balance sheets, most of these banks are writing off a part of the bad debts.Canara Bank, which had made over Rs 60 crore advances to firms owned by former railway minister Pawan Bansal's son and associates, had made write-offs of Rs 1,460 crore in 2012.
Writing off bad debts also helps an accused escape a CBI case. The writing off of bad debts is turning out to be huge scam, with the CBI even approaching the Supreme Court seeking a direction that no banks be allowed to write off bad debts without its approval.
Every year, state-owned banks together are writing off an average Rs 15,000 crore (it was Rs 15,986 crore last year) of bad debts, some of these advances made under political and corporate influence, say sources in the finance ministry.
Till December 2012, public sector banks had accumulated Rs 1.56 lakh crore as bad debts. In case of Canara Bank, the gross bad debts ratio to standard advances went up from 3.5% in December 2011 to 9.16% in December 2012.
Writing off bad debts is generally done in cases where the banks fail to ensure enough collateral against loans offered. As the mortgaged assets are not sufficient to recover loans, banks have to go in for compromise write-offs when such loans turn bad.
Despite huge write-offs being made by these public sector banks every year, actions initiated by the finance ministry had failed to arrest the trend, the standing committee said and sought a detailed explanation from the government.
Asking the government to publish names of all willful defaulters, the committee asked the finance ministry and the RBI to constitute a special NPA management cell at the highest level to review write-offs/upgrades and restructured advances and also to monitor the pace of recovery of NPAs.
In two years between 2010 and 2012, the number of accounts of gross NPAs above Rs 1 crore of public sector banks increased by around 80% to 7,295 accounts from 4,099. Gross NPAs ballooned by 24% in 2011 compared to 2010 and touched Rs 1,17,262 crore in 2012, the standing committee report said.
The percentage of reduction in NPAs due to actual recovery remained stagnant at 35% while write-offs and upgrades together constituted 65%. For instance, SBI was able to improve its actual recovery by a paltry Rs 311 crore as against Rs 1,452 crore increase in write-offs in the last year; Vijaya Bank's actual recovery was Rs 6 crore compared to Rs 592 crore rise in upgrades; and Allahabad Bank recovered no amount as against Rs 646 crore increase in write-offs and Rs 130 crore in upgrades during the corresponding period.
http://articles.timesofindia.indiatimes.com/2013-05-13/india/39227897_1_bad-debts-npas-rs-1-crore
http://articles.timesofindia.indiatimes.com/2013-05-13/india/39227897_1_bad-debts-npas-rs-1-crore
Coop Banks should be kept away from political pressure: SC---Business Line
NEW DELHI, MAY 19:
The Supreme Court has passed a slew of directions to give more power to Cooperative Banks’ Board and to reduce political interference in its functioning, holding that their Registrar should be subjected to disciplinary proceedings if he acts under political influence.
A bench of justices K S Radhakrishnan and Dipak Misra said, “Registrar/Joint Registrar shall not act under political pressure or influence and, if they do, be subjected to disciplinary proceedings and be also held personally liable for the cost of the legal proceedings.”
“Supersession of an elected managing Committee/Board is an exception and be resorted to only in exceptional circumstances and normally elected body be allowed to complete the term for which it is elected,” the bench said.
The bench said that the elected committee be not penalised for the shortcomings or illegalities committed by the previous committee, unless there is any deliberate inaction in rectifying the illegalities committed by the previous body.
The apex court said, “Registrar/Joint Registrar are legally obliged to comply with all the statutory formalities, including consultation with the financing banks or controlling banks etc. Only after getting their view, an opinion be formed as to whether an elected Committee be ousted or not”.
“Registrar/Joint Registrar should always bear in mind the consequences of an order of supersession which has the effect of not only ousting the Board out of office, but also disqualify them for standing for election in the succeeding elections.
“Registrar/Joint Registrar therefore is duty bound to exercise his powers bona fide and not on the dictation or direction of those who are in power,” it said.
The apex court passed the verdict while quashing a Registrar order of superseding the Board of Directors of District Cooperative Central Bank Ltd, Panna without previous consultation with the Reserve Bank of India.
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