National
Deposits in lakhs made post-note ban under tax scanner: Officials
New Delhi: The first phase data from the government’s “Operation Clean Money”, launched earlier this week, has revealed deposits worth lakhs of crores in old notes made after demonetisation into accounts and are being scrutinised by Indian tax authorities, senior officials have said.”These 18 lakh cases even by primary data analytics we found to be glaring because their deposits and income size are simply not matching. Number of deposits made in these 18 lakh deposits is not a small number…its in lakhs of crores,” Revenue Secretary Hasmukh Adhia told BTVi in an interview regarding the lakhs of taxpayers identified by the Income Tax Department who will be served notices seeking explanation within 10 days.
“This is only the first phase of data that we have put in the domain of people’s e-filing account. More set of data is set to come in phases 2, 3 and 4,” he said. “We would expect people will reply within 10 days. If they do not reply within 10 days, we will have to do further something about them. We had to announce it as soon as possible because this is a matter that cannot wait,” he added. The initial phase of Operation Clean Money involves e-verification of large cash deposits made during November 9 to December 30, 2016. According to the Central Board of Direct Taxes (CBDT), data analytics has been used for comparing the demonetisation data with information in the department’s databases.
The information in respect of these cases will be made available in the e-filing window of the taxpayer at the government’s e-filing portal. In this connection, CBDT Chairman Sushil Chandra told BTVi in a separate interview that Finance Minister Arun Jaitley’s taxation proposals for next year seek a significant expansion in the tax net.Presenting the 2017-18 Budget in the Lok Sabha, Jaitley said he proposes to halve the income tax for persons earning between Rs 2.5 lakh-Rs 5 lakh from the current 10 per cent.”This will reduce the tax liability of all persons with incomes below Rs 500,000 either to zero (with rebate) or 50 per cent of their existing liability. It has been done to widen the taxpayer base in the lower slab to bring the non-filers into the tax net,” he said. “Afet demonetisation a lot of money has been deposited. Amounts of over Rs 2 lakh have been deposited in 1 crore accounts having 70 lakh unique PAN numbers,” Chandra told BTVi.
“The department has just launched the Clean Money Abhiyan and it is much easier for us now to track these accounts,” he added. Jaitley in his Wednesday budget speech said that post demonetisation, deposits between Rs 2-80 lakh had been made into 1.09 crore accounts.On the Securities Transaction Tax (STT) at 10 per cent rate proposed by Jaitley, the CBDT chief said it is an “anti-abuse” provision. “Earlier, many people were not utilising the stock exchange channel to buy shares to avoid paying tax,” he said.Jaitley has now prposed that long-term capital gains tax exemption be available only if STT has been paid both at time of acquisition, as well as divestment, of shares.
Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.
Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok
Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
Cheers and Cheers: Barzilla’s Joyful Ode to Inclusivity and Celebration
Casino Days Reveal Internal Data on Most Popular Smartphones
Meghalaya Reserves Legalized Gambling and Sports Betting for Tourists
IPL 20202 UPDATE: KXIP vs MI IPL Dream11 Team Prediction for Today Match, Update Point Table of all Team.
In a Live debate AAP leader Syed Asad Abbas hurls abuses to BJP spokesperson Nupur Sharma.
‘India’s Most Wanted’ trailer out Arjun Kapoor on hunt of Osama-Bin-Laden
Time to move on: Sonakshi on Shatrughan’s joining Congress
