Taxpayers will need to disclose all their bank accountBy Remya Nair --Livemint
Tax department tightens rules for income-tax returns, to seek details of foreign travel
Taxpayers will now have to disclose all bank accounts held by them in India and details of their foreign travel in their income-tax returns as the tax department moves to check black money both domestically and abroad.
Taxpayers will have to declare income accruing from foreign assets in the returns, besides details such as foreign bank accounts, foreign assets and immovable property located outside India that they had to disclose earlier.
They will also have to give their Aadhaar number in the tax return if they have one.
The changes, effective from assessment year 2015-16, will require taxpayers to give many more details to the tax department than previously sought. Since the department is now seeking information about foreign travel and bank accounts held over the previous year, it will make the filing of the tax return a long and tedious process, analysts said.
“Additional disclosures mandated in the new income tax return forms reaffirm the government’s intent to track taxable income overseas and in India. Changes incorporated in the tax returns were expected from the budget speech of the finance minister and subsequently with the introduction of Undisclosed Foreign Income and Assets (Imposition of Tax) Bill,” Tapati Ghose, a partner at consultancy Deloitte Haskins and Sells Llp, said in a note.
The government introduced the bill in Parliament’s budget session to tackle unaccounted money stashed in overseas banks by Indians. It also proposes to bring in a stronger Benami Transactions (Prohibition) Bill to check domestic black money. Benami transactions are those made under a fictitious name or in the name of a person who holds an asset as a proxy for the real beneficiary.
As per the format of income-tax returns notified by the Central Board of Direct Taxes, the return requires individuals to give the number of bank accounts they held at any time during 2014-15, along with the balance on 31 March as well as details of joint holders. In case of foreign travel, the taxpayer will have to disclose the passport number, the countries visited, the number of trips abroad in the previous fiscal and expenses incurred from own sources of income. Even in cases of business travel overseas, the taxpayer will have to maintain a report of expenses incurred.
A taxpayer will not be able to file manual returns if a refund is being claimed or if she has income from sources abroad. The tax department has also sought more details of short- and long-term capital gains and asked for information pertaining to tax residency certificates that enable firms and individuals to seek benefits under tax treaties.
“Till now, such information was sought for by the tax officer during tax assessments and the requirement reflects the government’s intention to collate the information at time of filing of the tax return,” said Ghose.
The tax returns also seek additional details on computation of agricultural income.
Support Modi, don’t get disillusioned: Ratan Tata to India Inc-Indian Express-18th April 2015
At a time when India Inc is showing its disillusionment over the slow pace of reforms and ease of doing business, Tata Group chairman emeritus Ratan Tata on Friday came out in support of Prime Minister Narendra Modi and advised Corporate India to “not get disillusioned so fast”.
“All of us should understand that it’s a new government, and we need not get disillusioned and dissatisfied with so fast,” he said during the convocation of the Mumbai International School of Business Bocconi.
“There’s a great deal of hope in the inspirational leadership of Modi. He is still in the early stages of defining what he hopes to deliver a new India. The implementation hasn’t really taken form this year. But we still have to give him the opportunity to implement what he has promised,” Tata said while replying to a question on the economy under the Modi government.
Extending his support to the NDA government, Tata said, “We’re all hopeful that the country will move forward in the manner that Modi predicted. We really need to support it if we need to have a new country and outlook both internationally as well as domestically.”
“In short, we’re all hopeful that the country will move forward in the manner that Modi predicted,” Tata said. After retiring from the top position in the Tata Group, he is now heading various Tata trusts which own significant stakes in major Tata companies.
HDFC chairman Deepak Parekh’s recent statement that India Inc’s patience was wearing thin with little improvement on ease of doing business has prompted big players in the manufacturing sector to admit the impact was still not visible on the ground.
Hinduism not a religion but a way of life, says Modi -The Hindu
“The Supreme Court has said that Hindu dharam is not a religion but a way of life... I believe the SC’s definition shows the way,” the Prime Minister said while visiting the Lakshmi Narayan Temple near Vancouver.
Accompanied by his Canadian counterpart Stephen Harper, Prime Minister Narendra Modi on Thursday visited a gurdwara and a temple in Vancouver and said Hinduism is not a religion but a way of life.
Mr. Modi and Mr. Harper, who arrived from Toronto, went straight to the gurdwara. They participated in the prayer meeting and were presented Saropas (gifts of honour presented by the Sikh community — usually a length of cloth for tying a turban or a scarf worn over the shoulders).
Addressing the gathering there, Mr. Modi said the Sikhs in Canada had won respect for India through their work here.
He talked about the teachings of Guru Nanak and the role of Sikhs in India’s Independence struggle, including that of Bhagat Singh.
He emphasised the need for working for humanity as he highlighted how Sikhs had set examples in giving sacrifices.
Subsequently, Mr. Modi and Mr. Harper went to the Lakshmi Narayan Temple where again he praised the Indians living in Canada.
He talked about the need for working for humanity through Hinduism.
“The Supreme Court in India has given a nice definition to Hindu dharam… The Supreme Court has said that Hindu dharam is not a religion but a way of life... I believe the SC’s definition shows the way,” Mr. Modi said.
He said the Hindu religion had worked for the benefit of nature, including wildlife, through the scientific way of life. “This can show a way out of small problems of life,” he said.
The Prime Minister also referred to the U.N. declaring June 21 as International Yoga day with a record co-sponsorship in 2014, 125 days after he made a suggestion in this regard in the world body.
He asked the Indian diaspora to spread the message about yoga for the benefit of humanity.
He highlighted the role of Indian-origin Canadians in developing bilateral relations at both the religious places.
World Bank chief praises PM's Jan Dhan Yojna-DNA 18th April 2015
The World Bank chief Jim Yong Kim on Friday said that the "strong visionary leadership" of Prime Minister Narendra Modi has resulted in "extraordinary effort" by India on financial inclusion of its people.
The World Bank in a report released this week said by January 2015, 125 million bank accounts had been opened under the Pradhan Mantri Jan Dhan Yojna launched in August 2014 for comprehensive financial inclusion with the goal of opening a bank account for every household in India. As a point of comparison, a 2013 survey had found that fewer than 400 million people in the country had an account, the Bank said in a report.
"This is an extraordinary Indian effort," Kim said at a panel discussion here organised on the sidelines of the annual Spring meeting of the International Monetary Fund and the World Bank. Kim attributed this to the "strong visionary leadership" of Modi and the Reserve Bank of India Governor Raghuram Rajan. Kim also said access to financial services can serve as a bridge out of poverty.
"We have set a hugely ambitious goal – universal financial access by 2020 – and now we have evidence that we're making major progress," he said. "This effort will require many partners – credit card companies, banks, microcredit institutions, the United Nations, foundations, and community leaders. But we can do it, and the payoff will be millions of people lifted out of poverty," he added.
India to grow at 7.8% in 2015-16: Asian Development Bank-Hindustan Times-24th March 2015
The Asian Development Bank (ADB) on Tuesday projected India's growth rate to surpass China and improve to 7.8% in next fiscal and further to 8.2% in 2016-17.
India's growth and investor confidence will improve on the back of government's structural reform agenda and improved external demand, the Asian Development Outlook (ADO), an annual publication of the ADB, said.
It forecasts that India's growth will improve from 7.4% in current fiscal to 7.8% in 2015-16 and further to 8.2% in 2016-17.
As regards China, the ADB projected the economic growth to decelerate from 7.4% in current fiscal to 7.2% next fiscal and 7% in 2016-17.
"India is expected to grow faster than the People's Republic of China in the next few years. The government's pro-investment attitude, improvements in the fiscal and current account deficits, and some forward movement on resolving structural bottlenecks have helped improve the business climate and make India attractive again to both domestic and foreign investors," ADB Chief Economist Shang-Jin Wei said.
He, however, cautioned that although the economic prospects look promising, "there are still many challenges". ADB's estimates is, however, lower than the 8-8.5% growth estimates of Indian government for the 2015-16 fiscal beginning April.
It is better than 7.5% projection by the International Monetary Fund (IMF). The ADB said that strong growth outlook is contingent on further acceleration in investment activity.
"The prospects look promising". It said the measures undertaken by the government including accelerating environment clearances for infrastructure projects, easing the process of land acquisition for infrastructure and industrial corridors, allowing auction of coal mines to the private sector, and easing the compliance burden of labour laws on small and medium-sized industries would help boost growth.
The ADB said that India's most pressing policy challenges is to promote cities as engines of economic growth and jobs. "To fully reap the benefits of urbanisation, the government must make further efforts to coordinate urban and industry planning to attract industries into cities, and provide the necessary supporting infrastructure," it said.
Praising the India's 'Make In India' campaign to boost domestic manufacturing, Shang said "Indian government's programme is even more striking (in comparison to China)". As regards external sector, he said that the Indian government and the RBI have been trying to build up reserves and frame policies to monitor risk.
"India is in stronger position today than what it used to be. Government is making effort to increase FDI to deal with financial instability," Shang said. As regards the new monetary policy framework, under which the RBI's primary objective would be to maintain price stability while remaining mindful of growth, the ADB said it would help in restraining inflation and improve the coordination between monetary and fiscal policy.
Govt to hold 'stress relief' programmes for officers: Dr. Jitendra Singh
The Union Minister of State (Independent Charge) of the Ministry of Development of North Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr. Jitendra Singh has said here today that the Govt of India's Department of Personnel & Training (DoPT) will hold a series of regular "stress relief" and rejuvenating programmes including Yoga, workshops, sports, cultural events, etc. for IAS, Civil Services and other government officers in order to help them maintain a conducive frame of mind and ensure a harmonious well-being. At the same time, DoPT has also mooted a "stress management" segment in the Induction course for new employees joining State Services in the three States of Jammu & Kashmir, Tamil Nadu and Maharashtra, and based on the experience from these three States, the same practice would be replicated in other States as well.
Dr Jitendra Singh said such efforts not only help in rejuvenating the energies and spirits of officers who are subjected to increasing work load and office stress but also help in bringing together the fraternity of civil service officers from all over India thus promoting a spirit of comradeship among them.
Increasing accountability and rising expectation level in administrative work tend to take their toll, said Dr Jitendra Singh and therefore, in-house provisions for stress management are called for. In this context, he referred to a two-day "Stress management" programme for officers being organized at New Delhi on 28th and 29th of this month followed by a Yoga course for officers beginning from April in forty different centers across India.
Dr Jitendra Singh said, the DoPT will not only plan events for government officials but will also devise programmes for their children in the form of academic tutorials, summer coaching camps, etc.
***
World Bank chief praises PM's Jan Dhan Yojna-DNA 18th April 2015
The World Bank chief Jim Yong Kim on Friday said that the "strong visionary leadership" of Prime Minister Narendra Modi has resulted in "extraordinary effort" by India on financial inclusion of its people.
The World Bank in a report released this week said by January 2015, 125 million bank accounts had been opened under the Pradhan Mantri Jan Dhan Yojna launched in August 2014 for comprehensive financial inclusion with the goal of opening a bank account for every household in India. As a point of comparison, a 2013 survey had found that fewer than 400 million people in the country had an account, the Bank said in a report.
"This is an extraordinary Indian effort," Kim said at a panel discussion here organised on the sidelines of the annual Spring meeting of the International Monetary Fund and the World Bank. Kim attributed this to the "strong visionary leadership" of Modi and the Reserve Bank of India Governor Raghuram Rajan. Kim also said access to financial services can serve as a bridge out of poverty.
"We have set a hugely ambitious goal – universal financial access by 2020 – and now we have evidence that we're making major progress," he said. "This effort will require many partners – credit card companies, banks, microcredit institutions, the United Nations, foundations, and community leaders. But we can do it, and the payoff will be millions of people lifted out of poverty," he added.
India to grow at 7.8% in 2015-16: Asian Development Bank-Hindustan Times-24th March 2015
The Asian Development Bank (ADB) on Tuesday projected India's growth rate to surpass China and improve to 7.8% in next fiscal and further to 8.2% in 2016-17.
India's growth and investor confidence will improve on the back of government's structural reform agenda and improved external demand, the Asian Development Outlook (ADO), an annual publication of the ADB, said.
It forecasts that India's growth will improve from 7.4% in current fiscal to 7.8% in 2015-16 and further to 8.2% in 2016-17.
As regards China, the ADB projected the economic growth to decelerate from 7.4% in current fiscal to 7.2% next fiscal and 7% in 2016-17.
"India is expected to grow faster than the People's Republic of China in the next few years. The government's pro-investment attitude, improvements in the fiscal and current account deficits, and some forward movement on resolving structural bottlenecks have helped improve the business climate and make India attractive again to both domestic and foreign investors," ADB Chief Economist Shang-Jin Wei said.
He, however, cautioned that although the economic prospects look promising, "there are still many challenges". ADB's estimates is, however, lower than the 8-8.5% growth estimates of Indian government for the 2015-16 fiscal beginning April.
It is better than 7.5% projection by the International Monetary Fund (IMF). The ADB said that strong growth outlook is contingent on further acceleration in investment activity.
"The prospects look promising". It said the measures undertaken by the government including accelerating environment clearances for infrastructure projects, easing the process of land acquisition for infrastructure and industrial corridors, allowing auction of coal mines to the private sector, and easing the compliance burden of labour laws on small and medium-sized industries would help boost growth.
The ADB said that India's most pressing policy challenges is to promote cities as engines of economic growth and jobs. "To fully reap the benefits of urbanisation, the government must make further efforts to coordinate urban and industry planning to attract industries into cities, and provide the necessary supporting infrastructure," it said.
Praising the India's 'Make In India' campaign to boost domestic manufacturing, Shang said "Indian government's programme is even more striking (in comparison to China)". As regards external sector, he said that the Indian government and the RBI have been trying to build up reserves and frame policies to monitor risk.
"India is in stronger position today than what it used to be. Government is making effort to increase FDI to deal with financial instability," Shang said. As regards the new monetary policy framework, under which the RBI's primary objective would be to maintain price stability while remaining mindful of growth, the ADB said it would help in restraining inflation and improve the coordination between monetary and fiscal policy.
Govt to hold 'stress relief' programmes for officers: Dr. Jitendra Singh
The Union Minister of State (Independent Charge) of the Ministry of Development of North Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr. Jitendra Singh has said here today that the Govt of India's Department of Personnel & Training (DoPT) will hold a series of regular "stress relief" and rejuvenating programmes including Yoga, workshops, sports, cultural events, etc. for IAS, Civil Services and other government officers in order to help them maintain a conducive frame of mind and ensure a harmonious well-being. At the same time, DoPT has also mooted a "stress management" segment in the Induction course for new employees joining State Services in the three States of Jammu & Kashmir, Tamil Nadu and Maharashtra, and based on the experience from these three States, the same practice would be replicated in other States as well.
Dr Jitendra Singh said such efforts not only help in rejuvenating the energies and spirits of officers who are subjected to increasing work load and office stress but also help in bringing together the fraternity of civil service officers from all over India thus promoting a spirit of comradeship among them.
Increasing accountability and rising expectation level in administrative work tend to take their toll, said Dr Jitendra Singh and therefore, in-house provisions for stress management are called for. In this context, he referred to a two-day "Stress management" programme for officers being organized at New Delhi on 28th and 29th of this month followed by a Yoga course for officers beginning from April in forty different centers across India.
Dr Jitendra Singh said, the DoPT will not only plan events for government officials but will also devise programmes for their children in the form of academic tutorials, summer coaching camps, etc.
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