Mon, Feb 20, 2017 | updated 11:46 AM IST

SIT recommendation to ban transactions above Rs. 3 lakh under consideration, says CBDT chief

Updated: Aug 23, 2016 14:03 IST

New Delhi, Aug 23 (ANI): The government is considering the recommendation of Special Investigation Team (SIT) on black money to ban cash transactions above Rs. three lakh, a top Finance Ministry official said at an ASSOCHAM event held in New Delhi today.

"The SIT recommendations are under consideration. As far as the Income Tax Department is concerned, we have put a one per cent TCS (Tax Collected at Source) on cash transactions, we have made PAN quoting mandatory, all these aspects are also part of the SIT recommendation to stop the use of cash in the economy, Rs. three lakh and above is under consideration," said Chairperson Central Board of Direct Taxes (CBDT), Rani Singh Nair.

She also informed that the government is holding discussions for the renegotiated India-Singapore tax treaty.

"So now that we have renegotiated Mauritius, Singapore is under discussion. We are discussing it, we hope we will soon have a discussion with them as this is a bilateral treaty, so we have to take the concerns of both the countries and then we will sign," added Nair.

She said that during the course of past two years, endeavor of the government and the CBDT has been to facilitate investments into India to ensure that the taxpayer pays his taxes with the ease of doing business because ultimately the tax coffers will never be full if there is no business in India.

"For the last two years we have believed that participating in rule-making, law-making will help in making more robust tax laws and with this idea we have every time put all our major initiatives in the public domain and after seeing what people have said, we have even proposed amendments to facilitate the business. This change of thinking, this proactive approach has gone down very well both internally in the country and I can say that this is the way to move forward," said Nair.

She also said that role of the tax administration is not only limited to tax and it is also to listen and to guide the taxpayer and see that the advice given is correct.

"I have also felt that for international business, for foreigners who are coming to invest in India, we should have a kind of a guide available on the internet, in the market which tells step-by-step what are the tax laws, tax procedures and the way to go forward in doing business in India," said the CBDT chairperson.

"I have had a lot of interactions with foreign business, with associations who have come to meet me in my stint in the CBDT and they all feel that they are adrift in India because there is not one place that they can go to and get advice and then they can digest that advice and take their own decisions," she added.

"If we have to make India a place to do business, we have to have this kind of facility not only in the government but in the private space also, where any business which is coming to India comes with a lot of confidence, that the advise they get is complete and comprehensive. I think when we talk of international taxation, this is the one aspect that we need to focus on and we need to see that India becomes a favored place of doing business," she said further.

On the issue of advancing the date of general budget presentation to January, she said that it will bring in more efficiency in the budget making as two-three months of the financial year will not be lost in the budget process. (ANI)

New Delhi [India], Feb. 19 (ANI): CAclubindia's Goods and Services Tax (GST) app became the number one app on GST on Google Play Store, with a successful 85,000 plus downloads within a month's time, scoring an average of 4.4 rating by over 700 users.

Full Story >>

New Delhi [India], Feb. 19 (ANI): Indian food processing sector has the potential to attract USD 33 billion of investment and create nine million jobs by FY 2024, revealed an ASSOCHAM-Grant Thorton Research paper.

Full Story >>

New Delhi [India], Feb. 19 (ANI): ONE Co.Work, the end-to-end co-working space provider, announced the launch of its Gurugram-based co-working office on Saturday. The event received a phenomenal response from the start-up community, investors, freelancers, and bloggers, and was also attended by several industry veterans.

Full Story >>

New Delhi [India], Feb. 18 (ANI): Khadi and Village Industries Commission (KVIC) which has, in the last six months, bagged large orders from several public and private sector companies since the Narendra Modi government came to power, has bagged the largest ever order from the Ministry Of Health on February 16, 2017.

Full Story >>

New Delhi [India], Feb. 18 (ANI-BusinessWire India): Working towards its vision of enhancing the employability of youth by skill development, CMC Skills Pvt. Ltd. in consortium with Mitcon Consultancy Services Limited was recently selected by Jharkhand Skill Development Mission to Establish and Operate Mega Skill Development Centre in Jharkhand on PPP mode.

Full Story >>

New Delhi [India], Feb. 18 (ANI): The 10th council meeting of the Goods and Services Tax (GST) to vet the draft supporting legislations crucial for its implementation has begun at Udaipur here today.

Full Story >>

New Delhi [India], Feb. 18 (ANI): Delay in resumption of imports by Iran is likely to hinder the recovery in Indian Basmati rice exports, says credit rating agency, ICRA, in its latest update note on Indian Basmati rice industry.

Full Story >>

New Delhi [India], Feb 17 (ANI): Spice Digital Limited, a part of Spice Mobility group has joined hands with MoMagic Technologies to introduce a new product named 'AdGyde'. AdGyde is a real time, mobile App Analytics and Attribution Solution for the App developers and marketers.

Full Story >>

New Delhi [India], Feb 17 (ANI-NewsVoir): The State Government of Victoria hosted a delegation of India's leading Creative Industries for the first time in Melbourne from the 14th 16th of February. The delegation explored business opportunities against the backdrop of the inaugural Asia-Pacific Triennial of Performing Arts (Asia TOPA).

Full Story >>

New Delhi [India], Feb 17 (ANI): The Reserve Bank of India (RBI) on Friday

Full Story >>

New Delhi [India], Feb. 17 (ANI): State Bank of India (SBI) on Friday played host to senior commercial bankers from Egypt at a Strategic Training Unit (STU) organized for the Egyptian bankers who were in India on a study tour on MSME units in the country.

Full Story >>

New Delhi [India], Feb 17 (ANI-NewsVoir): CA Technologies today announced it has appointed iValue InfoSolutions as a Value Added Distributor (VAD) for India and the South Asian Association for Regional Cooperation (SAARC) region to grow the mid-market segment and address customers' needs in their digital transformation journey.

Full Story >>

New Delhi [India], Feb 17 (ANI-NewsVoir): LexisNexis® India (www.lexisnexis.co.in), a leading provider of content and technology solutions, and Legasis Services Private Limited, a provider of integrated legal and information technology solutions specializing in the compliance domain for corporates, announced the launch of Enterprise Compliance Management Module for Ecommerce, Pharmaceuticals and IT/ITESin its Lexis®Practical Guidance portfolio. Lexis® Practical Guidance's Enterprise Compliance Management module is an incredible risk and compliance tool kit designed to help legal professionals in different industries. With clear, concise notes written by leading experts in compliance, spelling out exactly what needs to be done in practical terms, the module provides all sorts of forms, checklists, templates, precedents, policies, registers and examples that are required by any legal professional for compliance management right, and always in line with the latest changes in the law and the marketplace.

Full Story >>

New Delhi [India], Feb. 17 (ANI-BusinessWire India): RICS has launched Emerging Leaders Program (ELP) - a one-year executive program designed for mid-career to senior professionals in the real estate, construction, and infrastructure sector.

Full Story >>

New Delhi [India], Feb. 17 (ANI): Citizen engagement platform LocalCircles , via a survey, revealed that out of the 8, 715 participants, 68 percent said that majority of their transactions are now happening in cash. Only 32 percent said that they still prefer using debit or credit cards as well as other forms of digital transactions to make payments.

Full Story >>

Somany upgrades its mobile app in offline mode

Updated: Feb 17, 2017 15:05 IST

New Delhi [India], Feb. 17 (ANI-BusinessWire India): Somany Ceramics, a leading brand in the Tiles, Sanitaryware and Bath Fittings industry has recently upgraded its mobile app, enabling customers to browse content even in its offline mode. The app is a one-stop destination for users who are interested in tiles, sanitary ware, bath fittings and other ancillary products.

Full Story >>

New Delhi [India], Feb 17 (ANI): Credit rating agency ICRA on Friday estimated that the gross market borrowings of the state governments is supposed to rise from Rs. 3.7 trillion in FY2017 to Rs. 4.5 trillion in FY2018, which would exert an upward pressure on state development loans (SDL) yields in FY2018.

Full Story >>

New Delhi [India], Feb 17 (ANI): The government needs to continuously invest in improving the ease of doing business environment, develop sound infrastructure, and ensure availability of trained workforce as India is set on a growth trajectory that promises all-round development, economic welfare and strong macro-economic indicators, noted a recent ASSOCHAM-EY report.

Full Story >>

New Delhi [India], Feb 17 (ANI): One of the largest retail chains based out of the Middle East has recently signed up with LogiNext, to enable the tracking and optimization of the movements of their 1,000+ on-field employees. LogiNext is the fastest growing SaaS company in the field of logistics and field workforce management and it has now opened up its cloud-based software to all the companies with large on-field workforce across the world.

Full Story >>

New Delhi [India], Feb 17 (ANI): Cyber-security company F-Secure has acquired privately-held company Inverse Path, an industry leader in providing security services to the avionics, automotive, and industrial control sectors.

Full Story >>