Wed, May 24, 2017 | updated 04:01 AM IST

Income Declaration Scheme is opportunity for people to clean up their books: Arun Jaitley

Updated: Jul 14, 2016 20:27 IST      
Income Declaration Scheme is opportunity for people to clean up their books: Arun Jaitley

New Delhi, July 14, (ANI): Union Finance Minister Arun Jaitley on Thursday said Income Declaration Scheme is a part of the strategy where the government wants people to clean up their books, adding that more and more people should use this opportunity.

Speaking at a workshop on Income Declaration Scheme and Gold Monetisation Scheme organized by FICCI here today, the Finance Minister highlighted that the personal contact between the IT department and the assesse is gradually getting reduced with various reforms being taken by income tax department such as online filing of returns, online answering of queries, online orders and online refunds.

"The relationship between the taxmen and the assesse is undergoing change though it is still a work in progress. The change will be visible in the future. Apprehensions and fears need to be eliminated and discretions will have to disappear", said Jaitley.

Jaitley highlighted the role of technology and mentioned "Technology for taxmen is a great facilitator. Detecting violations will be easier for the taxmen with the technology."

He also added that with the implementation of the GST, every transaction will get recorded and even the generation of black money will become difficult.

Speaking about the tax rates under the scheme, he said that it is not easy to design such schemes and keeping ethical and legitimate considerations in mind, the rates under the scheme have been designed.

Earlier at the event, Revenue Secretary, Hasmukh Adhia, gave a brief introduction to the scheme highlighting various benefits and providing clarity with respect to taxation, immunity, secrecy as well as valuation of assets under the scheme.

He also informed that a fourth set of FAQs for the scheme has been put on the website of the department today.

Joint Secretary at Ministry of Finance, Saurabh Garg, highlighted various aspects of the Gold Monetisation Scheme introduced in November 2015 and discussed some of the key issues related to infrastructure, especially with respect to collection and testing centres.

He further mentioned that only 3.1 tonnes of gold has been deposited under the GMS till date which is way below the overall annual imports of 800-1000 tonnes of the metal. He expressed hope that with various initiatives, a part of the gold investment demand could shift towards the scheme.

Meanwhile, President of FICCI Harshavardhan Neotia, highlighted various initiatives taken by FICCI to promote the two schemes nationwide. He mentioned that FICCI has already organized six such workshops and will be organizing another ten workshops in coming few weeks.

Participants sought some clarifications on the Income Declaration Scheme particularly on scrutiny notices, valuation of assets and extension. (ANI)

New Delhi [India], May 23 (ANI): Largest fertiliser cooperative IFFCO on Tuesday announced its collaboration with Bank of Baroda to launch its co-branded debit card for farmers at a card distribution ceremony organized at their corporate office in New Delhi.

Full Story >>

New Delhi [India], May 23 (ANI): Indian markets are growing at a rapid pace, involving new stakeholders whom until a few years ago did not have any visible and significant presence as far as supply chain space was concerned.

Full Story >>

New Delhi [India], May 23 (ANI-NewsVoir): Adding a new strength to Khadi India's fashion power-house, Aditya Birla Fashion and Retail Ltd. and Khadi and Village Industries Commission, Ministry of MSME, Government of India today announced a strategic collaboration to strengthen the synergies between the two iconic Indian brands.

Full Story >>

BYJU'S unveils personalized learning experience for students

Updated: May 23, 2017 18:05 IST     

New Delhi [India], May 23 (ANI): Education company BYJU'S has launched a major update to its learning app focused at revolutionizing personalized learning experiences for students across grades.

Full Story >>

Maharashtra [India], May 23 (ANI-BusinessWireIndia): Rajiv Gandhi Global Excellence Award Foundation presented 'Rajiv Gandhi Global Excellence Award' in the category - Philanthropy and Entrepreneur to Arun Muchhala, Chairman of ArunMuchhala Group on Sunday 21st May 2017 at The Ashoka Hotel, New Delhi.

Full Story >>

New Delhi [India], May 23 (ANI-NewsVoir): Mahindra First Choice Wheels Ltd., India's number one multi-brand used car products and services company extended its leadership position in the used car industry with a strong performance in F17 in all areas of the business.

Full Story >>

New Delhi [India], May 23 (ANI-NewsVoir): Indian miniature artist Suvigya Sharma makes a new mark in history - does a hyper real portrait of Hon. PM Narendra Modi and present it to him at the Prime Minister's Office in Delhi.

Full Story >>

Avanse Financial Services appoints Amit Gainda as CEO

Updated: May 23, 2017 15:47 IST     

New Delhi [India], May 23 (ANI): New-age education finance Non Banking Financial company Avanse Financial Services on Tuesday announced the appointment of Amit Gainda as its Chief Executive Officer.

Full Story >>

Entertainment Services under GST to have lower tax incidence

Updated: May 23, 2017 15:29 IST     

New Delhi [India], May 23 (ANI): Taxes on entertainments and amusements (covered by the erstwhile entry 62 of State List of the Constitution) have been subsumed under Goods and Services Tax (GST) except to the extent of taxes on entertainments and amusements levied by a Panchayat or a Municipality.

Full Story >>

New Delhi [India], May 23 (ANI): Taxation on commodities such as packaged cement, medicaments, smart phones, and medical devices shall come down under the Goods and Services (GST) Tax as the government has reduced its rates on these items.

Full Story >>

Tax incidence on entertainment services under GST lowered

Updated: May 23, 2017 12:57 IST     

New Delhi [India], May 23 (ANI): Taxes on entertainments and amusements were subsidised under the Goods and Services Tax (GST), except to the extent of taxes on entertainments and amusements levied by a Panchayat or a Municipality.

Full Story >>

Acko General Insurance raises USD 30 million

Updated: May 23, 2017 12:00 IST     

New Delhi [India], May 23 (ANI): Acko General Insurance on Tuesday received it's in principle regulatory clearance to launch a General Insurance business in India. In a regulated business, Acko raised USD 30 million.

Full Story >>

Gandhinagar (Gujarat), May 23 (ANI): With the changing global landscape for agriculture and food security, Union Finance Minister Arun Jaitley said that India and Africa can emerge as key partners in these areas.

Full Story >>

New Delhi [India], May 23 (ANI): Digital payment aggregator Paytm on Tuesday unveiled the Paytm Payments Bank, a first-of-its-kind bank that will offer cashbacks on deposits. Customers will also be entitled to zero charges on all online transactions and no minimum balance requirement.

Full Story >>

San Diego (California) [United States], May 23 (ANI): Kyocera International, Inc. has announced that it has received Class Y certification for its semiconductor assembly operations here.

Full Story >>

Jaguar introduces 2.0l diesel derivative of Jaguar XE

Updated: May 23, 2017 06:13 IST     

Mumbai (Maharashtra) [India], May 23 (ANI): Jaguar Land Rover India yesterday announced the start of sales for the 2.0l diesel derivative of MY17 Jaguar XE in India at a starting price of Rs. 38.25 lakh, ex-showroom, Delhi.

Full Story >>

SRF limited announces Q4 and FY17 financial results

Updated: May 22, 2017 18:51 IST     

New Delhi [India], May 22 (ANI-NewsVoir): SRF Limited, a chemical based multi-business entity engaged in the manufacturing of industrial and specialty intermediates today announced its consolidated financial results for the fourth quarter and full year ended March 31, 2017 under Indian Accounting Standards (IndAS). The company's audited results were approved by the Board of Directors in a meeting held today in Gurgaon, Haryana.

Full Story >>

CBDT signs two more Unilateral APA's with Indian taxpayers

Updated: May 22, 2017 18:45 IST     

New Delhi [India], May 22 (ANI): The Central Board of Direct Taxes (CBDT) on Monday announced entering into two Unilateral Advance Pricing Agreements (APA) with Indian taxpayers on May 4 and 11 respectively, out of which one agreement holds a rollback provision.

Full Story >>

Bangalore [India], May 22 (ANI-Businesswire India): Relocating household goods from one place/city to another can be really one of the most challenging, hectic and stressful events of life. Whether it is a local shift within the city of Bangalore or relocating home from this city to another city of India, it would be a complicated and time-consuming process for an individual to do it all alone. There are lots of hassles, tedious tasks and unpleasant issues involved with the process of relocation which can pester an individual badly. On the other hands, hiring services of one of the credible and competent packers and movers in Bangalore would be a great decision with respect to simplify the relocating process and turn the circumstance into the easygoing and smooth affair.

Full Story >>

New Delhi [India], May 22 (ANI): Online recruitment marketplace AasaanJobs on Monday announced the roll out of its 'Interview scheduling' feature for employers and candidates, which will allow employers to specify and pick different time slots for scheduling interviews with job aspirants.

Full Story >>