CBDT explores 10 ways to FORCE not coerce yet enhance the collection of Taxes to combat loss due to COVID-19 pandemic.

With a view to bring the economy back on track from the Lockdown, which is set to continue till 3rd May unless extended further due to the CORONA pandemic, the CBDT (administrative body of Income Tax) examines 10 ways to accelerate tax collection to support economy. The options were a result of collective suggestion sought and obtained from IRS and field officers referred as “FORCE” which stands for Fiscal Options & Response to the COVID-19 Epidemic The officers smells at higher instances of non-filing of returns, increase in non-deduction of tax deductible at source (TDS)/withholding the deducted tax and cases of under-reporting the tax liabilities through bogus loss claims in future which is likely to impact fiscal collection for 2020-21. They want the relief measures to be restricted to honest compliant taxpayers, especially those filing returns accordingly proposes the following short/medium measures. Reintroduction of the Inheritance Tax What could surprise many, the team has proposed recalling of the inheritance taxes that was abolished way back in 1985. The team backs their suggestion based on the wisdom of some developed counties where it is levied with rates as high as 55 percent. COVID relief cess At present, the government levies a […]

Under PM-KISAN Scheme Rs. 17,793 crores released for 8.89 crore farmer families during the lockdown About 19.50 crores households to be distributed pulses under PMGKY

Department of Agriculture, Cooperation and Farmers Welfare, Government of India is taking several measures to facilitate the farmers and farming activities at field level during the lockdown period. The updated status is given below: Under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) Scheme during the lockdown period from 24.3.2020 till date, about 8.89 crore farmer families have been benefitted and an amount of Rs. 17,793 crore has been released so far. In order to provide food security during the prevailing situation due to COVID-19 pandemic, the Government has decided to distribute pulses to the eligible households under Pradhan Mantri Garib Kalyan Yojana (PM-GKY). About 107,077.85 MT pulses have so far been issued to the States/UTs.   Under PMGKY, the States/UTs namely A&N, Andhra Pradesh, Chandigarh, Chhattisgarh, Daman & Diu, Goa, Gujarat have commenced the distribution of pulses to the beneficiaries. Other States like Madhya Pradesh, Punjab, Rajasthan, Telangana, West Bengal, Uttar Pradesh, and Delhi have received the partial stock and will commence the distribution to the beneficiaries in phased manner as per their plan. The distribution of pulses under PMGKY is to benefit around 19.50 crore household  spread across 36 States and Union territories. Source

Sailing through a CORONA Crisis: Reorient Goals & Re-organise within

Dear Friends, Colleagues, Clients, Patrons, As I pen this my article, the second one this month, there is a deep sense of acknowledgement from the Industry in India as well outside that the #COVID-19 infections will not fade away anytime soon, more so with the Government decision to extend the lockdown to May 03, 2020. There is also further apprehension that  a full fledge operation for business entities (except those recently notified) is unlikely in next few months which means the Industry as whole will lose their Q-1 fortune for Fiscal 2020-21. This is even though Government leaders at all levels are trying their level best and making the best of the decisions they can based on statistics, and lessons from other regions and countries with perusal wisdom. With a dense population, strangled migrant labour and struggling economy, there is also this fear that a continued lockdown and consequential revenue loss to all may do more damage than good with increased unemployment, job losses with  panic and hunger all around. The Government having realised that a full lockdown for longer time may not fetch the desired outcome, seems to have taked a middle path of opening the economy and at […]