Netas can now convert BM through political party
So political parties can deposit whatever they want till dec 30th (essentially netas black money) and be exempt from any taxes and investigation. Isnt this making a total fool of the common junta???
The 500- and 1,000-rupee notes that were abolished last month can be deposited by political parties till December 30 in their bank accounts without having to pay any tax, said the Finance Ministry today.
A decades-old law exempts parties from taxes on income generated from a group of sources including donations by volunteers.
Election Commission officials and others have repeatedly highlighted that black money plays a huge role in elections and that parties attribute
disproportionate parts of their funds to donations from volunteers.
"If it is a deposit in the account of a political party, they are exempt. But if it is deposited in individual's account then that information will come into our radar. If the individual is putting money in his own account, then we will get information," Revenue Secretary Hasmukh Adhia said today about the old notes being deposited.
However, officials clarified that parties can be called upon to explain volunteer donations and must be able to provide details of the contributors. Parties are regularly accused of manufacturing lists of small volunteer donors to escape the scrutiny of tax officials. Contributions of up to 20,000 do not have to be accompanied by details of the giver, providing a major loophole to parties.
The government has said that tax-dodgers have until the end of March 2017 to come clean under a scheme announced by Finance Minister Arun Jaitley last month.
Revenue Secretary Adhia told reporters that those who fail to declare their untaxed income under the scheme will have to pay a minimum 77 per cent and up to 100 per cent in tax and fines. more
The 500- and 1,000-rupee notes that were abolished last month can be deposited by political parties till December 30 in their bank accounts without having to pay any tax, said the Finance Ministry today.
A decades-old law exempts parties from taxes on income generated from a group of sources including donations by volunteers.
Election Commission officials and others have repeatedly highlighted that black money plays a huge role in elections and that parties attribute
disproportionate parts of their funds to donations from volunteers.
"If it is a deposit in the account of a political party, they are exempt. But if it is deposited in individual's account then that information will come into our radar. If the individual is putting money in his own account, then we will get information," Revenue Secretary Hasmukh Adhia said today about the old notes being deposited.
However, officials clarified that parties can be called upon to explain volunteer donations and must be able to provide details of the contributors. Parties are regularly accused of manufacturing lists of small volunteer donors to escape the scrutiny of tax officials. Contributions of up to 20,000 do not have to be accompanied by details of the giver, providing a major loophole to parties.
The government has said that tax-dodgers have until the end of March 2017 to come clean under a scheme announced by Finance Minister Arun Jaitley last month.
Revenue Secretary Adhia told reporters that those who fail to declare their untaxed income under the scheme will have to pay a minimum 77 per cent and up to 100 per cent in tax and fines. more
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It will be a misfortune of our country if the so called acclaimed to be fighter of BM/corruption, the PM allows politicians' block money pass through his loose fingers. more
Jan 26
I fail to understand how this Government under the leadership of Mr. Narendra Modiji can take such a decision. How and why political parties should have any income tax exemptions either for itself or for its donors? Are these parties above common man? I strongly oppose and condemn this decision. All political parties irrespective of its status of membership or elections, should be subjected to the scrutiny under all applicable Laws with no special privileges. more
Dec 21
Dear Mr Jain, I agreed with your point of view that the general innocent common people like us are being made fool by the so called Democratic leaders of our country, whereas we are aware with their past history and observing their present activities and frequently changing policies only for their own interest and benefits, not for the common man who cast their vote and they become leaders and big , biggest leaders to rule on us with their mischievous acts and malafide plannings. Shame to us that we are well educated common people working in top positions in the Govt Departments, are being called "BABU'S, by these leaders some of whom are equal to add degrees of qualifications by any means. Sorry, we are living in peaceful and democratic country and not in revolutionary country, where people use to appear on roads if the functioning government pass any untoward law which dis-favoured the common man of the country. We have to think again deeply before casting our vote, till now we have to suffer altogether. KCG On 17 December 2016 at 10:22, Rohit Jain wrote: > more
Dec 20
