Note Ban: 5000 crore rupees is black money!

After demonetisation, here comes the black money crackdown. 5,000 suspicious accounts and cash deposits of Rs 1 crore or more under I-T scrutiny.A Mumbai-based jeweller who deposited Rs 100 crore in his bank account in December was summoned by the income-tax department recently.
He was asked to submit income-tax permanent account number (PAN) details of all who bought gold or jewellery from him since November 8, when demonetisation was announced.
A New Delhi-based real estate developer who put Rs 25 crore into his account on December 30 has got a formal query from the income-tax department. The developer said the money was “cash on hand” as reflected in his books of accounts. Tax officials are planning to scrutinise his books of accounts for the past few years.
Real estate developers, jewellers and sellers of luxury goods have come under the I-T department’s scanner as part of the exercise to unearth black money in the wake of demonetisation.
Many are currently being summoned and are likely to be slapped with tax notices in the coming months, said tax officials and consultants aware of the matter.
The government will also pursue those who may have sought to launder money this year itself, rather than the two-three years it usually takes for the income-tax department to send notices.
A three-member committee comprising top income-tax officials has been formed to amend the rules so that notices for assessment year 2016-17 can be served in 2017 itself, said one of the people cited above.

India's job market in crisis

IIT placement committeebanned 23 start up companies

IIT placement committee in August 2016 for the first time 31 of the 23 start-ups, companies across the country have banned the IIT campus. These Grofrs, Jhomato, including companies like Portia medical and Babajobs.
These companies play with the careers of the students said that IITs. These companies are either in a job lot of unnecessary delay or sent no letter. That being said, the IIT campus start-ups in the balloon burst.
Start-ups in 2015 at the height of the fever, but in 2016 it began to descend. IIT students say that by 2014, all was well. Most of the IIT student start-ups want to start but he is not the case.Today's world is different.
Every year more than ten million Indian youth in the job market are covered. The start-ups to absorb such a large number of companies have a major role. However, it is risky enough for both.In this case, the BBC approached several companies, but some companies responded. Portia Medical said, "We will now try to avoid it. However, the need and demand for business on many levels has changed. ''

May be recess coming for Indian Skillperson?

May be recess coming in Indian companies because the US administration is adopted new hard rule for Indian IT companies. It is bad signal for Indian IT skillperson.Information technology companies, usually among the largest recruiters at B-school campuses, have slashed hiring this placement season due to factors such as US President Donald Trump's protectionist stance, muted growth numbers and increasing automation. IT recruitments have slumped 20-40 per cent in several tier-II — and even some tier-I — management schools this season. At Management Development Institute (MDI), Gurgaon, IT hiring fell 26 per cent; at Great Lakes Institute of Management (GLIM), Chennai, it dropped 30 per cent; and at Welingkar Institute of Management Development and Research, it's down 30-40 per cent. At one business school, InfosysBSE 0.59 % took on 13 people compared with 40 last year, while Dell hired three against five and WiproBSE -1.55 % recruited five compared with nine last time. The school official who provided the information didn't want the institution to be identified. "We are expecting at least 30 per cent less hiring in IT as compared with last year," said Saveeta Mohanty, associate dean for career advisory services at Xavier Institute of Managemen t, Bhubaneswar (XIMB). Last se ..
ET reported on January 17 that Infosys and TCS will hire more engineers from campuses in the US as they brace themselves for stringent visa norms under the new administration. Among Trump's top election pledges were restricting immigration and bringing jobs back home. At his inaugural speech, he said: "Protection will lead to great prosperity and strength... We will follow two simple rules: Buy American and hire American."

Government cleared the doubts of GAAR

The General Anti Avoidance Rule (GAAR) provisions shall be effective from the Assessment Year 2018-19 onwards, i.e. Financial Year 2017-18 onwards.  The necessary procedures for application of GAAR and conditions under which it shall not apply, have been enumerated in Rules 10U to 10UC of the Income-tax Rules, 1962.The provisions of General Anti Avoidance Rule (GAAR) are contained in Chapter X-A of the Income Tax Act, 1961.
Stakeholders and industry associations had requested for clarifications on implementation of GAAR provisions and a Working Group was constituted by Central Board of Direct Taxes (CBDT) to examine the issues raised. Accordingly, CBDT has issued the clarifications on implementation of GAAR provisions today.  
Amongst others, it has been clarified that if the jurisdiction of FPI is finalized based on non-tax commercial considerations and the main purpose of the arrangement is not to obtain tax benefit, GAAR will not apply.  GAAR will not interplay with the right of the taxpayer to select or choose method of implementing a transaction. Further, grandfathering as per IT Rules will be available to compulsorily convertible instruments, bonus issuances or split / consolidation of holdings in respect of investments made prior to 1st April 2017 in the hands of same investor. It has also been clarified that adoption of anti-abuse rules in tax treaties may not be sufficient to address all tax avoidance strategies and the same are required to be tackled through domestic anti-avoidance rules. However, if a case of avoidance is sufficiently addressed by Limitation of Benefits (LoB) provisions in the tax treaty, there shall not be an occasion to invoke GAAR.
It has been clarified that if at the time of sanctioning an arrangement, the Court has explicitly and adequately considered the tax implications, GAAR will not apply to such an arrangement. It has also been clarified that GAAR will not apply if an arrangement is held as permissible by the Authority for Advance Rulings. Further, it has been clarified that if an arrangement has been held to be permissible in one year by the PCIT/CIT/Approving Panel and the facts and circumstances remain the same, GAAR will not be invoked for that arrangement in a subsequent year.
The proposal to apply GAAR will be vetted first by the Principal Commissioner of Income Tax / Commissioner of Income Tax and at the second stage by an Approving Panel headed by a judge of High Court. The stakeholders have been assured that adequate procedural safeguards are in place to ensure that GAAR is invoked in a uniform, fair and rational manner.
Government is committed to provide certainty and clarity in tax rules. Further clarifications, if any, on doubts of stakeholders regarding GAAR implementation, will also be provided.

Modi Government failed to check corruption

Transparency internnational’s annual index indicate 

Transparency internnational’s annual index indicate that Modi Government has not take any step for checking of corruption and some specialist also warned India Government. A major international index of corruption and transparency has placed India on the watch list for its inability to curb mega corruption scandals and petty bribery. The annual index of Transparency International issued on Wednesday for 2016 placed India with Brazil and China in the 40th position. India’s condition showed growth with inequality, it said. According the artcle publish at The Hindu,“India’s ongoing poor performance with a score of 40 reiterates the state’s inability to effectively deal with petty corruption and large-scale corruption scandals,” said Transparency International. The impact of corruption on poverty, illiteracy and policy brutality showed that not only was the economy growing but so was inequality.
India’s current ranking, putting it in the high corruption zone, has drawn critical observations from transparency campaigners. Nikhil Dey of People’s Campaign for Right to Information said the government of Prime Minister Narendra Modi had not done enough on the issue of Lokpal and whistleblower protection.
“A lot of scams in the previous government were unearthed with the help of the right to information that the government itself allowed. But the present government has done nothing to boost the anti-corruption structure. The demonetisation process is the latest indicator of the lack of transparency in the system, where even the Reserve Bank of India is not able to spell out the exact details of the operation,” Mr. Dey said. “Growth with inequality is disastrous on its own. But in the case of India, such a growth also legitimises corruption,” he warned.
South Asia had performed poorly. Bangladesh at 27th and Nepal at 29th positions were slotted in the highly corrupt section. Pakistan, at 32, also came in the red zone. Afghanistan ranked 15th was in the “highly corrupt” list with South Sudan, North Korea and Libya. 

R-Day:We became the largest democracy of the world.

My dear citizens
  On the eve of the sixty-eighth Republic Day of our nation, I extend warm greetings to all of you in India and abroad. I convey my special greetings to members of our Armed Forces, Para-military Forces and Internal Security Forces. I pay my tribute to the brave soldiers and security personnel who made the supreme sacrifice of their lives in defending India’s territorial integrity and maintaining law and order.
   When India attained freedom on 15th August 1947, we did not have an instrument of governance of our own. We waited till 26th January, 1950 when the Indian people gave to themselves a Constitution to secure for all its citizens, justice, liberty, equality, and gender and economic equity. We promised to promote fraternity, dignity of the individual, and unity and integrity of the nation. On that day, we became the largest democracy of the world.
   The faith and commitment of people gave life to our Constitution and our founding fathers, wisely and carefully, steered the new nation past its troubles of being a poor economy with huge regional imbalances and a vast citizenry deprived of even basic necessities.
   It goes to the credit of the strong institutions of democracy built by our founders that for the last six and a half decades, Indian democracy has been an oasis of stability in the region troubled by unrest. From a population of 360 million in 1951, we are now a 1.3 billion strong nation. Even then, our per capita income has shown a ten-fold increase, poverty ratio has declined by two-thirds, average life expectancy has more than doubled, and literacy rate has shown a four-fold increase. We are today the fastest growing amongst the major economies of the world. We are the second largest reservoir of scientific and technical manpower, the third largest army, the sixth member of the nuclear club, the sixth member in the race for space, and the tenth largest industrial power. From a net food grains importing country, India is now a leading exporter of food commodities. The journey so far has been eventful, sometimes painful, but most of the times, exhilarating.
 What has brought us thus far will take us further ahead. But we will have to learn to adjust our sails, quickly and deftly, to the winds of change. Evolutionary and incremental growth will have to accommodate rapid disruptions brought in by advances of science and technology. Innovation, more so inclusive innovation, will have to become a way of life. Education will have to keep pace with technology. In the race between man and machine, the winner will have to be job generation. The velocity of technology adoption will call for a workforce that is willing to learn and adapt. Our education system will have to join hands with innovation to prepare our youth for life-long learning.
  Our economy has been performing well despite the challenging global economic conditions. In the first half of 2016-17, it grew at a rate of 7.2 percent – same as that last year – showing sustained recovery. We are firmly on the path of fiscal consolidation and our inflation level is within comfort zone. Though our exports are yet to pick up, we have managed a stable external sector with sizeable foreign exchange reserves.
   Demonetization, while immobilizing black money and fighting corruption, may have led to temporary slowdown of economic activity. As more and more transactions become cashless, it will improve the transparency of the economy.
Many of the flagship initiatives of the government have been designed to promote the well-being of the society. The Swachh Bharat Mission aims at a Clean India by 2nd October, 2019 to coincide with the 150th Birth Anniversary of Gandhiji. Increased spending on programmes like MGNREGA is enhancing employment generation to rejuvenate the rural economy. Aadhaar, with its present reach of over 110 crore people, is helping in direct transfer of benefits, plugging leakages and improving transparency. The Digital India programme is creating a knowledge economy through universal provision of digital infrastructure and platforms for cashless economic transactions. Initiatives like Start-up India and Atal Innovation Mission are fostering innovation and new-age entrepreneurship. Under the Skill India initiative, the National Skill Development Mission is working on skilling 300 million youth by 2022.

We have to work harder because;
We are all equal children before our mother;
And our motherland asks each of us in whatever role we play;
To do our duty;
With integrity, commitment and unflinching loyalty;
To the values enshrined in our Constitution.

Jai Hind!




   

HAPPY REPUBLIC DAY

Happy Republic day to all Friends. We salute to whom, who constitute my constitution. 

Electoral Reform is possible:Mukherjee

President congratulated the Ec & Voter’s for huge exercise in last general election

The President of India Pranab Mukherjee attended the 7th National Voters’ Day Celebrations Wedenesday in New Delhi.  Speaking on the occasion, the President said there has been some talk about simultaneous elections to the Lok Sabha and State Assemblies in political circles. If initiative is taken by Election Commission and political parties arrive at a consensus, reform is possible. He said such a move can reduce inconvenience in terms of expenditure and management.  Pointing out that in the last General Elections in 2014, over 66% of the total electorate of 834 million voted, the President congratulated the Election Commission on the successful conduct of this huge exercise. He also congratulated Indian voters for exercising their right to vote and showing utmost maturity in doing so.
The President said the Election Commission requires unflinching support as they are trying to motivate young people in excising their most fundamental democratic right of voting. It is essential that the Election Commission should be an independent and competent institution. Over the years, the Election Commission of India has proved to be so and is appreciated all over the world.  The President said he was confident the Election Commission can maintain its existing standards and continues to improvise and evolve. The Election Commission has made a unique contribution to strengthening the bedrock of Indian democracy. We can take legitimate pride in the fact that we are the largest democracy in the world.
The first copy of a coffee table book ‘Unfolding Indian Elections- Journey of the living democracy’ was presented to the President by Dr. Nazim Zaidi, Election Commissioner of India on the occasion. The President also presented Election Photo Identity Cards to select newly registered young voters.

Voter can decline all candidate of the election

Voter's Day: Know your right.

We are living in Republic State of Inidia. Voter day is importanit for us.We also to know , what the right of voter. A voter how much powerfull in the republic Government. Tommorw country celeberate own republic day. Come to kbow about the voter’s right. According The Hindu's artcle: National Voters Day, on this day in 1950, the Election Commission of India was founded. The ECI observes National Voters Day to create awareness on voting and voter rights.
The right of Voter
Enrolling as a voter: A citizen can be enrolled as voter when he or she is 18 years as on January 1 of the year electoral rolls are prepared. The electoral rolls are revised once in five years as well as prior to an election. The Commission periodically does house-to-house enumeration. But the onus is on you to register as a voter.
Where to vote:The Election Commission registers a person as a voter in the constituency where he or she ordinarily resides. When you change your residence, the EC has to be intimated. Enrolling as a voter in more than one location is an offence.A non-resident Indian can vote in his/her hometown after registering as an Overseas Voter.
Voter ID is not mandatory for voting:The Election Commission provides every voter a photo identification card called Electors’ Photo Identity Card (EPIC). Along with your photo and address, the EPIC contains your electoral roll number, which enables the polling official to easily identify you. However, it is not mandatory to carry your Voter ID when you cast your vote. Other valid photo identifications, such as passport, driving license, PAN etc. are adequate to exercise your franchise.
Voter ID does not mean you can vote:A person can vote only if his/her name is found in the electoral rolls. If, for any reason, a name is removed from the electoral roll, the polling official will not allow the person to vote.
Who cannot vote: When an Indian becomes a citizen of another country, he/she automatically loses the right to vote.A person declared as ‘mentally unsound’ by a court does not have voting rights.In case a person is found to be involved in corrupt electoral practices, his/her name can be removed from electoral roll.A Presiding Officer can stop you from voting if it is found that you are impersonating another person. This is a punishable offence.
OCIs cannot vote:An Indian residing abroad with his/her name registered in the electoral roll cannot vote, unless he/she personally visits the polling booth. However, the government is looking at options such as proxy voting or postal ballot to enable NRIs to vote. Overseas Citizens of India, who are citizens of another country, do not have the right to vote. The Election Commission has, however, recently introduced the option for NRIs to register themselves as voters through the EC’s portal.
Affidavits filed by candidates are public documents: At the time of nomination, candidates should submit details of their educational background, criminal records, and assets and liabilities. A voter can obtain copies of the nomination form and the affidavit filed by the candidate from the Returning Officer, immaterial of whether the person belongs to the constituency or not.
Right to decline: A voter can decline to vote. The person must visit the polling booth in person and inform the Presiding Officer. The index finger will be inked, the polling register must be signed but the person will not cast the vote.This is however not similar to NOTA (none of the above) option, where the person exercise the franchise.
 You can still vote if someone else has cast the vote in your name: The Rule 49P of the Conduct of Elections Rules allows the voter to cast vote using a “Tendered Ballot Paper.” The Presiding Officer will collect it and keep it separate.
Proxy voting, postal ballots are not for all:Postal ballots, in which a voter exercises his/her franchise through post is available only for people on election duty, armed force personnel, and electors subject to preventive detention.
Proxy voting is an option available for personnel in armed forces, police, government officials posted outside India. The person can authorise another residing in the same polling booth area to cast a vote on his/her behalf. This option is also available for wives of the above mentioned personnel, but not for the husbands.

Elections are celebrations of democracy:Modi

Prime Minister has wished the citizen on Voters day

National Voters Day, on this day in 1950, the Election Commission of India was founded. The ECI observes National Voters Day to create awareness on voting and voter rights. On this occasion  Prime Minister  Narendra Modi has wished the citizens. Calling elections as the celebrations of democracy the Prime Minister has also urged every eligible voters to exercise their franchise and called upon the youth to register as voters when they turn 18. “Wishing you all on National Voters’ Day. We greet the Election Commission and salute their important role in our democracy.
Elections are celebrations of democracy. They communicate the will of the people, which is supreme in a democracy.