TIOL-DDT 517 · the untouched capture
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<p align="justify"><b><font color="#663399" size="3" face="Verdana, Arial, Helvetica, sans-serif">TIOL-DDT
517</font></b><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><br>
21.12.2006<br>
Thursday</b></font></p>
<p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#006600">India
Inc fills up govt coffers</font></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Finance
Minister can smile all the way to Parliament. The Income Tax collections are
going straight up. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The collections
up to 18<sup>th</sup> December, 2006 was a whopping Rs.1,33,461crore and this
is 42.5% more than the collections for the corresponding period last year. The
Indian Corporate paid 51.2% more taxes this year compared to the last. Even
the Banking Cash Transaction Tax which the FM asserted was not meant to be a
revenue earning scheme, brought in a neat pile of 352 Crores. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Corporate
Advance Tax as on 18.12.2006 stood at Rs.59,393crore, up by 38.51% over previous
year’s collection of Rs.42,881crore, indicating continued and stronger performance
by the industry.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The department
seems to in for a pleasant shock. Their target graph is going beyond the page
and maybe new drawings have to be made for the impressive wall hangings. As
against the targeted growth of 27.5% over last year as per the Budget Estimates
for fiscal 2006-07, direct tax collections have grown by 45.3% so far.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">If everybody
starts paying income tax and on the true income, maybe all other taxes can be
abolished.</font></p>
<p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#006600">Liberliased</font></b><font color="#006600"><b>
Remittance Scheme – further liberalized - RBI</b></font></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">With a view
to simplifying the procedures and providing greater flexibility in foreign exchange
transactions, the Liberalised Remittance Scheme is liberalised further by enhancing
the limit of USD 25,000 per <b>calendar</b> year to USD 50,000 per <b>financial</b>
year. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">RBI has
also announced </font></p>
<blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++
limit of USD 50,000 under the Scheme would also include remittances towards
gift and donation by a resident individual. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++
investment by resident individual in overseas companies would be subsumed
under the Scheme of USD 50,000. The requirement of 10 per cent reciprocal
shareholding in the listed Indian companies by such overseas companies has
been dispensed with. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++
the existing facility of release of exchange by Authorised Persons up to USD
10,000 or its equivalent in one calendar year on a declaration basis for one
or more private visits to any country (except Nepal and Bhutan) will continue
to be available on a self-declaration basis</font></p>
</blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=49&filename=notification/rbi/2006/rbi06cir024.htm">CIRCULAR
NO. 24/RBI., Dated: December 20, 2006</a></font></p>
<p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#006600">Sick
old men in key positions</font></b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Our
TIOL Cob(Web) today <i>inter alia</i> deals with 60+ retired re-tyred officers
in the Settlement Commission. Somehow officers want to cling on to that
government job even after retirement and of late several opportunities are
created for senior officers to find comfortable parking slots for themselves
after their retirement. For the Revenue officers, slots in the Tribunals,
Settlement Commissions, Advance Ruling Authorities and now the ombudsmen
are all opportunities for that two year grace period after retirement. At
59, the only issue that is of any interest to a senior officer is finding
a job after retirement. Many of them are healthy and active and it is a
good idea to use their expertise and experience, but in this mad job hunt,
even the very sick and tired officers who refuse to see themselves as retired,
seek and get these post retirement jobs and they become a terrible liability
to the nation. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The effect
is these specialist organisations like Tribunals and Settlement Commissions
become a state supported old age home and their working is affected. We have
nothing against old age - our President, Prime Minister and most of his ministers
are pretty old, but they are also pretty healthy and are capable of doing hard
work. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The major
qualification for selection to these 60+ jobs should be good health and they
should be offered these jobs only after a thorough medical examination and these
jobs should be offered only to those who can work in these new jobs for at least
five years. That is any officer wanting to join the Tribunals or Settlement
Commissions should not be over 57 years old. They should sacrifice 3 years of
their top job in the government if they want to join these expert bodies. </font></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Until
tomorrow with more DDT </font></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Have
a nice day. </font></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Mail
your comments to</font> <font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a
href="mailto:vijaywrite@taxindiaonline.com">vijaywrite@taxindiaonline.com</a></span></font></p>
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