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Excerpts from Fasana e Azad by Pt Ratan Nath SarsharNarrator: Raman Kumar SagwalCurator: IrfanWe are thrilled to continue our Read Aloud Collective on Listen with Irfan, featuring a unique narration of the 19th-century Urdu novel Fasana-e-Azad by Ratan Nath Sarshar. This captivating performance is brought to life by Raman Kumar Sagwal, an officer at Income Tax Department from Panipat and a passionate reader of classical Urdu-Persian literature. Raman believes that timeless texts like Fasana-e-Azad are literary treasures, yet sadly, few recordings of such works exist. Fasana-e-Azad (The Adventures of Azad), serialized in Avadh Akhbar from 1878 to 1883 and later published in four volumes by the Nawal Kishore Press, follows the wandering protagonist Azad and his companion Khoji. Their journey takes them from the vibrant streets of late-nineteenth-century Lucknow to the battlefields of the Russo-Turkish War (1877–1878) in Constantinople and Russia.We are deeply grateful for narrators like Raman Sagwal, whose proactive and generous contributions enrich our collective. As previously mentioned, our initiative is neither competitive nor profit-driven. It is a repertoire of self-motivated narrators who cherish India's treasured literary traditions and celebrate the beauty and diversity of reading aloud. If this resonates with you, we warmly invite you to join us!**Join the Art of Reading:Share Your Story on Listen with IrfanDo you have a passion for reading literature or narrating captivating prose? Here's your chance to shine! I'm thrilled to announce a new collaborative series, Art of Reading, on my podcast channel, Listen with Irfan.If you love bringing stories to life, I'm offering you a platform to showcase your talent.Record a short story of your choice (maximum 8 minutes) and share it with a community of like-minded narrators and listeners. This is a free, non-commercial initiative to connect aspiring narrators, promote storytelling, and build a creative community. No monetization, just pure love for the art of narration.How to Participate:- Choose a short story or piece of prose you're passionate about.- Record it with clear audio using a mobile phone or audio recorder. Do not include your name or the story's title in the recording.- Background music is optional, but avoid copyrighted tracks to prevent hosting issues.- Send your recording via email to ramrotiaaloo@gmail.com Full credit to the writer and narrator will be given on the Listen with Irfan podcast channel. Take inspiration from the sample recording by narrator Munish (attached).Join us to share your voice, connect with an audience, and celebrate the art of storytelling!Let's create something beautiful together!BECOME A PATRON : Work on Listen with Irfan takes time, money and hard work to produce. As of now it is being done voluntarily with the family, friends and listeners who came forward for hand holding from its inception. If you like the Podcasts, admire it, and benefit from its content, please consider awarding us an honorarium to make the future of this Podcast Channel robust and assured. यहाँ आपको मिलती हैं वो दुर्लभ आवाज़ें खुद बोलती, गाती और बहस करती। मनोहर श्याम जोशी, कमलेश्वर, कृष्णा सोबती, बी वी कारंत, शमशेर बहादुर सिंह, बलराज साहनी, अज्ञेय, रसूलन बाई, निर्मल वर्मा, मंगलेश डबराल, राजेंद्र यादव, चंद्रकांत देवताले, भवानी प्रसाद मिश्र, इस्मत चुग़ताई, सत्यदेव दुबे, त्रिलोचन, अमरीश पुरी, इब्राहीम अल्क़ाज़ी, मोहन उप्रेती, गोरख पांडेय, नैना देवी, वीरेन डंगवाल, मन्नू भंडारी, भीष्म साहनी, देवकी नंदन पांडे आदि के अलावा अनगिनत भारतीय और विदेशी समकालीन विचारक, कलाकार, लेखक, कवि और सांस्कृतिक लड़ाके। किताबों पर चर्चा के पॉडकास्ट, संगीत, फिल्म रिव्यू और स्ट्रीट रिकॉर्डिंग्स का एकमात्र पॉडकास्ट मंच। Details to support this Podcast Channel Bank Name: State Bank Of IndiaName: SYED MOHD IRFANAccount No:32188719331Branch: State Bank of India, Vaishali Sec 4, GhaziabadIFSC–SBIN0013238Cover: Irfan
On Episode 498 of The Core Report, financial journalist Govindraj Ethiraj talks to Kunal Sodhani, Vice President, Shinhan Bank as well as Ajay Rotti Founder and CEO of Tax Compass . SHOW NOTES (00:00) Stories of the Day (00:50) Trump tariff shocks hit Indian markets (04:17) The rupee takes a sharp knock as the dollar surges (13:52) The new oil routes that could kick in on Canada and Mexico tariffs. Could India benefit? (16:21) The Income Tax Department admits it was adversarial earlier but will now move to trust (18:14) Signs of policy consistency and certainty in the Union Budget, including in transfer pricing Register for India Energy Week, Feb 11-14 Listeners! We await your feedback.... The Core and The Core Report is ad supported and FREE for all readers and listeners. Write in to shiva@thecore.in for sponsorships and brand studio requirements For more of our coverage check out thecore.in Join and Interact anonymously on our whatsapp channel Subscribe to our Newsletter Follow us on: Twitter | Instagram | Facebook | Linkedin | Youtube
This is the Catch Up on 3 Things for the Indian Express and I'm Flora Swain.It's the 6th of June and here are today's headlines.Prime Minister Narendra Modi's swearing-in ceremony is likely to take place on the evening of 9th of June, according to sources. Earlier, the ceremony was slated to take place on the 8th of June, but now it may be held at 6 pm on Sunday. The swearing-in of Telugu Desam Party chief N Chandrababu Naidu as the chief minister of Andhra Pradesh is likely to be postponed to 12th of June from 9th of June, as he has to attend PM Modi's swearing-in first.Meanwhile, there were more than 150 politicians who shifted from one political party to another in the fray in the elections. Of these, 13 candidates or their family members are facing probes either by the Central Bureau of Investigation, the Income Tax Department, or the Enforcement Directorate. Of the 13, eight had switched sides to the BJP — seven from Congress and one from Trinamool Congress; two had switched sides to the Shiv Sena Shinde faction from the Shiv Sena, one switched to TDP from YSRCP; and two to Congress from the Jharkhand Vikas Party and Punjab Ekta Party, respectively.The India Meteorological Department issued a yellow alert for thunderstorms and lightning in Mumbai, Thane, and Raigad districts starting today. Similarly, the Pune Fire Brigade had received 50 calls related to water logging and tree falls as rainwater logged major portions of roads due flash floods that hit several parts of the city. The rainfall, which meteorologists said, was very close to a cloud burst that was localized in nature.Nine trekkers from Bengaluru died in Uttarakhand's Uttarkashi after their 22-member team which was on a trekking expedition to Sahastra Tal was hit by bad weather on Tuesday afternoon. Officials confirmed today after four more bodies were recovered. The deceased were part of a 19-member group of trekkers from The Karnataka Mountaineering Association.In global news today, Israel targeted a Gaza school that it alleged contained an Hamas compound, killing fighters involved in the Oct. 7 attack. On theother hand, the Gaza media said the strike killed at least 27 people seeking shelter. The Hamas-run government media office, rejected Israel's claims that the UN school in Nuseirat, in central Gaza, had hidden a Hamas command post. Israel's military said that before the strike by Israeli fighter jets, the military took steps to reduce the risk of harm to civilians. Israel has said there will be no halt to fighting during ceasefire talks.This was the Catch-Up on the 3 Things by The Indian Express.
This is the Catch Up on 3 Things for the Indian Express and I'm Flora Swain.It's the 1st of April and here are the top stories of the week.A Delhi court today sent Chief Minister Arvind Kejriwal to judicial custody till 15th of April in the excise policy case. Additional Solicitor General S V Raju, representing the Enforcement Directorate, sought the Aam Aadmi Party chief's judicial custody for 15 days stating that Kejriwal had not been cooperative and had not shared his passwords with the agency. Kejriwal's wife Sunita and party colleagues and AAP MLAs Atishi, Saurabh Bharadwaj and Gopal Rai were in the courtroom today.In his latest tweet on Katchatheevu Island, Prime Minister Narendra Modi targeted the DMK, saying that the Congress and the MK Stalin-led party were “family units”, who don't care for anyone else. PM Modi cited a news report based on a reply to an RTI reportedly filed by Tamil Nadu BJP president K Annamalai, which states that then-CM and DMK leader M Karunanidhi was taken into confidence by then-PM Indira Gandhi when the island was ceded to Sri Lanka in 1974. The Congress has accused PM Modi of raking up the issue now with an eye on the upcoming Lok Sabha elections.The Income Tax Department assured the Supreme Court today that it will not take any coercive steps to recover approximately Rs 3,500 demanded from the Indian National Congress before the end of Lok Sabha elections 2024. The Supreme Court was hearing the appeals filed by the Congress challenging the demands made by the I-T Department. The court recorded the I-T Department's assurance and posted the matter for the next hearing on 24th of July.Indian stock markets today started the first day of the financial year 2024-25 on a bullish note with key indices, Sensex and NSE Nifty, hitting all-time highs on strong buying in intra-day trades. The Sensex opened at 73,968.62 against the previous close of 73,651.35 and rose about 0.82 per cent to hit its fresh all-time high of 74,254.62 within the first two hours of trade. The Nifty Index, on the similar lines, opened at 22,455 against the previous close of 22,326.90 and jumped 0.90 per cent to hit its new record high of 22,529.95.Israeli forces have withdrawn from Al Shifa Hospital in Gaza City after a two-week operation, leaving behind devastation with destroyed buildings and scattered bodies. Following intense clashes with the Palestinian Hamas group, hundreds of residents rushed to assess damage to nearby residential areas. The Israeli military claims to have targeted and neutralized numerous gunmen, seizing weaponry and intelligence documents. However, Hamas officials and medical staff deny any armed presence within the hospital premises.This was the Catch-Up on the 3 Things by The Indian Express.
Small businesses have found a tax-efficient way to deploy company profits for personal use. Is it tax planning or tax avoidance? Over to the insurance regulator IRDAI and the Income Tax Department to interpret. Aprajita Sharma of Mint explains in this podcast the work-around.
First, Indian Express' Vikas Pathak tells us about the Lok Sabha Ethics Committee report which was tabled in the lower house of Parliament on Friday leading to the expulsion of TMC MP Mahua Moitra in the cash-for-query case. Second, Indian Express' Sujit Bisoyi talks about the Income Tax Department raids into the premises of a country-liquor manufacturing and selling firm which is run by the family of Congress MP Dheeraj Sahu. (14:28)And in the end, we give you an update on the murder case of Karni Sena Chief Sukhdev Singh Gogamedi whose assailants were arrested from Chandigarh by the Delhi Police Crime Branch in a joint operation with the Rajasthan Police. (22:18)Hosted by Rahel PhiliposeWritten and produced by Utsa SarminEdited and mixed by Suresh Pawar
Since F&O income is considered business income in taxation, most traders resort to section 44-AD of the Income Tax Act to file their taxes. CA Naveen Wadhwa, Vice President at Taxmann discusses with Aprajita Sharma of Mint Money why this practice falls under tax evasion. He says the Income Tax Department may send notices and levy penalties if it finds a major difference between the tax liability and the total tax paid. Tune in now for expert tips!!
Is episode me suniye, Kisne sujhaya sabse pahle INDIA ki jagha Bharat Naam, 5 Lakh taxpayer ko aaikar vibhag ka notice, 25 lakh mamlon par nazar, world cup ke liye bhartiya team ka elan, Ishan Kishan, Suryakumar Yadav ko jagha, yuzvendra chahal, Sanju Samson bahar
India Policy Watch #1: What Do Successive Defence Budgets Reveal?Insights on burning policy issues in India— Pranay Kotasthane(An edited version of this article was published in Hindustan Times on 13th Feb)Another defence budget zoomed past us on Feb 1. Since then, analyses have focused on how the defence spending for the coming year departs from the last year. Some have waved a red flag as defence spending has fallen below 2 per cent of GDP for the first time in many years. On the other hand, the defence ministry's post-budget press release emphasised a 44 per cent increase in operational spending, which is expected to “close critical gaps in the combat capabilities and equip the Forces in terms of ammunition, sustenance of weapons & assets, military reserves etc.” The ministry also highlighted that the capital outlay for modernisation and infrastructure development has risen by a seemingly handsome 57 per cent over the last five years. How, then, do we make sense of these conflicting narratives?Comparing allocations with those in the previous year gives us a confusing picture. Every interest group can pull up a number from the budget to suit their pre-formed narrative. Taking a step back from these narratives, this article will show that this was another run-of-the-mill defence budget, just like the previous one was. Nothing in it indicates any significant change in the defence posture. Unlike Japan, which has announced a doubling of its military spending in the next five years, India's approach is about gradually improving the operational efficiency of the armed forces.Looking under the hoodThis article looks at the defence expenditure over the last six budgets to make sense of the numbers. To put numbers into context, let's use an earlier year (FY16). FY16 is a useful reference point as it predates two major developments: China's visibly aggressive posture on the border and the budgetary commitments arising from the One Rank One Pension (OROP) scheme. Three observations follow from such an analysis.One, not only has defence spending fallen as a proportion of GDP, but it has also fallen as a percentage of government expenditure. In other words, defence has slipped in priority relative to non-defence functions (Figure 1). Two, the China challenge hasn't led to any spectacular change in the composition of defence expenditure. Defence spending can be divided into four major components: salaries, pensions, capital outlay, and others. As Figure 2 shows, capital outlay was being squeezed by rising pension expenditure over the last few years. For two consecutive years (FY19 and FY20), more money was spent on pensions than on capital acquisition and modernisation. The balance has now been marginally restored since FY21, after the Galwan crisis flared up.Crucially, the rises in pension and capital expenditures have come at the cost of operational and maintenance expenditures, including ammunition stores (under the Others category). It is hence not surprising that the latest budget is trying to arrest this decline in combat capabilities.Three, this period has been relatively better for the Indian Navy in terms of capital expenditure. Since the procurement of new platforms happens over multiple years, a temporal view is useful in analysing how capital outlay is split between the three armed forces. Figure 3 suggests that the big change in the last four years is in the capital outlay for the Indian Navy, with the FY24 figure having doubled in absolute terms since FY20.The Big PictureBy connecting these dots over the last five years, the picture that emerges is this: the government seems confident that China can be handled without a substantial rise in defence expenditure. The latest budget serves as a bellwether indicator for this claim. It was the first budget of the post-pandemic period, at a time when the economic prospects for India had improved considerably. The government achieved better-than-expected buoyancy in income taxes and GST in the current financial year, while the cooling of global fertilizer prices has led to a decline in the projected subsidy bill. Consequently, the government, for the first time in many years, had some fiscal room to play with. It has used that space to increase the overall capital outlay to Rs 10 lakh crore, almost three times the outlay in 2019-20. Despite this increase in the overall capital outlay, the defence budget resembles the middle overs of a one-day cricket match.From a financial savings perspective, there have been just two important changes over this period in the defence domain. The first was the announcement of the Agnipath scheme. It might reduce the pension burden, but these savings will reflect only after a decade-and-a-half. Other proposals, such as theatre commands, haven't come to fruition yet. The proposal to create a non-lapsable fund for modernisation — a proposal the union government gave an in-principle agreement way back in Feb 2021, still hasn't found a mention in the latest budget.Probably, the defence budget is the wrong place to infer India's strategic posture against China. Perhaps, the government considers other tools of statecraft—diplomatic, economic, or non-conventional—more suitable for the purpose. This point needs deeper reflection. The discussions over the roles of these tools of statecraft currently operate under mistaken assumptions. Attempts at getting India into an anti-China alliance are spurned at the altar of “strategic autonomy”. The opponents seem to assume that India only needs to equip its armed forces with greater firepower. For too long, many parliamentary standing committees and defence organisations have gone hoarse trying to convince the government that defence expenditure should be raised to 3 per cent of GDP. If anything, the change is in the opposite direction.The defence budget trends are a reminder that the government does not prefer using the military instrument to outflank China. At best, it wants to equip the armed forces such that China's incursions can be matched or repulsed. Given that there's no significant increase in allocations for the Navy and the Air Force, it also means that the government is not considering an increased presence in the South China Sea. So, the military is being equipped to plug a vulnerability and not to gain an asymmetric political advantage over China. This line of thinking probably makes sense. There's no point in matching China's defence spending dollar-for-dollar. After all, the Indian armed forces are more adept at fighting at high altitudes. But this line of thinking should also make it apparent that India must develop capabilities in domains other than those involving force to inflict pain on China. The government should build a political consensus that closer relations with China's adversaries are not a matter of choice but an imperative. That we need to double down on economic growth and technological upgrading if we are to constrain China's hand in other domains. It also means that we shouldn't be indiscriminately banning China's investments in India; a better approach would be to make their companies in non-strategic domains more dependent on the Indian market. We will then have more tools in our kit to deploy if the situation on the border worsens. Each of these posture changes needs an updating of our priors and payoffs. For that to happen, it is necessary that the government comes clean about China's incursions. Pretending that all's well might give us false comfort, but they will also dissuade the strategic establishment from confronting the tough trade-offs in non-military domains. Without this pivot, we would merely rely on hope as a strategy. India Policy Watch #2: Through The Looking GlassInsights on burning policy issues in India— RSJWe talk about the arbitrary powers of the state on these pages often. Now, we cannot grudge the state's sovereignty because we have voluntarily handed it that power. One argument that follows from this is that such power is often prone to be used arbitrarily. And that's a problem for the citizens. The typical solution we have offered on these pages over time is to restrict the domain of the state to a narrow set where it can make the maximum impact or to design its incentives in a way that makes the state act with accountability. Now, these are good design principles. We could use them to create structures and institutions that are strong and independent that could hold their own against any arbitrary use of power. But are these enough? A natural question that should follow is how do we know things are working in practice like they were meant to? How do we get authentic information about how the state is conducting itself? How do we confirm that it is not subverting the institutional design that is in place to control its powers? These questions lead us to the other pillar of a well-functioning democracy - transparency. It is a topic we haven't discussed enough on these pages. Transparency is a moral good, and it is vital for a healthy democracy. Darkness stunts democracy. It needs light to thrive. In the early part of the 20th century, the US Supreme Court judge Louis Brandeis famously remarked, “sunlight is the best disinfectant” while making a case for a transparency imperative. Or, if we were to go further back, Bentham, often credited to have done the most original thinking on transparency, summed it up with - the more strictly we are watched, the better we behave - a principle he put at the heart of his advocacy for an open government. So, what has triggered my early morning ruminations on transparency? Well, there are two reasons. Here's one. The Indian Express reports:“The Supreme Court said it did not want to accept in a “sealed cover” the Centre's suggestions on who could be the members of a committee the court had proposed to assess the market regulatory framework and recommend measures, if any, to strengthen it in the wake of the Adani-Hindenburg affair. It refused to accept any suggestions on names from the petitioners as well.Chief Justice of India DY Chandrachud, who headed a three-judge bench hearing a clutch of petitions on the Hindenburg Research report and its aftermath, told Solicitor General Tushar Mehta, the court wanted to maintain “full transparency”. The court would appoint a committee of its own that will promote a sense of confidence in the process, he said.”CJI Chandrachud said, “We would rather not accept the sealed cover suggestions from you for this reason; in constituting a committee which we want to do, we want to maintain full transparency. The moment we accept a set of suggestions from you in a sealed cover, it means the other side is not seeing them. Even if we don't accept your suggestions, they will not know which of your suggestions we have accepted and which we have not. Then there may be an impression that well, this is a government-appointed committee which the Supreme Court has accepted even if we have not accepted your suggestions. So, we want to maintain the fullest transparency in the interest of protecting the investors.”Bravo. The Chief Justice was almost channelling Bentham there, who famously wrote, “secrecy, being an instrument of conspiracy, ought never to be the system of a regular government.” I mean, what even is a sealed cover in a matter that concerns millions of ordinary investors? Why should there be secrecy in the name of experts and their recommendations? A sealed cover is a strange invention. It gives the sheen of a fair and independent process to what is essentially a subversion of a democratic principle. It ranks up there among one of the great Indian coinages. The top spot, of course, is forever occupied by ‘mild lathicharge'. And now, onto the other reason for all this talk on transparency. This was the headline-grabbing news of this week in India - “Weeks after its documentary taken off, BBC gets I-T knock”. Here's the Indian Express reporting on this with many quotes from “unnamed government sources”:“The Income-Tax Department surveys at the premises of the British Broadcasting Corporation (BBC) in Delhi and Mumbai on Tuesday (February 14) were conducted in view of the BBC's “deliberate non-compliance with the transfer pricing rules” and its “vast diversion of profits”, government sources said.The surveys were looking into “manipulation of prices for unauthorized benefits, including tax advantages”, sources said.The BBC has been “persistently and deliberately violative of transfer pricing rules, it has “deliberately diverted a significant amount of the profits”, and has not followed the “arm's length arrangement” in the allocation of profit, the sources said.”A very garrulous source there with a lot of information. I don't want to ascribe motives to the tax raids yet. There's enough in the timing of these ‘surveys' to raise suspicions. The I-T department has been used to settle political and other scores for decades. It speaks poorly of our institutional strength and independence. But that's not the issue we are discussing today. The question is about transparency. Does anyone know why the surveys were carried out? The sources have cleverly given some reasons, but what stops the department from giving an official reason for them? Is it because it is likely that if they give the official reason, there will be further questions on the arbitrary nature of the actions? So, it is best to share nothing officially, selectively leak information to the media to paint the BBC in poor light and get away with harassment that then sends a message across to other foreign media outlets. Because even based on the merits of what the sources have said, it is difficult to justify a two-day survey. To quote the same news report:“Transfer pricing issues are very common for foreign companies but survey/search actions against them are not common. Assessment is usually opted for but is not the only route through which such cases can be approached. If tax officers want to do a survey/search, then transfer pricing issues can get covered.However, it is an approval-driven process with prior approvals required within the tax department before carrying out survey action. They would be having some information against the company and there might be a history of non-compliance too,” a Delhi-based tax expert said. A notice preferably is issued to a company in an assessment exercise by the tax authorities flouting transfer pricing rules before undertaking any such action, experts said."It shouldn't surprise anyone that political actors don't like transparency. It adds to their burden of accountability and increases the political costs of any missteps, deliberate or otherwise. So, how should the citizens keep up the demand for transparency in a democratic setup? After all, for the citizens to be involved in the governance process, they must have access to the government's information, plans and intentions. Also, there is a line beyond which too much transparency could be counterproductive. Too much information, too early in the process, could mean stalling the plan as interest groups jump in and skew the decision-making process. I have outlined three frames that one could use to think about transparency in a democracy.First, it is in the long-term interest of political parties to seek transparency in a democratic setup. For those in the opposition, it is about making the incumbent party in power more accountable. For the incumbent, too, there's always the uncertainty about the future when they might not be in power. In such a scenario, it is better for them to have stronger laws on transparency for their own access to government information, which they can use to hold others accountable. A lack of certainty about future electoral prospects for any party is a feature of a good democracy. It is in this environment most transparency laws are made. In India, too, the RTI came about because of grassroots activism and a broad consensus among the political class led by the party in power then. However, it is important to note that the Overton window was right during that time when getting re-elected was an exception. It meant the political actors were keen to have access to information in future. In that sense, any period when transparency is suppressed in a democracy is a good surrogate for the power of the party in power. In India, the RTI laws allow for access to a significant amount of government information. The problem is that there is a gradual erosion of its ambit as the dominant political class comes to view it as an irritant. The only way to counter this is for the citizenry to continue using the RTI tool to its fullest extent. The more people know the tool's power, the harder it will be to blunt it. Second, it is important to devolve transparency to state and local governments. This is where the political uncertainty is still high in India, which means there's an incentive for political actors to support transparency moves to guarantee their own access to information in future. This is also the space where petty corruption is still rampant. One of the challenges of RTI in India is that most of the activism here is focused on big-ticket issues. The opportunity to bring sunlight as a disinfectant and its payoffs are the highest at the local level of governance. Separately, there are also specific areas in the private sector that could do with improved transparency. This is tricky territory, and let me be very specific about this. There's a significant amount of information that's collected, often without explicit consent, from the citizens by the private sector, which is then monetised in various ways. The mechanism by which their information is used and the extent to which the private sector, especially the social media platforms, benefits from it are not transparent to the citizens who are the customers. If your attention is being monetised through multiple trackers and personalised ads, it is only fair you must know the rules of the game and agree to play it. This is still a white space of policymaking in India. Lastly, the oft-cited risk of policy waters being muddied because of transparency, where various interest groups will lobby for their positions and slow down the decision-making process, is a bit misplaced. Those in favour of transparency do not argue for the innards of policymaking being put out for display. That process requires stakeholder mapping and seeking inputs in a way that's been documented by various policy thinkers. We have written about the eight-step process of policymaking on these pages on multiple occasions. The issue of transparency is important in two areas. First, the implementation and measurement of a policy proposal. How did a policy fare compared to its promise? Were the public resources and efforts prudently used? Was there a clear understanding of why something failed? Access to this information is important for the public and experts outside the government to hold the government accountable and improve future decisions. Second, the size of the state in India often means it is the biggest, often the sole, customer in multiple sectors and its decision on setting the rules of games in these sectors, awarding contracts and its performance in managing its budget should be available for public scrutiny. Again, this doesn't mean the government should vet its decisions at each stage with prevailing public opinion. Rather it must be able to explain its process and the rationale for decisions openly and transparently. The practice of sealed covers or I-T surveys and raids without a clear reason isn't new to India. What's new is the somewhat strange support for these actions by the mainstream media that are being fed by the ever-bizarre theories cooked by the partisans on social media. BBC isn't doing a documentary on Gujarat because China is now funding it. Nor is there a leftist cabal that's busy bringing Adani down one week and using BBC the next to show the government in a bad light. This playbook is reminiscent of the Indira era of the mid-70s, where in the name of national interest, we buried transparency and accountability. It took us decades to get out of that mire. Learning from history is free, but most of us fail the eventual test.PolicyWTF: Casually Banning Films Committee, RepriseThis section looks at egregious public policies. Policies that make you go: WTF, Did that really happen?— Pranay Kotasthane Last week, I came across an excellent report by Aroon Deep in The Hindu that explains how the Central Board for Film Certification (CBFC) is going way beyond its usual stance of “demanding” cuts of scenes showing sexual content, violence, or abusive language. Instead, the CBFC now also has a perspective on dietary preferences (demanding that mention of “beef” be struck off), foreign policy (demanding that references to ex-KGB officers, China, and Pakistan be removed), and even corruption (how can a filmmaker dare depict a police officer accepting a bribe?). Seriously, what an omniscient body.Despite its activism, the Censor Board hasn't impressed the extremists. One Hindu group leader has called for creating a ‘Dharma Censor Board' “to review Bollywood films and keep a check on any anti-religious content or distortion of facts about Sanatan Dharma.” In his words:“Our experts will see a film when it is released and if we find it suitable for people belonging to Sanatan Dharma, we will issue a certificate. At present, films passed by the censor board set up by the government have been found carrying scenes that hurt the sentiments of people. We have repeatedly asked for a religious person to be included in the censor board but this demand has not been accepted. This is why we had to constitute our own board.”While it sounds absolutely absurd at face value, there is a liberal way out to assimilate this conservative critique. We covered it in edition #122, and I want to re-emphasise those points.In 2016, my former colleagues Madhav, Adhip, Shikha, Siddarth, Devika and Guru wrote an interesting paper in which they recommended that film certification should be privatised.Deploying the Banishing Bureaucracy framework, they wrote:The CBFC be renamed the Indian Movie Authority (IMA) and that the primary purpose of the IMA would be to license and regulate private organisations called Independent Certifying Authorities (ICAs) which will then certify films.So, the Hindu group can very well have its own ICA, which will rate the movie on its Sanatana Dharma compliance score. But…The certificate granted by ICA will only restrict what age groups the film is appropriate for. This is the only form of pre-censorship that is necessary in today's age as all other restrictions on film exhibition should be applied retrospectively. The choice of ICAs available for producers to approach will render the question of subjectivity moot as the producer can switch to another ICA if unsatisfied with the certificate. The IMA will set the guidelines for the ICAs to follow and will be the first point of appeal.In other words, this solution reimagines the CBFC as a body that grants licenses to independent and private certification organisations called ICAs. These ICAs must adhere to certain threshold criteria set by the CBFC. Beyond these criteria, some ICAs may specialise themselves as being the sanskaari ones trigger-happy to award an “A” certification, while others may adopt a more liberal approach. In the authors' words:This will allow the marketplace of ideas to draw the lines of what kind of content is fit for what kind of audience with the government still being capable of stepping in to curb prurient sensibilities.This solution has the added benefit of levelling the playing field between OTT content and films. Currently, the CBFC has no capacity to certify the content being churned out on tens of streaming services. By delegating this function to private ICAs, the government can ensure adherence to certification norms.In essence, just as governments can often plug market failures, markets too can sometimes plug government failures. Reforming our ‘Censor Board' requires giving markets a chance.There's much more detail in the paper about grievance redressal, certification guidelines, and appeals procedure. Read it here.HomeWorkReading and listening recommendations on public policy matters* [Podcast] Over at Puliyabaazi, we discuss technology geopolitics with Anirudh Suri, author of The Great Tech Game.* [Paper] Laxman Kumar Behera's take on the defence budget.* [Paper] This paper has a fantastic framework for understanding policy failures and successes. This is a public episode. 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A Permanent Account Number (PAN) is an identification number comprised of ten alphanumeric digits issued by the Income Tax Department. The result is a PAN card consisting of letters and numbers after the card has been laminated. Through this unique number, individuals and companies can access all tax-related information. Tax payments, TDS/TCS returns, and income tax returns can all be tracked and managed through the PAN. The PAN serves as an identifier that relates an individual to a particular department. This guide will explain how to obtain a PAN (Permanent Account Number). https://saginfotech-ca-software.weebly.com/home/guide-pan-permanent-account-number-formation
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European Union countries and EU lawmakers on Tuesday have reached a ‘provisional agreement' on a single mobile charging standard for devices in 15 different categories including mobile phones, laptops, tablets and cameras, TechCrunch reports. This will make the USB-C charger the EU standard, and equipment makers will have to comply by 2024. And Infosys has been asked, again, to fix new glitches in the income tax portal it made for India. Notes: European Union lawmakers on Tuesday have reached a ‘provisional agreement' on a single mobile charging standard for devices in 15 different categories including mobile phones, laptops, tablets and cameras, TechCrunch reports. This will make the USB-C charger the EU standard, and equipment makers will have to comply by 2024. The legislation is designed to cut waste and make life easier for consumers who would be able to use one charger for multiple devices. This will likely have a huge impact on Apple, as the company still uses its own Lightning connector to charge iPhones, while it has recently equipped iPads and MacBooks with USB-C ports. “The common charging solution will not only affect Apple. It will affect a lot of brands producing some of these 15 different types of products when it will come into force in two years,” the parliament's lead negotiator on the file, Alex Agius Saliba, said in a press conference. He called the provisional agreement “historic” and a “great achievement.” With the provisional agreement in place, a formal vote is expected to follow in the next few months. Tata Digital, which launched its all-in-one app in April, Tata Neu, is aiming to clock gross sales of around $2-$2.5 billion in the first year, Economic Times reports. In its first month of operations since launching the app, Tata Neu has clocked gross sales in the range of $120-$150 million. Tata Digital had an internal target of $200 million in gross merchandise value per month, according to ET. Infosys has been asked to fix more glitches in the income tax portal that the IT services company developed for the central government. It got off to a rough start last year with numerous complaints from users, leading even to the country's finance minister summoning the company's CEO multiple times to fix the problems. The Income Tax Department tweeted on Tuesday that it had asked Infosys to fix the new glitches after complaints from users. This time the problems were related to the search function, according to the tweet. Some 20 amino acids have been found in the dust that Japan's Hayabusa2 probe returned to Earth from asteroid Ryugu, The Register reports, citing Japanese media. Amino acids help to build proteins, act as neurotransmitters in the brain, and are ubiquitous and essential to life on Earth, the tech news and analysis site points out. Discovering amino acids in space on comets or asteroids, for example, may help scientists get closer to figuring out why life happened on Earth. Theme music courtesy Free Music & Sounds: https://soundcloud.com/freemusicandsounds
Most Global funds have filed objections before the dispute resolution panel against the tax order issued by the Income Tax Department for the underreporting of income by Miss using Tax treaties. --- Support this podcast: https://anchor.fm/nirmit-verma/support
Announced in the recent Union budget, a clutch of changes in the reassessment regime has come into effect from April 1. One of the prominent changes has caught the attention of individuals and corporate. And they have been rushing to their CA for more clarity. The change has extended the scope for the Income Tax Department to re-open past assessments. In the earlier regime, misreported or underreported income in the form of an asset above Rs 50 lakh could have triggered a reassessment of the past 10 years. Now, the department can go back up to 10 years to scrutinise the finances of a company or an individual if the aggregate income or unexplained expenditure or entries in the book that escaped assessment over multiple years is Rs 50 lakh or more. If the escaped income or spending is below Rs 50 lakh then the limit for reopening of assessment has been halved to three years from six years. Unexplained expenditure includes money spent on a big event or occassion, expensive assets, and so on. If the department finds out that a taxpayer had an “unexplained expenditure”, it can send him or her a notice seeking an explanation, and also may reopen the assessed return. The department can reassess the income/expenditure in case of an objection from any audit, information from foreign tax authorities, observations in a tribunal or a court order besides relying on the data flagged by Central Board of Direct Taxes' risk management and CAG. The department's INSIGHT platform also helps tax sleuths hunt for potential tax evaders. The INSIGHT portal processes data from various reporting entities. As many as 5.52 crore individuals filed income tax returns during the assessment year 2018-19. Out of these, about 77 lakh people showed a gross total income below Rs 2.5 lakh. And 2.72 crore individuals disclosed income between Rs 2.5 lakh and Rs 5 lakh. Income of 1.47 crore people was between Rs 5 lakh to Rs 10 lakh while more than 52 lakh individuals had income between Rs 10 lakh and Rs 50 lakh. Nearly 2.1 lakh individuals had shown income between Rs 50 lakh and Rs 1 crore. And only about 98,000 people had a gross total income above Rs 1 crore. Going by the income tax department's data, there were only about 3 lakh people in India with income of more than Rs 50 lakh in the assessment year 2018-19. Kuldip Kumar, partner at Price Waterhouse & Co LLP, told Business Standard that considering the 10-year timeline, taxpayers should carefully make the required disclosures in their return forms to avoid notice. He said that taxpayers should also keep relevant documentary evidence related to their large financial transactions to avoid any inconvenience later on. Rahul Charkha, partner at Economic Laws Practice says that taxpayers should maintain consistency in the information submitted to authorities, like reconciliation between GST and IT Returns before submission. He also suggests taxpayers to maintain documents of high value spending, including those made on credit cards over the years and records related to property deals.
This week in Indian startup news, Zomato to launch 10-minute food delivery, Ola Electric to bring 5-minute EV charging to India, After Infra.Market, Income Tax Department raids Zetwerk and Reliance Retail acquires 89% stake in Clovia. In funding news, OfBusiness' lending arm Oxyzo raises $200 million, Plum raises $35 million and Leverage Edu raises $22 million. Zomato to launch 10-minute food delivery: Last year, it was grocery delivery that was disrupted by the 10-minute delivery startups and now Zomato has announced their plans to launch Zomato Instant to deliver your food in just 10 minutes at your doorsteps. They are planning to pilot Zomato Instant in Gurugram with four ‘finishing stations' - starting next month. Ola Electric to bring 5-minute EV charging to India: have partnered with an Israeli startup named StoreDot to bring their revolutionary 5 minute extreme fast charging technology to India. With this partnership, Ola will be getting exclusive rights to manufacture batteries integrating StoreDot's 5-minute charging technology. This means we can see Ola bringing 5-minute charging to their flagship electric scooters Ola S1 and Ola S1 Pro. After Infra.Market, Income Tax Department raids Zetwerk: Last week, we talked about how the IT (Income Tax) department was raiding the offices of Infra.Market - a B2B construction materials marketplace and now it's being reported that the startup had an undisclosed income of ₹224 crore. Now, a B2B marketplace for manufacturing items Zetwerk is also allegedly being investigated for tax evasion. The Income Tax department is conducting raids at their offices as well as their founder's homes. Reliance Retail acquires 89% stake in Clovia: Reliance Retail has acquired 89% stake in D2C women's innerwear brand Clovia in a deal worth ₹950 crore. This isn't the first time Reliance is acquiring a women's innerwear startup, in fact, this is their third such acquisition in three years - other two being Zivame (in 2020) and Amante (in 2021) and now Clovia. OfBusiness' lending arm Oxyzo raises $200 million: OfBusiness' lending arm Oxyzo has raised $200 million in a round led by Alpha Wave Global and Tiger Global – making them India's 13th unicorn of 2022. Plum raises $35 million: D2C beauty brand Plum has raised $35 million in a round led by A91 Partners to help strengthen their omnichannel strategy by scaling their exclusive outlets to 12-15 in the next 2-3 months, add more products in categories beyond skincare, and expand their geographical reach. Leverage Edu raises $22 million: Edtech startup Leverage Edu which offers a one-stop platform for students to help them study abroad has raised $22 million to expand their presence in existing markets like Australia, India and Nigeria and to plan an initial launch in new markets like the US.
NDTV has several cases open with many investigating agencies like the CBI and ED. It owes a lot in back taxes to the Income Tax Department. Then what is it that is of value for Adani to be buying this media channel? Watch this video to find out. #NDTV #NDTVFrauds #GautamAdani
Reliance Retail, part of the Reliance Industries conglomerate, is acquiring an 89 percent stake in direct-to-consumer brand Clovia for $125 million. Indian Institute of Science has entered into an MoU with Ajit Isaac, founder and chairman of Quess Corp, and his wife Sarah Isaac, for establishing a Centre for Public Health at the IISc campus. Plus, Sri Lankan Cricketer Mahela Jayawardene co-founds a cyber security venture. Reliance Retail, part of the Reliance Industries conglomerate, is acquiring an 89 percent stake in direct-to-consumer brand Clovia for $125 million as the largest Indian retail chain looks to expand its footprints in the apparel and innerwear categories, TechCrunch reports. Eight-year-old Clovia, which operates a ‘bridge-to-premium D2C brand' and sells over 3,500 products across innerwear and loungewear categories for millennial women, had raised about $25.8 million before Sunday's announcement. India's Income Tax Department has found and seized “a large number of incriminating pieces of evidence” that reveals a Pune and Thane-based unicorn startup, referring to Infra.Market, “booked bogus purchases” and disclosed an additional income of more than $29.4 million, TechCrunch reports. Infra.Market's investors include Tiger Global, Nexus Venture Partners and Accel, and is valued at $2.5 billion. The startup helps construction and real estate companies procure materials and handle logistics for their projects. The company “made huge unaccounted cash expenditure and obtained accommodation entries, aggregating to the tune of over Rs 400 crore ($52.7 million),” the department said in a statement, according to TechCrunch. The Indian Institute of Science has entered into an MoU with Ajit Isaac, founder and chairman of Quess Corp, and his wife Sarah Isaac, for establishing a Centre for Public Health at the IISc campus. The Isaacs have committed a sum of Rs. 105 crore towards setting up this Centre, which will be called the Isaac Centre for Public Health (ICPH), and will be a part of the postgraduate Medical School, soon to be established on campus. The Centre will be operational by 2024. Sri Lankan cricketer Mahela Jayawardene has teamed up with technology entrepreneurs Chandita Samaranayake and Stefano Harding, to co-found Dygisec, a Singapore based cyber security company, according to a press release from the company. With operations in Sri Lanka, Singapore, the US, and with plans to expand into Australia and the UK, Dygisec will offer its agent-less, data-driven cloud compliance policy engine called Triton. The company also plans to form a Cloud Security Academy to train and certify 5,000 cloud security experts representing women, financially-challenged and differently-abled individuals in Sri Lanka over the next three years. Loop, a startup building a user research tool for software product development teams, has raised $1 million in pre-seed funding led by VC firm Speciale Invest. Additional funding for the startup, founded by Kritika Oberoi and Akash Tandon, is coming from First Cheque, angel investors and a grant from Sequoia Capital India as part of the Sequoia Spark program. Looppanel allows product and design teams to analyse and share insights from Zoom-based user interviews in minutes. Product managers and designers can quickly test their assumptions and prototypes with their own customers. Theme music courtesy Free Music & Sounds: https://soundcloud.com/freemusicandsounds
For individuals who are not subject to audit, the income-tax return filing deadline for the financial year 2020-21 was extended by three months from September 30 to December 31. It was first extended from the usual deadline of July 31 because of glitches in the new income tax portal developed by Infosys. Taxpayers also have the option to choose between the old and new income tax regimes while filing the return. Those who choose the new regime will not be able to claim certain deductions such as the standard deduction, house rent allowance and those under Section 80C and 80D. It is also important to select the right ITR form based on your sources of income and residential status. For instance, ITR-1 can only be used by a resident individual having an income of up to Rs 50 lakh from salary or pension, income from one house property and income from other sources. Those with income from capital gains, regardless of the amount, have to file ITR-2. Taxpayers who have income from more than one house property as well as foreign income will also fill this form. ITR 3 and 4 is for taxpayers with income from business or profession, or those who opted for presumptive taxation. To make the task of filing easier and faster for taxpayers, the government this year introduced the Annual Information Statement, which provides comprehensive information to people on their financial transactions. The AIS contains more information than the existing Form 26AS. The taxpayer can import the information contained in the AIS directly to his or her ITR form through the pre-filled facility. Tax filers need to see if the information contained in Form 26AS matches with the information in the Annual Information Statement (AIS) and in Form 16 issued by employers. Form 26AS includes details about tax deducted at source (TDS), tax collected at source (TCS), advance tax paid, self-assessment tax paid, and financial transactions exceeding certain prescribed threshold limits. This time, the form will also include remittances received from overseas, interest on income tax refund, dividend from mutual funds, purchase of MFs, among others. Taking excess tax credit while filing the return could lead to a notice from the Income Tax Department. Further, if a person files the ITR after December 31, he or she will face a penalty of Rs 5,000. For taxpayers who total income does not exceed Rs 5 lakh, the maximum late filing fee will be Rs 1,000. If a taxpayer also misses the March 31, 2022, deadline for filing belated ITR, they can file the return only in response to a notice from the income tax department. Watch video
Threat to Federalism: 1)Systematic 2)Non Systematic · Economic · political Discretionary Grants: Article 282 empowers both the Centre and the states to make any grants for any public purpose, even if it is not within their respective legislative competence. Under this provision, the Centre makes grants to the states. Statutory grants: under Article 275 (both general and specific) are given to the states on the recommendation of the Finance Commission. In post-independent India, the Centre, on several occasions, has used its powers to dismiss or use the Governor to intimidate democratically elected governments. During the Emergency, education was moved to the Concurrent list which was until then a State subject under the constitutional division of responsibilities. However, the adverse changes to federal relations at present are more systemic. To understand what has changed, at the risk of repetition, there has been increasing centralisation in resource allocations and welfare interventions. The gap between the revenue that State governments are allowed to generate and the expenditure that they are expected to incur has been widening, particularly with the implementation of Goods and Services Tax (GST). The shortfall of GST this year and the Centre's lackadaisical response to demands for compensation by State governments are again known. We can also see the consolidation and expansion of a few big business groups seen to be close to the BJP, probably at the expense of smaller players. On the one hand, the Centre has sought to insulate Indian big business from global competition by choosing not to enter into the Regional Comprehensive Economic Partnership (RCEP), but has eroded the power of small businesses through support for GST and the call for a single national market. Clearly, bigger players are more likely to benefit from a removal of State-level barriers to trade at the expense of smaller regional players. This re-calibration of State-capital relations works against smaller entrepreneurs and entrepreneurship. Institutional transgression The second challenge is in the use of executive and legislative aggression. Central institutions are increasingly weakening the policy levers of State institutions. Institutions such as the Income Tax Department, the Enforcement Directorate and the National Investigation Agency are being used to intimidate opponents. Appointments are not untouched either. For instance, the Centre has been meddling with the appointments of vice-chancellors in universities funded and run by State governments. Direct transfers to beneficiaries of welfare schemes bypassing States are also contributing to this dynamic. Further, as recent events suggest, the Centre is increasingly ignoring elected representatives of State governments, holding meetings with State secretaries and district collectors on issues that are primarily under State control. An example was a recent meeting by Minister of Education Ramesh Pokhriyal Nishank with State Education Secretaries on implementation of the New Education Policy. Source: The Hindu and Laxmikant --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app
Karnataka Water Resources Minister Ramesh Jaarkiholi who was booked for allegedly sexually assaulting a woman stated that he will quit politics if proven guilty.Income Tax Department conducts raids at the properties of film director Anurag Kashyap and actor Taapsee Pannu in Mumbai.Karnataka Congress starts 'Jana Dhwani' campaign, to cover 100 Assembly constituencies of the State. For more live news download Etv Bharat Download ETV Bharat on App store – https://apps.apple.com/in/app/etv-bharat/id1453416186 Play Store – https://play.google.com/store/apps/details?id=com.etvbharat.android Or watch us live on – www.etvbharat.com ETV Bharat is a Division of Ushodaya Enterprises Pvt. Ltd. , is a comprehensive digital national news platform conceived to deliver seamless news and information services, using video-centric Mobile App and Web Portals. It is first-of-its kind offering in India in terms of diversity and depth, dedicated journalists network, reach of 24 states with services in 13 languages i.e.– Hindi, Urdu, Telugu, Tamil, Kannada, Malayalam, Gujarati, Marathi, Bengali, Punjabi, Assamese, Odia and English. ETV Bharat is the latest initiative of the five-decade old multi-dimensional Ramoji Group. The Group's highly successful media endeavors include : Eenadu - one of the largely circulated language dailies in the country , and ETV Network with Telugu general entertainment, infotainment and news channels. With a strong lineage of the most trusted media house, ETV Bharat would draw on its strengths of decades' long experience and innovation. ETV Bharat will combine the new technologies of mobile and digital media to engage news and information seekers in a new connected world. It will be driven by well-established news gathering setup, technology specialists and other professionals.
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