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Tax evasion is an illegal attempt to defeat the imposition of taxes by individuals, corporations, trusts, and others. Tax evasion often entails the deliberate misrepresentation of the taxpayer's affairs to the tax authorities to reduce the taxpayer's tax liability, and it includes dishonest tax reporting, declaring less income, profits or gains than the amounts actually earned, overstating deductions, using bribes against authorities in countries with high corruption rates and hiding money in secret locations.
Taxation in France is determined by the yearly budget vote by the French Parliament, which determines which kinds of taxes can be levied and which rates can be applied.
Tax amnesty is a limited-time opportunity for a specified group of taxpayers to pay a defined amount, in exchange for forgiveness of a tax liability relating to a previous tax period or periods and without fear of criminal prosecution. It typically expires when some authority begins a tax investigation of the past-due tax. In some cases, legislation extending amnesty also imposes harsher penalties on those who are eligible for amnesty but do not take it. Tax amnesty is one of voluntary compliance strategies to increase tax base and tax revenue. Tax amnesty is different from other voluntary compliance strategies in part where tax amnesty usually waives the taxpayers' tax liability. In 2016, Indonesia had run one of the biggest Tax Amnesty scheme in the world and managed to gather around US$9.61 billion as taxes in 9 months.
Income tax in India is governed by Entry 82 of the Union List of the Seventh Schedule to the Constitution of India, empowering the central government to tax non-agricultural income; agricultural income is defined in Section 10(1) of the Income-tax Act, 1961. Income-tax law consists of the 1961 act, Income Tax Rules 1962, Notifications and Circulars issued by the Central Board of Direct Taxes (CBDT), annual Finance Acts, and judicial pronouncements by the Supreme and high courts.
Taxes in India are levied by the Central Government and the State Governments by virtue of powers conferred to them from the Constitution of India. Some minor taxes are also levied by the local authorities such as the Municipality.
Corruption in India is an issue which affects economy of central, state and local government agencies in many ways. Corruption is blamed for stunting the economy of India. A study conducted by Transparency International in 2005 recorded that more than 62% of Indians had at some point or another paid a bribe to a public official to get a job done. In 2008, another report showed that about 50% of Indians had first hand experience of paying bribes or using contacts to get services performed by public offices. In 2021 their Corruption Perceptions Index ranked the country in 85th place out of 180, on a scale where the lowest-ranked countries are perceived to have the most honest public sector. Various factors contribute to corruption, including officials siphoning money from government social welfare schemes. Examples include the Mahatma Gandhi National Rural Employment Guarantee Act and the National Rural Health Mission. Other areas of corruption include India's trucking industry which is forced to pay billions of rupees in bribes annually to numerous regulatory and police stops on interstate highways.
Transfer payments are a collection of payments made by the Government of Canada to Canadian provinces and territories under the Federal–Provincial Arrangements Act. Chief among these are the Canada Social Transfer, the Canada Health Transfer and equalization payments. The last of these can be spent however the receiving provinces see fit, while the first two are intended to support social and health services respectively.
National Pension System Trust is a specialised division of Pension Fund Regulatory and Development Authority which is under the jurisdiction of Ministry of Finance of the Government of India. The National Pension System (NPS) is a voluntary defined contribution pension system in India. National Pension System, like PPF and EPF is an EEE (Exempt-Exempt-Exempt) instrument in India where the entire corpus escapes tax at maturity and entire pension withdrawal amount is tax-free.
Nand Kishore Singh is an Indian politician, economist and former Indian Administrative Service officer. He is a senior member of the Bharatiya Janata Party (BJP) since March 2014 after having served as a Member of Parliament in the Rajya Sabha (2008-2014) from Bihar for the Janata Dal (United). He has been a senior bureaucrat, Member of the Planning Commission and handled assignments of Union Expenditure and Revenue Secretary. He was also Officer on Special Duty to Prime Minister Atal Bihari Vajpayee.
The Voluntary Disclosure of Income Scheme (VDIS) was a very unconventional but successful step among Indian economic policies. It would give an opportunity to the income tax or wealth tax defaulters to disclose their undisclosed income at the prevailing tax rates. This scheme would also ensure that the laws relating to economic offences would not be applicable for those defaulters. Over 350,000 people disclosed their income and assets under this scheme, which brought a revenue of ₹78 billion (US$1.0 billion) to the Indian finance ministry. The scheme was closed on 31 December 1997. The Union Finance Minister P. Chidambaram hoped, "It is my faith that given a chance, the people of India (would) come clean of the black money."
In India, black money is funds earned on the black market, on which income and other taxes have not been paid. Also, the unaccounted money that is concealed from the tax administrator is called black money. The black money is accumulated by the criminals, smugglers, hoarders, tax-evaders and other individuals opposed to theft. Around ₹22,000 crores are supposed to have been accumulated by the criminals for vested interests, though writ petitions in the supreme court estimate this to be even larger, at ₹900 lakh crores.
Taxation may involve payments to a minimum of two different levels of government: central government through SARS or to local government. Prior to 2001 the South African tax system was "source-based", wherein income is taxed in the country where it originates. Since January 2001, the tax system was changed to "residence-based" wherein taxpayers residing in South Africa are taxed on their income irrespective of its source. Non residents are only subject to domestic taxes.
The Income Tax Department is a government agency undertaking direct tax collection of the Government of India. It functions under the Department of Revenue of the Ministry of Finance. Income Tax Department is headed by the apex body Central Board of Direct Taxes (CBDT). Main responsibility of IT Department is to enforce various direct tax laws, most important among these being the Income-tax Act, 1961, to collect revenue for Government of India. It also enforces other economic laws like the Benami Transactions (Prohibition) Act, 1988 and the Black Money Act, 2015.
Black Money and Imposition of Tax Act, 2015 is an Act of the Parliament of India. It aims to curb black money, or undisclosed foreign assets and income and imposes tax and penalty on such income. The Act has been passed by both the Houses of the Parliament. The Act has received the assent of the President of India on 26 May 2015. It came into effect from 1 July 2015.
On 8 November 2016, the Government of India announced the demonetisation of all ₹500 and ₹1,000 banknotes of the Mahatma Gandhi Series. It also announced the issuance of new ₹500 and ₹2,000 banknotes in exchange for the demonetised banknotes. Prime Minister Narendra Modi claimed that the action would curtail the shadow economy, increase cashless transactions and reduce the use of illicit and counterfeit cash to fund illegal activity and terrorism.
The premiership of Narendra Modi began on 26 May 2014 with his swearing-in as the prime minister of India at the Rashtrapati Bhavan. He became the 14th Prime Minister of India, succeeding Manmohan Singh of the Indian National Congress. Modi's first cabinet consisted of 45 ministers, 25 fewer than the previous United Progressive Alliance government. 21 ministers were added to the council of ministers on 9 November 2014.
Pradhan Mantri Garib Kalyan Yojana, 2016 (PMGKY) is a scheme launched by the Narendra Modi led Government of India in December 2016 on the lines of the Income declaration scheme, 2016 (IDS) launched earlier in the year. A part of the Taxation Laws Act, 2016, the scheme provides an opportunity to declare unaccounted wealth and black money in a confidential manner and avoid prosecution after paying a fine of 50% on the undisclosed income. An additional 25% of the undisclosed income is invested in the scheme which can be refunded after four years, without any interest.
The 2017 Union Budget of India is the
The 2018 Union budget of India was the annual financial statement (AFS), demand for grants, appropriation bill and finance bill of India for the financial year 2018–19.
The 2020 Union Budget of India was presented by the Finance Minister, Nirmala Sitharaman on 1 February 2020, as her second budget. This is the second budget of Narendra Modi-led NDA government's second term. The Economic Survey for 2019–2020 was released on 31 January 2020, a day before the budget. Before the budget speech the report of the 15th Finance Commission was tabled by the Finance Minister.
References
- ↑ "Budget 2016: 'Step towards a black money free India'". The Financial Express. 3 March 2016. Retrieved 18 January 2017.
- ↑ "Four-month window to declare black money opens on June 1: Finance Ministry". The Indian Express. 14 May 2016. Retrieved 18 January 2017.
- ↑ "Government to ensure that black money amnesty window is not misused by offenders under tax radar". The Economic Times. Retrieved 19 January 2017.
- ↑ "Mahesh Shah, who declared Rs 13,860 cr under IDS, let off after questioning", Business Standard , 4 December 2016