Tax defaulters cannot escape prosecution by just paying stiff penalty: TOI

Tax defaulters cannot escape prosecution by just paying stiff penalty: TOI
Monday, June 17, 2019
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Dear all,

Your association SIMA is sharing herewith articles published by Times of India, Mumbai Edition on dated 17.06.2019.

1. Tax defaulters can’t escape prosecution by just paying stiff penalty: TOI, dated 17.06.2019

The government is tightening the prosecution noose around several categories of tax defaulters, such as those who stash black money offshore. These categories of taxpayers won’t be able to compound their offences (which is a process of paying a stiff compounding fee, in lieu of prosecution).

Revised guidelines, running into 30 plus pages, on ‘Compounding of offences under the direct tax laws’, were issued late on Friday by the Central Board of Direct Taxes (CBDT). These come into effect from June 17, and apply to all compounding applications received after this date. The revised guidelines supersede the guidelines issued in December 2014…. To read the full article PLEASE CLICK HERE.

2. Govt plans fresh set of tax sops for startups in budget: TOI, dated 17.06.2019

The government is looking at a fresh set of tax benefits for startups to boost entrepreneurship and

employment in the economy. The department for promotion of industry and internal trade (DPIIT) and the revenue department have discussed a package of tax sops in the forthcoming budget, including simplified norms for levying a tax on employee stock option schemes (ESOPs) at the time of sale of shares, sources told TOI.

Currently, ESOPs are taxed at a time when an employee exercises the option and a tax on perquisites is levied between the exercise price and the fair market value at that time. Then, there is a capital gains tax when the employee finally sells the share. For long, startups have argued that ESOPs are an

important tool for employee retention and often taxing them is not feasible. …. To read the full article PLEASE CLICK HERE.

3. PM calls all-party meet to discuss simultaneous polls: TOI, dated 17.06.2019

PM Narendra Modi used the first all-party meeting called after the elections to push for his “One Nation, One Election” idea at a meeting of leaders of political parties to be held on June 19.

Making the announcement at the usual meeting of political parties called on the eve of the 17th Lok Sabha convening on Monday, Modi said Parliament should begin with “fresh zeal and new thinking”. Wednesday’s meeting is to also discuss how Parliament can be made more productive.

Modi’s invite extends to presidents of all the parties with presence in Parliament. Besides “One Nation, One Election”, the meeting will discuss celebration of 75 years of India’s Independence in 2022 and 150 years of Mahatma Gandhi’s birth anniversary this year, parliamentary affairs minister Pralhad Joshi said. …. To read the full article PLEASE CLICK HERE.

This is for your kind information. 

Thanking you,
With regards,

For Silvassa Industries & Manufacturers Association,

Narendra Trivedi,

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