Only NRIs with unexplained wealth need to bother: CBDT chief
April, 04th 2012
Assuring non-resident Indians (NRIs) that they need not worry about the proposed provision in the finance bill, 2012, the government today said that the provisions will apply only to unexplained money, investments and expenditure.
If any money is found to be of some person and then it comes to our knowledge, then if it is legitimately explained he doesnt have to bother. But if it is unexplained then we will have to bother and we will bother, CBDT chairman Laxman Das said at a Ficci event.
In Budget 2012-13, the government has proposed to introduce compulsory reporting in case of assets held abroad, while allowing the reopening of assessment up to 16 years in relation to such assets.
The unexplained money, credits, investments, expenditures, etc, will be taxed at 30 per cent irrespective of the slab of income.
Finance Secretary RS Gujral also said that there is no intention that NRIs should not return or should not bring back their assets to the country.
Tech Mahindra, Satyam to meet today on merger issue
Three years after the takeover of scam-hit Satyam Computer Services, the Mahindra group has finally decided to merge Tech Mahindra with Satyam.
The boards of the two companies will meet on Wednesday to consider a merger that will have a combined market value of around Rs 17,000 crore.
The Mahindras acquired 42.7 per cent stake in Satyam in a government-sponsored sale in April 2009 after Satyams founder and then-chairman B Ramalinga Raju confessed to overstating profits and cash balances in January that year.