Tuesday September 25, 2018
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Assets worth Rs.4,147 crore disclosed under black money compliance window

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New Delhi: The Union government on Monday announced that the total worth of declaration of assets made under the black money compliance window is ₹4,417 crore by 638 declarants.

An official statement said that the assets worth ₹3,770 crore ($580 million) declared under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, were subject to a final reconciliation.

Revenue Secretary Hasmukh Adhia told reporters here that the final quantum of declarations showed some change, though the number of declarants remained the same.

“Some envelopes (declarations), that came from various places, reached us after the last date and the total amount shows some difference at ₹4,147 crore, although the number of declarants remains the same,” Adhia said at a press conference along with other secretaries of the finance ministry and chief economic advisor Arvind Subramanian.

The law provides for a compliance window for declaring and paying penalty. Failure to meet the compliance timeline will attract an additional penalty of 90 percent for a total tax liability of 120 percent on the quantum of black money stashed abroad.

September 30 was the last date under the amnesty scheme, that called for a tax of 30 percent and an equal amount in penalty, that is to be paid before December 31.

The black money act, for the first time, allows levy of tax in India on assets kept abroad.

The Income Tax department has filed 132 prosecutions against 42 cases whose names have appeared in the HSBC Geneva bank list, Adhia said.

This move followed the Supreme Court last year, giving a list of 628 entities in the HSBC Geneva branch, furnished to it in a sealed envelope by the government, to the Special Investigation Team (SIT) constituted in May last year.

The revenue secretary said the tax department is now more actively pursuing penalties and prosecutions with better access to information allowed by treaties like FATCA with the US and the taxation agreements India has with 96 countries.

“Our request for (tax) information from other countries has doubled over the last fiscal. 1,600 requests went out in 2014-15, as compared to 800 the year before,” Adhia said.

At the G20 nations Brisbane summit last November, the leaders endorsed a new global transparency standard by which more than 90 jurisdictions will begin automatic exchange of tax information, using a common reporting standard by 2017-18.

“A common reporting standard multilateral agreement is being discussed. Some countries, including India, have already agreed on its early adoption from 2017,” Adhia said.

India has no official estimate about the quantum of black money stashed away by Indians abroad, but unofficial estimate puts it somewhere between $466 billion and $1.4 trillion.

(IANS)

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Chinese Smartphone Company Motorola Brings its First Android One Smartphone to India

The smartphone has 16MP+5MP dual rear camera system along with a 12MP front camera

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Motorola's first Android One smartphone now in India. (Wikimedia Commons)

Chinese smartphone company Lenovo-Motorola on Monday launched its first Android One device “Motorola One Power” in India for Rs 15,999.

Android One means the device will have the latest Android version and regular security updates. The device with Android Oreo 8.1 OS comes with 6.2 inch 19:9 Max Vision Full HD+ display.

The device will be available from October 5 on Flipkart.

“The Indian market will be a key focus for us in our value portfolio (Rs 10,000-Rs 20,000),” Prashanth Mani, Managing Director, Motorola Mobility India, told reporters here.

“With this device, stay powered longer with up to two days of battery life so you can watch your favourite movie while travelling and get up to six hours of battery life in just 15 minutes with the included ‘TurboPower’ charge,” the company added.

Motorola
Representational image. (IANS)

There’s a Qualcomm Snapdragon 636 1.8GHz octa-core processor coupled with 4GB RAM and 64GB built-in storage that can be expanded up to 256GB.

The smartphone has 16MP+5MP dual rear camera system along with a 12MP front camera.

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The primary camera comes with integrated Google Lens that helps in recognising and searching about the objects that users come across.

Jio customers can get benefits up to Rs 4,450 (applicable on Rs 198 and Rs 299 plans) while purchasing the device. (IANS)

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