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Page12.Qxd (Page 1) MONDAY, JULY 8, 2019 (PAGE 12) DAILY EXCELSIOR, JAMMU File tax returns if you have foreign Manmohan Singh asks MLAs to instill trips, steep electricity bills confidence among people with their leadership NEW DELHI, July 7: for himself or any other person will, accordingly apply in rela- JAIPUR, July 7: of a high order. the house should show utmost for travel to a foreign country; tion to the assessment year He also stressed that MLAs respect to the presiding officer The Government has made Former Prime Minister should fully utilise local area and added that it was important or has incurred expenditure of 2020-21 and subsequent assess- Manmohan Singh today exhort- income tax return filing manda- an amount or aggregate of the ment years. funds for the development of for them to be well acquainted tory for high spenders even if ed Rajasthan legislators to instill their constituencies. with rules, procedures, conduct of amounts exceeding Rs one lakh To discourage cash transac- confidence among people with their taxable income is below Referring to media reports business and customs of the towards consumption of elec- tions and move towards a less- their leadership and said they the threshold exemption limit of tricity" will have to file a tax on CAG findings, he said that a assembly if they wanted to cash economy, the Budget also count on their leaders to ensure large share of local area funds become an effective at their work. Rs 5 lakh. return. proposed to insert a new sec- that the politics of fear does not remained unutilised in Singh also praised the state, Those mandated to file Also, any person claiming tion 194N in the Income Tax Vice President, M Venkaiah Naidu releasing the book ‘Land prevail over the politics of hope. returns include people spending Rajasthan from 2011 to 2016. saying that the reason Rajasthan the benefits of tax exemption Act to provide for levy of TDS Registration, Global Practices and Lessons for India’, authored He was speaking at the con- He said the money should be was agriculturally, industrially more than Rs 2 lakh on a foreign from long term capital gains at the rate of 2 per cent on cash by the Chief Secretary of Himachal Pradesh, B.K. Agarwal, in cluding session of the orienta- trip or depositing Rs 1 crore in a utilised for promotion of infra- and educationally developed, it under various provisions under payments in excess of Rs 1 New Delhi. tion of the Rajasthan Assembly structure and construction of was because of the high quality year in a bank account or paying section 54 of the Income Tax crore in aggregate made dur- members here. schools and hospitals which can of its political leadership and electricity bill of more than Rs 1 Act will have to file a tax ing the year by a banking com- Vice President urges Governments "A few days ago, a distin- be beneficial to a large number administrative machinery. lakh in a year. return. pany or cooperative bank or guished academician pointed out of people. Chief Minister Ashok that there are dangers that politics "Currently, a person other "Further, currently, a person post office to any person from Singh said cooperation and Gehlot, in his address, men- of fear may take over politics of than a company or a firm is claiming rollover benefit of an account maintained by the to simplify land laws, procedures consensus hold the key to suc- tioned Singh's contribution as required to furnish the return hope. People depend upon legisla- exemption from capital gains recipient. NEW DELHI, July 7: but the states are not very confi- cess in a democratic system of finance minister and later as of income only if his total tors to ensure that the politics of tax on investment in specified "It is proposed to exempt dent in going for such a massive governance. prime minister towards the eco- income exceeds the maximum Vice President M Venkaiah fear does not prevail over the pol- assets like house, bonds etc, is payment made to certain recip- change in the legal system. He said the government as nomic reforms in the country. amount not chargeable to tax, Naidu today said there should itics of hope, which this country not required to furnish a return ients, such as the Government, "Consequently, while this well as the opposition should have Different sessions were held subject to certain exceptions. be minimal interface between needs," Singh said. of income, if, after claim of such banking company, cooperative issue frequently finds mention a broader perspective regarding for the members of the Therefore, a person entering people and officials dealing He said that the country's the exigencies the state has to deal Rajasthan Assembly in the one- rollover benefits, his total society engaged in carrying on in the reports of experts and the basic problems are poverty and into certain high-value trans- with land issues, to eliminate policies of the government, not with and they should cooperate day workshop, which was inau- income is not more than the the business of banking, post diseases which afflict millions actions is not necessarily corruption, and urged the Centre much is happening on the with each other irrespective of gurated by Lok Sabha Speaker maximum amount not charge- office, banking correspondents of people. required to furnish his return and state governments to simpli- ground," he said. political affiliations. Om Birla on Sunday morning. able to tax. "You, as legislators, know of income," the Budget docu- and white label ATM opera- fy land transaction procedures Written by the Chief Singh said that members of (PTI) "In order to make furnish- the problem in the first instance. ments said. tors, who are involved in the and make them transparent. Secretary of Himachal Pradesh, ing of return compulsory for It proposed to amend section handling of substantial Releasing a book, titled "Land B K Agarwal, and published by Therefore, it should be your pri- ority to instill confidence among 139 of the Income Tax Act to such persons, it is proposed to amounts of cash as a part of Registration, Global Practices & Pentagon Press, the book deals the people that they are under ensure that persons who enter amend the sixth proviso to sec- their business operation, from Lessons for India", Naidu also with a whole gamut of issues tion 139 of the Act to provide the application of this provi- said "age-old" laws require relating to land registration sys- your distinguished leadership into certain high-value transac- which will allow them to lead a tions have to furnish their return that a person who is claiming sion," the Budget documents amendments from time-to-time. tems and makes a comparative such rollover benefits on said. "I feel that the interface analysis of the prevailing sys- life of happiness," he said. of income. "I am extremely optimistic So, any person who has in investment in a house or a It is proposed to empower between the people and the offi- tems in India and six developed cials dealing with land issues, about our future as a nation. I ask the previous year "deposited an bond or other assets, shall nec- the Central government to nations -- Germany, UK, essarily be required to furnish exempt other recipients, including registration, has to be Australia, the USA, France, and that we continue our journey on amount or aggregate of the the path of democracy by imbibing a return, if, before claim of the through a notification in the minimal to eliminate corruption. the Netherlands. amounts exceeding Rs one crore All states and the Centre should the words of Pandit Jawaharlal in one or more current account rollover benefits, his total official Gazette in consultation The vice president added that with the Reserve Bank of move in the direction of simpli- issue of land grabbing needed to Nehru, who said 'I hope that we maintained with a banking com- income is more than the maxi- shall look into the future with a mum amount not chargeable to India. fying the procedures and mak- be considered with great concern. pany or a co-operative bank; or ing them totally transparent," stout heart and with confidence in tax," it said. This amendment will take "The laws particularly has incurred expenditure of an the vice president said. regarding the land and revenue ourselves," Singh said. amount or aggregate of the These amendments will take effect from September 1, 2019. The former Prime Minister (PTI) He also said that states will matters are age-old and required amounts exceeding Rs two lakh effect from April 1, 2020, and have to make mammoth amendments from time-to-time also said that a legislator should changes in the administrative to suit the prevailing situation in have the habit of listening to and legal setup relating to land our country. others, particularly, if they hap- Tax proposals to yield additional records and land transactions as "Moreover, rapid urbaniza- pen to be opponents. there was "not much happening tion and the lust of grabbing Singh said he was pained at on the ground". more and more land for posteri- some instances of unruly behav- Rs 30,000 cr in 2019-20: Revenue Secretary "...The Government of India ty are of great concerns and iour by legislators in some state has taken a policy decision to need to be addressed by taking assemblies. NEW DELHI, July 7: turnover of Rs 400 crore as crore. change-over to the system of corrective measures within due "Proceedings of Parliament against Rs 250 crore earlier.
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