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<keyword id="7706673" type="General" weightage="20" keywordseo="finance-minister-nirmala-sitharaman" source="Orion">Finance Minister Nirmala Sitharaman</keyword> on Tuesday urged <keyword id="6354751" type="General" weightage="20" keywordseo="income-tax" source="Orion">income tax</keyword> (I-T) officials to follow the three 'Rs' -- Returns, Refund and Redressal -- to make the system more efficient and people-friendly. Addressing the Finance Minister's award ceremony for I-T officials, Sitharaman said they should ensure that returns are dealt with quickly and systematically. Secondly, income refunds should be disposed of speedily, which will earn greater goodwill for the department, she said. Thirdly, the Finance Minister said that redressal of grievance should be addressed expeditiously. "Today there are cases (in the income tax department) which have been lying pending since forever. You are the final authority. Why don't you redress these on time? Provide relief and deliver fast, don't keep anything on your table," the Finance Minister told the I-T officials. She said there should be dedicated days and hours for grievance redressal and clearing old files, so that people feel that the department is taking out time for addressing their concerns. Lauding the work done by the income tax department, especially during the nationwide lockdowns at the peak of the Covid pandemic, Sitharaman said they deserved a word of appreciation. During 2020-21, there were apprehensions that indirect tax collections were outnumbering direct tax collections, but now there is more equity as direct tax collections are at par with indirect tax collections. There is a principle of equity in tax collections now, Sitharaman said, as direct tax collections have sustained the momentum along with indirect tax collections. She also emphasized how the faceless technology for tax collections has enhanced collection of taxes, despite initial apprehensions and suggested that greater exposure to technology is needed to maintain this tempo.

FM urges I-T officials to expedite returns, refund process and grievance redressal

Ahead of the annual budget presentation, an India-centric top US strategic and business advocacy group has urged Union Finance Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> to simplify and rationalise direct and indirect taxation system in <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>, a move it believes would increase the confidence of global investors and yield greater foreign direct investment. Direct taxes can be in the form of income tax, capital gains tax or securities transaction tax, while indirect taxes such as GST, Customs Duty or VAT are levied on all end-consumers to buy any goods or services. "Rationalise corporate tax rates for foreign companies," said the US-India Strategic and Partnership Forum (<keyword id="4839889" type="General" weightage="80" keywordseo="usispf" source="Orion">USISPF</keyword>) in its submission to the finance ministry ahead of the annual budget presentations on February 1. It said that the rate for foreign companies, including banks be reduced to bring parity and sought to rationalise tax for new manufacturing companies. <keyword id="16275339" type="General" weightage="50" keywordseo="urging-india" source="Orion">Urging India</keyword> to simplify capital gain tax reforms, USISPF sought harmonising holding periods and rates of different instruments. "Reiterate India's commitment to the global tax deal," it said and urged the Union Finance Minister to extend the concessional tax regime to Foreign Portfolio Investment (FPI) from investment in securities. USISPF has also suggested tax incentives to specific sectors like renewable energy and R&amp;D investment in the health sector. Among the Forum's recommendations include advocating for a stable and predictable tax environment, improving the ease of doing business environment, rationalisation of the cost of doing business, and rationalisation of tax rates and tariffs. On indirect taxes, the USISPF sought clarification on customs duty exemptions provided to oil and natural gas companies, reduction in customs duty rates for x-ray machines from 10 per cent to 7.5 per cent and providing customs duty exemption on all items imported by specified research and development units. USISPF urged the finance minister to roll back the customs duty increase on nutritional products considering the importance and significance of the product and encourage the availability of scientifically designed nutritional food in India. Among its recommendations on customs tariffs and duties and customs, processes include addressing ambiguities in the customs tariff act on telecom products, an extension of concessional customs duty to advanced biofuel projects and strengthening the process on the ground with respect to trade facilitation schemes like CAROTAR and Faceless Assessment. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/adani-group-companies-lose-3-22-lakh-crore-in-market-value-amidst-tussle-with-hindenburg-research/articleshow/97374612.cms">Adani Group companies lose ₹3.22 lakh crore in market value amidst tussle with Hindenburg Research</a> <a href="https://www.businessinsider.in/business/corporates/news/adani-enterprises-20000-crore-fpo-now-open-analysts-maintain-cautious-optimism/articleshow/97369358.cms">Adani Enterprises’ ₹20,000 crore FPO now open, analysts maintain cautious optimism</a> <a href="https://www.businessinsider.in/business/corporates/news/tata-motors-in-top-gear-reports-net-profit-of-2958-crore-in-q3-its-first-after-seven-quarters/articleshow/97319081.cms">Tata Motors In Top Gear: Reports net profit of ₹2,958 crore in Q3, its first after seven quarters</a>

US industry urges FM to rationalise, simplify direct and indirect taxes in India

<ul><li>Foreign investors had pulled out billions from India's equity market ever since the tax surcharge was announced in the latest budget.</li><li>The Narendra Modi government also announced a slew of measures including tax reforms to revive a sluggish economy.</li><li><keyword id="7706673" type="UNKNOWN" weightage="20" keywordseo="finance-minister-nirmala-sitharaman">Finance Minister Nirmala Sitharaman</keyword> and her team addressed a press conference to restore the faith in the economy and the government.</li><li>Reform is a continuous process, she said in her opening remarks.</li></ul>In a bid to restore the faith in the Indian economy and the Narendra Modi government, Finance Minister Nirmala Sitharaman assured the investors that the government respects wealth creators and declared that the surcharge on foreign and domestic equity investors has been rolled back. The latest budget for the financial year ending March 2020 imposed an additional tax on the country's super rich and foreign portfolio investors (FPIs) got caught in the crossfire. The subsequent anger and market sell-off has wiped off billions of rupees in share market wealth since then as foreign investors rushed for the exit. Most foreign portfolio investors in India operate as non-corporate entities such as trusts and associations, which are taxed like individuals and therefore the additional tax would fall on them. The government will lose ₹1,400 crore by rolling back the additional surcharge imposed in the latest budget. Not just the surcharge on capital gains, there are other tax reforms too All pending tax notices in India will be cleared by October 1, Finance Minister Nirmala Sitharaman declared. If any case must continue, the notice will have to renewed once again after October 1 for it to be applicable. All refunds of the goods and services tax (GST) pending so far will be cleared within the next 30 days. All future refunds will have to paid within 60 days. "Reform is a continuous process," she said in her opening remarks adding that tax scrutiny will be 'faceless' from Vijaya Dashami day, the last day of the Indian festival of Dussehra. The idea is to ensure there is no physical interface between the taxman and the assessee to avoid any harassment of the taxpayer. "We are inclined to move from the prosecution route to more humane approach. I want companies and the media to see that at no point, the intention of the government is to take the prosecution route," Sitharaman said. "Issue of IT orders -- notices, summons, etc-- will go through a centralised computer system from October 1," she said. This would mean that any tax demand will be approved by a central authority. "Any notice issued with a computer generated unique document identification (DIN) number will not be valid," she said. India moves to make home loans cheaper and easier The National Housing Board will given additional ₹20,000 crore to be further lent to housing finance company. The government will release the ₹70,000 crore to state-owned banks, which will allow for more credit and lower lending rates. The banks have also been asked to pass on every fall in the cost of funds to the consumers. The government wants people to get cheaper loans for homes and cars as demand took a nosedive in recent months. Government wants to make more money to be available for credit The government will take steps to create a credit default swap market in India in consultation with the Reserve Bank of India and the Securities and Exchange Board of India. A credit default swap (CDS) is a way for a lender to hedge against a loan turning bad. "For example, if a lender is worried that a borrower is going to <a href="https://www.investopedia.com/terms/d/default2.asp" data-type="internalLink">default</a> on a loan, the lender could use a CDS to offset or swap that risk. To swap the risk of default, the lender buys a CDS from another investor who agrees to reimburse the lender in the case the borrower defaults. Most CDS will require an ongoing <a href="https://www.investopedia.com/terms/p/premium.asp" data-type="internalLink">premium</a> payment to maintain the contract, which is like an insurance policy," according to Investopedia. The government sets up a dedicated panel to make infrastructure development faster An inter-ministerial task force will be set up to expedite the proposed government investments in infrastructure. The government had announced earlier that it would invest ₹100 lakh crore in infrastructure projects in the next five years. Automobile sector "BS-IV vehicles purchased until March 30, 2020 will be allowed to run on the roads for the duration of the registration," the Finance Minister said. Any vehicle will bought from now until March 2020 will be eligible for 30% depreciation, double that of the current rate of 15%. "That will largely benefit commercial vehicle segment. In the case of cars, only companies buying cars will benefit and that doesn't affect us," RC Bhargava, Chairman, Maruti Suzuki, the country's largest car maker told CNBC-TV18. Government departments have been told to actively replace the old vehicles. Until now, there was a ban on the government offices from retiring their old vehicles as part of a cost control initiative. The stimulus hopes to boost India's sluggish economy Indian economy has slowed down sharply leading to millions of job As many as <a href="https://www.businessinsider.in/news/a-startup-that-bets-on-packaged-keto-snacks-and-chocolates-raises-seed-funding/articleshow/70784578.cms" data-type="tilCustomLink" target="_blank">30 million jobs in the textile sector</a> and 350,000 people in the automobile sector have lost their jobs. However, the Finance Minister started her address citing the slowdown in economies around the world and highlighting that India is faring much better than many others. The minister blamed the impact of <keyword id="3987248" type="PERSON" weightage="20" keywordseo="us-china-trade-war">US-China trade war</keyword> for the current sluggishness in the economy. The slowdown in India has raised questions about the government's ability to meet its fiscal targets. However, the Finance Minister denied any pressure. "I have met tax authorities in three different places and I do not get the feeling that the tax collection targets are unrealistic," she said adding that the taxmen have been specifically told not to overreach and harass the taxpayer in a bid to meet their targets . SEE ALSO: <a href="https://www.businessinsider.in/job-cuts-at-parle-and-britannia-sales-show-indian-economy-is-in-dire-straits/articleshow/70766429.cms" data-type="tilCustomLink" target="_blank">India’s biscuit crisis shows slowdown is hurting the poor more — and job losses are making it worse</a> <a href="https://www.businessinsider.in/epfo-wont-lend-money-to-private-companies/articleshow/70785890.cms" data-type="tilCustomLink" target="_blank">Indian pension fund says it won’t lend money to private companies</a>

India unveils economic stimulus-- from homes to cars to banks to infrastructure to equity markets

New Delhi, Dec 7 () Finance Minister Nirmala Sitharaman on Saturday said the government is working on more steps, including rationalisation of personal income tax rates, to revive the sagging economy.
 The GDP growth slowed down to more than six-year low of 4.5 per cent in the second quarter of the current fiscal from 5 per cent recorded in the first quarter.
 The government has taken several measures during August and September to boost the economy, she said at the HT Leadership Summit here.
 Besides, she said, the public sector banks have disbursed nearly Rs 5 lakh crore without compromising on prudential norms in the last two months to boost consumption in the hinterland.
 "So there are ways in which for giving stimulus for consumption. We are adopting a direct method and also the method through which we are spending on infrastructure, whose spillover can go to core industries labour and so on," she said.
 Asked if there could be more measures announced to bolster economic activity, she said, "If I say yes, it will be when and if I say yes it's also going to be back to me saying are you not too close to the budget. So I don't want to say yes although I am wishing I can say. At the same time, I will not say no, because we are working on more."
 When asked if the government is considering rationalisation of the personal income tax rate for putting more money in the hands of people, the Finance Minister said, "One among many things that we are thinking of."
 Following the reduction in corporate tax in September, there has been a growing demand for a slash in the personal income tax to buttress consumption.
 In the biggest reduction in 28 years, the government in September slashed corporate tax rates up to 10 percentage points as it looked to pull the economy out of a six-year low growth with a Rs 1.45 lakh crore tax break.
 Base corporate tax for existing companies has been reduced to 22 per cent from 30 per cent, and to 15 per cent from 25 per cent for new manufacturing firms incorporated after October 1, 2019, and starting operations before March 31, 2023.
 Assuring that there will be no harassment of taxpayers, Sitharaman said the intent of the government is to further simplify taxation systems including removal of exemption.
 Citing the example of corporate tax, she said, "From now on, they're moving towards a greater simplified and exemption free. Therefore, has harassment-free therefore subjective interpretation free taxation regime."
 Besides, she said the government has introduced faceless assessment of direct tax and soon this will be introduced in indirect tax to eliminate harassment.
 On the Goods and Services Tax (GST) the Finance Minister said, the rate structure will have to be decided by the GST Council.
 Eventually, the rates have to be rationalised and the entire tax system has to be simplified, she added.
 "One, the tax per se, is getting complicated because of this unstructured bringing down of rates. Another, it's also getting complicated because you want to be sure that you're doing everything correct, but ending up asking for so much more information in a technology-driven system. People just get fed up of wanting to give so much information. So, we have problems in both the hands," she said.
 With regards to apprehension raised on the genuineness of data, the Finance Minister said, "There's no doubt, we need to bring credibility back to the data."
 The government is aware of the debate which is going on on data and its credibility, she said, adding, the intention is to make sure that any kind of inappropriate methodology which is coming into the data will have to be addressed.
 "So we will have to work towards better credibility, we have to work towards making available data without any obstruction," she said.
 Asked how she reacts to criticism of her at various quarters, she said "I don't allow it to worry me. I'm not inhuman I do sometimes do get affected by it, but I suppose it's part of the job. So, I can't really wish it away. It comes, let it keep coming. I handled it." DP DP MR
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Govt working on more measures to boost economy; income tax rate cut under consideration: FM

The shadowy new way employees are cheating their way to the top

New Delhi, Feb 1 () Direct tax body CBDT will adopt a "taxpayer charter" which will ensure trust between a taxpayer and the administration and reduce harassment, Finance Minister Nirmala Sitharaman said on Saturday.
 "Wealth creators will be respected in this country," Sitharaman said in her 2020-21 Budget speech.
 She said an important aspect of both ease of living and ease of doing business is fairness and efficiency of tax administration. 
 "We wish to enshrine in the statutes a 'taxpayer charter' through this budget. Our government would like to reassure taxpayers that we remain committed to taking measures so that our citizens are free from harassment of any kind," she said.
 She further said that any tax system requires trust between taxpayers and the administration, which will be possible only when taxpayer's rights are clearly enumerated. 
 "With the objective of enhancing the efficiency of the delivery system of the Income Tax Department, I propose to amend the provisions of the Income Tax Act to mandate the Central Board of Direct Taxes (CBDT) to adopt a Taxpayers' Charter," Sitharaman said.
 The Economic Survey 2019-20 tabled in Parliament on Friday had said that ethical wealth creation is the key to India becoming a USD 5 trillion economy by 2025.
 Taking forward faceless assessment process, the Budget also proposed to bring about "faceless appeal".
Currently, most of the functions of the Income Tax Department starting from the filing of return, processing of returns, issuance of refunds and assessment are performed in the electronic mode without any human interface. 
 "In order to take the reforms initiated by the Department to the next level and to eliminate human interface, I propose to amend the Income Tax Act so as to enable Faceless appeal on the lines of Faceless assessment," Sitharaman said in her Budget speech.
 The Budget also proposed a new dispute resolution scheme-- 'Vivad Se Vishwas' -- for time bound resolution of 4.83 lakh direct tax cases pending in various appellate forums -- Commissioner (Appeals), ITAT, High Court and Supreme Court.
 Under the proposed scheme, a taxpayer would be required to pay only the amount of the disputed taxes and will get complete waiver of interest and penalty provided he pays by March 31, 2020. Those who avail this scheme after March 31, 2020 will have to pay some additional amount. The scheme will remain open till June 30, 2020.
 In the receipts side, the Budget has pegged gross tax revenues for 2020-21 at Rs 24.23 lakh crore, up 12 per cent from Rs 21.63 lakh crore in current fiscal.
Around Rs 6.38 lakh crore is expected to be mopped up from personal income tax in 2020-21, a 14.13 per cent increase over Rs 5.59 lakh crore earned in 2019-20.
Besides, Corporate tax revenue is budgeted to increase 11.63 per cent to Rs 6.81 lakh crore in 2020-21, from Rs 6.10 lakh crore in current fiscal.
The revenues from Goods and Services Tax (GST) is estimated at Rs 6.90 lakh crore in 2020-21 as against Rs 6.12 lakh crore in current fiscal.
 In the current fiscal the government has missed the gross tax revenue collection target by Rs 2.97 lakh crore. The budget estimates for gross tax revenue in 2019-20 was Rs 24.61 lakh crore, while in revised estimates it is pegged at Rs 21.63 lakh crore.
Revenues from corporate tax was cut substantially from Rs 7.66 lakh crore budgeted for 2019-20, to Rs 6.10 lakh crore in revised estimates.
Revenue from income tax also missed budget projections of Rs 5.69 lakh crore. In revised estimates it stands at Rs 5.59 lakh crore for 2019-20. JD MR
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'Taxpayer charter' on cards to build trust, reduce harassment; wealth creators will be respected: FM

New Delhi, Jan 7 () Finance Minister Nirmala Sitharaman on Tuesday said the government is taking various steps to simplify taxation system and eliminate harassment of honest taxpayers.
Addressing an event organised by Confederation of All India Traders (CAIT), the finance minister said the government is open to suggestions for the betterment of GST filing system.
Based on suggestions received from various stakeholders, the government is taking steps towards simplification of taxation system, she added.
In a bid to curb harassment of taxpayers, she said, a faceless e-assessment scheme was launched in October to eliminate interface between an assessing officer and a taxpayer.
The tax department has implemented a computer-generated document identification number (DIN) to ensure greater transparency and accountability in tax administration.
The DIN system, which became operative from 1 October 2019, will apply to all kind of communications from the income tax department, whether it is related to assessment, appeals, investigation, penalty and rectification, among others.
This development will also help taxpayers to detect fake notices and letters as the notice would be verifiable on the department's e-filing portal.
Besides, the finance minister said, such cases have to be closed within 30 days.
She also said that there would be shopping festival held across the country soon.
In a bid to boost trade, Sitharaman had in September last year announced Dubai-like mega shopping festivals in India, starting March 2020.
The commerce ministry is working on this and it will provide a big platform for traders to sell their goods.
The government is expected to hold these festivals in four Indian cities, and the move is likely to boost textiles, leather industry &amp; promote yoga tourism. 
The government is planning various themes for these festivals, ranging from gems and jewellery, textiles and leather to yoga. DP BAL

Govt taking steps to simplify taxation; curb harassment of honest taxpayers: FM

New Delhi, Nov 22 () The government on Friday raised concerns over fake invoices being generated in the business-to-business (B2B) segment which is impacting GST collections.
 This under-reporting has become a challenge for the government, Minister of State for Finance and Corporate Affairs Anurag Thakur said.
 "It is not only the government, it is also the industry which also has to play an important role. In GST, we are seeing a lot of fake invoicing and it is from business to business," Thakur said at the annual session of Consumer Electronics and Appliances Manufacturers Association.
 "B2C is the second chapter. In B2B, we see lot of fake invoices, which is a challenge to increase the GST collection," he added.
 The minister also assured the industry that the Centre would bring more transparency in the system, citing the recent faceless assessment of income tax started by the government.
 "Many industry leaders talked about the harassments. We have talked about the faceless assessment in India and within a month from Vijayadashami this year, we have started and given 58,322 cases for the first set of assessment," he said.
 "I promise you more changes in the system, which would be transparent and more accountability. We would be more than happy to (help) the industry to grow, to make more transparent system in place and I am sure you can also help us by bringing more investments," the minister added.
 He also asked the industry to contribute towards making India a USD 5 trillion economy.
 "Real estate to automobile to manufacturing, we have taken landmark decisions and will continue to support sectors across the spectrum to achieve the target of a USD 5 trillion economy," said Thakur.
 Meanwhile, Thakur also asked the appliances and consumer electronics industry to tackle e-waste generated from products.
 "India generates 1.85 million tonnes of e-waste annually. The role of companies does not end when a product is sold. Corporates have a responsibility towards tackling the issue of e-waste which is a global challenge," the minister said. KRH ABM

Govt raises concern over fake invoicing in B2B trade impacting GST collections

Welcome back to <keyword id="11921772" type="UNKNOWN" weightage="60" keywordseo="insider-weekly" source="Orion">Insider Weekly</keyword>! I'm Matt Turner, a co-EIC of business at Insider.Not many of us get to popularize an acronym of our own making. But the real-estate influencer Brandon Turner has done just that with BRRRR, which stands for buy, rehabilitate, rent, refinance, and repeat. It's a phrase he says often on his podcasts, as he counsels his listeners on how to achieve financial independence through buying homes and renting them out for passive income.As Daniel Geiger <a href="https://www.businessinsider.com/real-estate-investing-guru-brandon-turner-biggerpockets-profile-2021-10">reported this week</a>, there's a lot more to Turner than BRRRR and BiggerPockets, the real-estate media company that produces his podcast and where he's a shareholder. He's raised millions of dollars from his fans to invest in <keyword id="11893295" type="UNKNOWN" weightage="100" keywordseo="real-estate" source="Orion">real estate</keyword>, charging them hefty fees and sinking most of the money into mobile-home parks across the country. For more on Turner, BRRRR, and the red-hot housing market, check out our Q&amp;A with Dan and his editor Hana Alberts below. Also in this week's <keyword id="11894123" type="UNKNOWN" weightage="60" keywordseo="newsletter" source="Orion">newsletter</keyword>:<ul><li>A leaked Microsoft spreadsheet disclosed <a href="https://www.businessinsider.com/microsoft-employees-leaked-salaries-spreadsheet-2021-10">1,200 salaries</a>, while <a href="https://www.businessinsider.com/microsoft-technical-women-gender-discrimination-2021-10">leaked emails</a> showed women sharing stories of gender discrimination and wage gaps at the company.</li><li>Wealthy boomer parents are taking out cheap loans to buy homes for their millennial children and <a href="https://www.businessinsider.com/wealthy-buying-real-estate-children-taxes-loans-investing-sbloc-2021-10">saving on taxes in the process</a>.</li><li>The next chapter of the Great Resignation is here - employees who quit during the pandemic are <a href="https://www.businessinsider.com/job-market-hiring-trends-expect-boomerang-employees-labor-shortage-great-resignation">starting to ask</a> for their old jobs back.</li></ul>Let me know what you think of all our stories at <a href="mailto:mturner@insider.com">mturner@insider.com</a>.<a href="https://www.businessinsider.com/subscription">Subscribe to Insider</a> for access to all our investigations and features. New to the newsletter? <a href="https://www.businessinsider.com/subscription/newsletter/insider-weekly">Sign up here</a>. Download our app for news on the go - <a href="https://apps.apple.com/app/apple-store/id554260576?mt=8">click here for iOS</a> and <a href="https://play.google.com/store/apps/details?id=com.freerange360.mpp.businessinsider">here for Android</a>.<h3><a href="https://www.businessinsider.com/real-estate-investing-guru-brandon-turner-biggerpockets-profile-2021-10">The story behind the BiggerPockets star's rise</a></h3><a href="https://www.businessinsider.com/real-estate-investing-guru-brandon-turner-biggerpockets-profile-2021-10"></a>Correspondent Daniel Geiger and senior editor Hana Alberts gave us the behind-the-scenes story of <a href="https://www.businessinsider.com/real-estate-investing-guru-brandon-turner-biggerpockets-profile-2021-10">their profile</a> of the real-estate influencer Brandon Turner.Why were you interested in speaking with Brandon Turner in the first place?Dan: Brandon Turner has a large social-media following and has appeared to raise tens of millions of dollars for real-estate investment through that fan base. He is also a popular podcast host, and it's fun - and maybe a bit challenging - to interview someone who is deft at speaking and telling their own story.What was one of the most surprising things you learned while working on this profile?Dan: I think the sheer amount of money he has raised was striking. He has really been effective at gathering a fan base and monetizing it. Real-estate investment is a staid business that has long been dominated by established big-brand, blue-chip players. Turner shows the rise of something new.What do you think readers will take away from this profile?Hana: I love the way Dan positioned Turner's meteoric rise and big following within the zeitgeist of Reddit and meme stocks and crypto. It's part of this broader shift to follow - and invest money with - personalities rather than faceless corporate entities. Is that necessarily better? I think Dan set out to state plainly the complexities involved.Read our full profile here: <a href="https://www.businessinsider.com/real-estate-investing-guru-brandon-turner-biggerpockets-profile-2021-10">Brandon Turner makes millions selling real-estate investing dreams. Even he says you'll lose money right now.</a><h3>A Microsoft leak showed <a href="https://www.businessinsider.com/microsoft-employees-leaked-salaries-spreadsheet-2021-10">1,200 salaries</a> and disclosed stories of <a href="https://www.businessinsider.com/microsoft-technical-women-gender-discrimination-2021-10">gender pay disparities</a></h3><a href="https://www.businessinsider.com/microsoft-employees-leaked-salaries-spreadsheet-2021-10"><div type="image" title="Microsoft CEO Satya Nadella stands on stage and gestures widely with both hands" height="2074" width="2765" msid="87083602" hostid="261"></div></a>Legions of Microsoft employees compiled compensation and promotion data in a shared spreadsheet to encourage pay equity in the company. <a href="https://www.businessinsider.com/microsoft-employees-leaked-salaries-spreadsheet-2021-10">The leaked charts</a> - which have made their way around the company in an internal email chain - showed salaries, bonuses, years of experience, promotions, and demographic data. Seen by Insider, the leak also disclosed a <a href="https://www.businessinsider.com/microsoft-technical-women-gender-discrimination-2021-10">gender pay disparity</a> between female technical employees and their male counterparts. A Microsoft spokesperson said the company is listening to its staffers, and that it acknowledges that there's more work to be done.<a href="https://www.businessinsider.com/microsoft-employees-leaked-salaries-spreadsheet-2021-10">See the leaked Microsoft data here.</a><h3><a href="https://www.businessinsider.com/wealthy-buying-real-estate-children-taxes-loans-investing-sbloc-2021-10">Wealthy parents are buying their kids homes</a></h3><a href="https://www.businessinsider.com/wealthy-buying-real-estate-children-taxes-loans-investing-sbloc-2021-10"><div type="image" title="Wealthy parents buying their kids homes to save taxes." height="975" width="1300" msid="87083603" hostid="261"></div></a>Securities-based lending has surged amid low interest rates and a red-hot housing market. Wealthy parents have capitalized on this: They see these loans as a way to pass on their wealth to their children at a low cost. Now, banks are targeting baby boomers who are looking to help their millennial children purchase their first homes. Taking a loan instead of liquidating securities is a no-brainer in high-tax states, one wealth-planning expert said. Buyers just have to <a href="https://www.businessinsider.com/wealthy-buying-real-estate-children-taxes-loans-investing-sbloc-2021-10">navigate the strings</a> attached to those loans. <a href="https://www.businessinsider.com/wealthy-buying-real-estate-children-taxes-loans-investing-sbloc-2021-10">Here's how it all works.</a><h3><a href="https://www.businessinsider.com/job-market-hiring-trends-expect-boomerang-employees-labor-shortage-great-resignation">'Boomerang employees' are coming back around</a></h3><a href="https://www.businessinsider.com/job-market-hiring-trends-expect-boomerang-employees-labor-shortage-great-resignation"><div type="image" title="A man on a boomerang flying away from a corporate office building. The same man is flying back to the corporate office building. The background color is yellow." height="1200" width="1600" msid="87083605" hostid="261"></div></a>Employees quit their jobs in droves during the pandemic - in what is being called the Great Resignation. You probably know someone who quit their job this year, or maybe you did it yourself. But some workers are now returning to the jobs they <a href="https://www.businessinsider.com/job-market-hiring-trends-expect-boomerang-employees-labor-shortage-great-resignation">recently quit</a>."We're going to see lots of boomerang employees, who a year from now miss their jobs and decide their novel isn't going as well as expected," said Anthony Klotz, a management professor at Texas A&amp;M University. He encouraged companies to embrace their ex-staffers as a pool for future staff because of how difficult it is to hire good employees. <a href="https://www.businessinsider.com/job-market-hiring-trends-expect-boomerang-employees-labor-shortage-great-resignation">Read about the latest workplace trend that's already begun.</a><h3>More of this week's top reads:</h3><ul><li>The ad giant WPP suspended three staffers at its Finecast agency following a <a href="https://www.businessinsider.com/finecast-staffers-suspended-amid-investigation-after-whistleblower-tip-2021-10">whistleblower complaint</a> and investigation. </li><li>Amazon aggregators are buying up third-party merchants. Sellers are set to be acquired at an unprecedented rate next year, a <a href="https://www.businessinsider.com/1000-amazon-sellers-will-be-acquired-next-year-deal-frenzy-2021-10">new survey found</a>.</li><li>This freelance writer stopped relying on Google Calendar to manage her life. Now, she swears the move has been <a href="https://www.businessinsider.com/google-calendar-productivity-hacks-ditching-the-best-hack-2021-10">her ultimate productivity hack</a>.</li><li><a href="https://www.businessinsider.com/who-is-grant-wonders-voyager-hedge-fund-viking-launch-bio-2021-10">Grant Wonders</a> became one of the most profitable analysts in Viking Global's history. Here's how the hedge-fund giant became a <a href="https://www.businessinsider.com/why-viking-global-is-top-hedge-fund-launch-training-ground-2021-10">training ground</a> for a new generation of big-money investors. </li><li>The prosecution in the Elizabeth Holmes trial just scored a <a href="https://www.businessinsider.com/elizabeth-holmes-fraud-trial-former-safeway-ceo-steven-burd-theranos-2021-10">$275 million point</a>. </li><li>Watch out, FedEx and UPS, two of America's biggest regional delivery companies are <a href="https://www.businessinsider.com/lasership-acquired-ontrac-logistics-delivery-acqusition-boom-2021-10">banding together</a> as a new competitor. </li><li>Lululemon is about to make a splash in the footwear industry. See what its sneakers <a href="https://www.businessinsider.com/lululemon-nabs-footwear-parent-after-hiring-from-nike-adidas">could look like</a>. </li></ul><h3>Mark your calendar:</h3>We've got two events for you.<ul><li>Tuesday, October 26, at 12 p.m. ET: <a href="http://events.insider.com/feeding-the-future?utm_source=Newsletter&amp;utm_medium=email&amp;utm_campaign=2021-10-26_Feeding_Kellogg_Kellogg">"Feeding the Future,"</a> sponsored by Kellogg's, is set to explore how to support food security and sustainable food systems. <a href="http://events.insider.com/feeding-the-future?utm_source=Newsletter&amp;utm_medium=email&amp;utm_campaign=2021-10-26_Feeding_Kellogg_Kellogg">Register here.</a></li><li>Thursday, October 28, at 12 p.m. ET: <a href="http://events.insider.com/insider-at-cop-26-accelerating-action-to-combat-climate-change?utm_source=Newsletter&amp;utm_medium=email&amp;utm_campaign=2021-10-28_Climate_DeloitteDeloitte">"Accelerating Action to Combat Climate Change,"</a> presented by Deloitte, is set to focus on actionable ways to hold institutions accountable and accelerate efforts toward sustainability. <a href="http://events.insider.com/insider-at-cop-26-accelerating-action-to-combat-climate-change?utm_source=Newsletter&amp;utm_medium=email&amp;utm_campaign=2021-10-28_Climate_DeloitteDeloitte">Register here.</a></li></ul>Compiled with help from Phil Rosen.

Inside the rise of BiggerPockets and real-estate investing star Brandon Turner

New Delhi, Dec 20 () Finance Minister Nirmala Sitharaman on Friday asked India Inc to come out of "self doubt" mood and unleash the animal spirit as she stressed that steps taken post Budget have started showing some results on the ground.
 The government has shown conviction to change India's system, take some tough decisions and make sure it is responsive to industry, she said at industry body Assocham's event here.
 According to the minister, major steps taken in the past few years make India stand out in the world and industry is part of the change.
 "I would appeal to you that please get out of the mood of self doubt. Can we do it? Can India do it?... why is this negative mood? Get out of this self doubt," she said and emphasised that most of the macro economic indicators are strong.
 Inflation has been under control, macro economic fundamentals absolutely strong, FDI inflow has been strong, foreign exchange reserve is at record high, PSU banks have been professionalised, Sitharaman said.
 Her comments assume significance in view of muted private investment and economic slowdown.
 Urging India Inc to participate in the growth story, Sitharaman said they should participate in the disinvestment programme by becoming the first bidders.
 "This government does not want businesses to close. We want to help them to be revived by legislative and other administrative changes... we are with you. I want this mood of self doubt to be completely removed from your minds.
 "Believe in India. You have done that for last 100 years. There is a need for all of you do it even more now. You have to be the change agent and don't ask animal spirits to be brought to you. You have inside, get it out," she noted.
 Emphasising that development and growth are the two priorities, she said this government remains committed to reform.
 "Several steps (have been) taken post Budget which were essentially responding to the industry and some of them are probably showing some impact on the ground now," she said.
 Highlighting some of the steps taken by the government post Budget, she said, liquidity crunch was addressed, capital was infused in public sector banks as well as NBFC sector and professionalisation of PSU boards was done.
 Besides, the government announced Rs 100 lakh crore for infrastructure sector and provided relief to real estate sector, she added.
 Further, the minister said the government has slashed corporate tax in September which has made a difference and a lot of new investments are expected to flow into India.
 The Finance Minister also emphasised that the government has brought in transparency and technology in tax collection and eliminate harassment.
 With introduction faceless assessment, tax harassment is going to be a thing of past, she added. DP RAM

Industry needs to come out of 'self doubt' mood, says Finance Minister

<ul><li>The US government is relaxing its restriction on the entry of <keyword id="6358066" type="UNKNOWN" weightage="20" keywordseo="h-1b-visa">H-1B visa</keyword> holders into the country but based on some terms and conditions. </li><li>Terms and conditions include resuming existing employment and proving that absence of the H-1B visa holder would result in a serious financial loss to the company. </li><li>The move comes just one day after tech giants like Facebook, Google, and Microsoft decided to support the lawsuit filed against the visa suspension by 174 Indian families. </li></ul>Indian H-1B visa holders will finally be able to return to the US with the country’s State Department relaxing the visa restrictions issued by US President Donald Trump last month. <div type="Article" hostid="261" msid="77120776" title="The H1-B visa ban is not what Indian IT firms want⁠— but they are pocketing some savings while it lasts" mstype="2" mssubtype="0"></div> The move comes just one day after tech giants in the US — including Facebook, Google, and Microsoft — decided to back the lawsuit filed on behalf of 174 Indian families against Trump’s proclamation. But, not everybody will make the cut. The State Department has added some terms and conditions that will determine the eligibility of an H1-B applicant’s necessity to return to the US. The problem with these requirements is that they do not appear in US laws and are completely arbitrary. Despite that, employers and employees alike consider the move an improvement over the status quo. India’s leading tech lobby NASSCOM remains ‘cautiously optimistic’. “NASSCOM welcomes this move and believes it will help US businesses access talent critical to the economic recovery phase in the post-COVID world,” it said in a statement. H-1B visa holders can only return to the US if they already have a job there To travel back to the US on an H-1B visa, one has to be resuming ongoing employment, be a technical specialist, a COVID-19 researcher, or a public healthcare worker in order to qualify for travel. Who can travel back to the US on an H-1B visa: <ol><li>Applicants seeking to resume ongoing employment </li><li>Technical specialists </li><li>Public health or healthcare professionals </li><li>COVID 19 researcher </li><li>“Other workers whose travel is necessary to facilitate the immediate and continued economic recovery of the United States.” </li><li>Dependents — spouses and children — will be allowed to travel with visa holders (End graphic) </li></ol>Assuming that the above criterion is met, there are still a few more hoops to jump through. How will the US State Department determine that you’re ‘unique’? Even if an H-1B applicant wants to return to their existing job, they have to prove themselves to be unique. The US State Department has listed five criteria, and at least two must be met for applicants to be considered. Terms and conditions for H1-B visa holders to return to the US: <ul><li>They cannot do their job remotely. </li><li>Income meaningfully exceeds the prevailing wage rate by at least 15% indicating that they can’t be replaced by an American worker. </li><li>Proposed job duties or position within the company indicates significant and unique contributions to an employer meeting a critical infrastructure need. </li><li>Education, training, and experience demonstrate unusual expertise </li><li>Denial of the visa will cause financial hardship to the U.S. employer. (End graphic) </li></ul>Critical infrastructure sectors include chemical, communications, emergency services, energy, financial services, transportation, and water systems, among other areas. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/sbi-icici-bank-axis-kotak-and-others-have-plans-to-raise-14-billion-but-if-things-go-haywire-they-could-need-three-times-more/articleshow/77506879.cms">SBI, ICICI Bank, Axis, Kotak and others have plans to raise $14 billion — but if things go haywire, they could need three times more</a> <a href="https://www.businessinsider.in/india/news/prime-minister-narendra-modi-speech-highlights-on-indias-new-tax/articleshow/77518678.cms">India’s ‘Transparent Taxation’ charter — Highlights of Prime Minister Narendra Modi’s speech</a> <a href="https://www.businessinsider.in/personal-finance/news/what-is-new-taxpayer-charter-and-faceless-scrutiny-in-tax/articleshow/77518551.cms">India's new tax charter promises 'faceless' scrutiny — Here's what that means</a>

US eases H-1B visa norms a day after tech giants back immigration lawsuit — NASSCOM ‘cautiously optimistic’

Here’s how the advertising and marketing industry reacted to Union Budget 2021

<ul class="summary-list"><li>The Trump administration's assassination of Qassem Soleimani is turning into a man-made disaster, one with a fall out so potentially disastrous it cannot be obscured by lies and propaganda.</li><li>This has happened to governments before. In 1986 the nuclear accident at Chernobyl helped to break the USSR's propaganda machine.</li><li>Now, just as then, lives are at stake, and it's imperative that the people demand real answers.</li><li>To get to the truth of why this happened, we'll have to reject words like "imminent threat" this White House is using to explain itself and insist on knowing what they actually mean.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>Let the assassination of Iran's Gen. Qassem Soleimani be President Donald Trump's Chernobyl moment.That is to say, let Soleimani's death be the moment that propaganda fails, that this administration's lies are confronted with the truth. Let it be the moment when even those who support Trump cannot help but be witness to his scandalous ineptitude.That was what the Chernobyl nuclear accident, which took place in Ukraine in 1986, was for the USSR. As the calamity worsened, even the mighty Soviet propaganda machine was unable to force the empire's citizens to accept the official narrative of what had, and would, transpire.Glasnost - Soviet leader Mikhail Gorbachev's program of opening up the government to the people - was already in place by the time of the disaster. But it was only after the accident that <a href="http://www.nbcnews.com/id/12403612/ns/world_news-europe/t/chernobyl-cover-up-catalyst-glasnost/#.XhOzyBdKjUo">the program began in earnest</a>, as Peter Pomerantsev, a senior fellow at the London School of Economics, said in his book <a href="https://www.amazon.com/This-Not-Propaganda-Adventures-Against/dp/1541762118">"This Is Not Propaganda: Adventures in the War Against Reality."</a>It took a man-made disaster to lay bare the government's weakness and mendacity for all to see, beyond the shadow of denial or delusion. Soleimani's death could do the same thing to the Trump administration, by creating a situation on the ground that is too deadly and volatile to be glibly dismissed as fake news by the administration, or spun away by Trump aligned propagandists.<h2>There is no strategy</h2>On Thursday, the US assassinated a man who planned the murder of thousands, yes. It was Soleimani's military prowess that <a href="https://www.newyorker.com/magazine/2013/09/30/the-shadow-commander">helped Syrian government forces hold </a>out in the darkest days of their civil war. And he was <a href="https://www.newyorker.com/magazine/2013/09/30/the-shadow-commander">behind the move</a> to allow ISIS free passage through Syria into Iran to busy US forces, with devastating consequences for his own allies. He was an enemy of the US, and two American presidents - Barack Obama and George W. Bush - considered assassinating him.But they didn't, because they understood that decision to kill Soleimani was not an act in isolation. There would be consequences that put American lives at great risk and potentially start a war. It is the job of the president of the United States to weigh those considerations before taking such a dramatic step. In the days following Soleimani's assassination, though, it appears that Trump did nothing of the sort.No matter what anyone in the administration says about this killing being part of a strategy, Trump seems determined to contradict the idea that Soleimani's death was part of a broader plan.The administration said Soleimani's death was necessary because of "imminent" threats to US lives. But there are questions surrounding the administration's use of the word "imminent" to describe the threat level of an attack from Soleimani.Details about what Soleimani was planning have yet to materialize, and the language Secretary of State Mike Pompeo has been using to describe it has been squishy. <a href="https://www.washingtonpost.com/opinions/2020/01/05/pompeo-flop/">He told CNN on Sunday</a>: "If you're an American in the region, days and weeks, this is not something that's relevant." He also said it <a href="https://twitter.com/MeetThePress/status/1213827400687063040">wasn't "just one thing"</a> that forced the US military's hand.An unnamed Pentagon source told <a href="https://www.reuters.com/article/us-iraq-security-blast-intelligence/trump-says-soleimani-plotted-imminent-attacks-but-critics-question-just-how-soon-idUSKBN1Z228N">Reuters</a> that whether or not the US had strong intelligence indicating that Soleimani was planning an imminent attack depends on your definition of the word "imminent." Hardly reassuring coming from an administration known for lies, half truths, and obfuscations.If Americans must die as a result of this - and it's quite possible they may - we must know whether the word "imminent" is being abused by this administration. If we want to get to the truth in this situation, we have to stop accepting the vocabulary the administration uses to shield it and demands that words have real meaning.<h2>Hooked on cacophonies</h2>Truth has been in short supply over the past three years, in part because the Trump White House has done everything it can to disrupt the normal flow of information from the government to the American people.What this White House does present to the American people can often hardly be called information. It's just an arrangement of words devoid of facts. In this case specifically - as House Speaker Nancy Pelosi said - the White House's classified war-powers notification to Congress on the bombing <a href="https://twitter.com/SpeakerPelosi/status/1213612759574863874">"raises more questions than it answers.</a>"By cutting off normal pathways to the truth the Trump administration is trying to make facts unknowable. And so it was in the USSR. Here's how Russian-American journalist Masha Gessen described it as she wrote about Chernobyl for <a href="https://www.newyorker.com/news/our-columnists/what-hbos-chernobyl-got-right-and-what-it-got-terribly-wrong">The New Yorker</a> in June:The Soviet system of propaganda and censorship existed not so much for the purpose of spreading a particular message as for the purpose of making learning impossible, replacing facts with mush, and handing the faceless state a monopoly on defining an ever-shifting reality.For the Trump administration, the problem with the assassination of Soleimani is that, as this story unfolds and the consequences are being made clear, it does not have the monopoly on information to a dramatic degree. It was the same for the Soviets during Chernobyl.Trump may be able to obstruct Congress' quest to determine whether there was a "real and imminent threat" emanating from Soleimani. His administration can tie subpoenas up in court (as it has done with efforts to <a href="https://www.npr.org/2019/11/14/779535864/trump-asks-supreme-court-to-block-new-york-subpoenas-for-his-tax-records">obtain Trump's tax returns</a>). It can tell journalists lies (as Trump did when he <a href="https://www.cnn.com/videos/politics/2019/11/12/trump-interactions-giuliani-associates-nr-vpx.cnn">said he didn't know Lev Parnas and Igor Fruman</a>, two men at the center of the Ukraine scandal). And it can feed the American people a diet of factless nonsense (like it does when it insists on pushing conspiracy theories about the so-called "Deep State").But the president cannot control the <a href="https://www.nytimes.com/2020/01/05/world/middleeast/iran-suleimani-funeral.html">grieving, angry people</a> in the streets of Iran <a href="https://www.businessinsider.com/iran-fully-withdrawing-2015-nuclear-deal-amid-tensions-with-us-2020-1">or their government</a>. He cannot control the Iraqi parliament, which just voted to expel American troops in the country fighting ISIS. He cannot control the <a href="https://www.businessinsider.com/rocket-blasts-in-baghdad-us-embassy-2020-1">actions of Iran's proxy forces</a> located near assets belonging to the US and its allies. He cannot control the public <a href="https://www.businessinsider.com/uk-warns-donald-trump-against-launching-war-iran-qassem-soleimani-2020-1">disapproval of US allies</a>. And he cannot control the potential for the tragic loss of American personnel serving overseas.The loss of control of a narrative has political ramifications - even for a mighty authoritarian government or a politician with a slavish base of support.Trump won the presidency by cobbling together a coalition of the angry, and a great many of them (<a href="https://www.thedailybeast.com/tucker-carlson-comes-out-against-trumps-iran-strike?via=twitter_page">like Fox News host Tucker Carlson)</a> were angered by US intervention abroad. They took Trump for an isolationist - just as everyone in the coalition took Trump for whatever they wanted him to be - and now they may see that he was just enjoying the luxury of being a candidate - free from the pressure of a job that requires decisions that reveal a person's true nature.The assassination of Soleimani has not revealed that Trump was some sort of secret war hawk the whole time. It has simply forced a truth that many people have always known out into the open: The president is an opportunist willing to say or do whatever, whenever to get what he wants.Soleimani's death has simply made it impossible to ignore what we've learned every day of this presidency, that Trump is an emotionally weak man, easily pushed to irrationality by anything from images on a TV screen to the insecurities that bend his mind. Trump is not fit to be president, and Soleimani's death may be the disaster that lays that bare beyond the shadow of denial or delusion."Reality," <a href="https://www.vox.com/policy-and-politics/2016/11/14/13629676/obama-wake-up-call-to-trump">a former president</a> said in a time that seems long ago, "has a way of asserting itself."This is an opinion column. The thoughts expressed are those of the author(s).

You Searched For "faceless tax system" and got 13 results

FM urges I-T officials to expedite returns, refund process and grievance redressal

US industry urges FM to rationalise, simplify direct and indirect taxes in India

PTI

India unveils economic stimulus-- from homes to cars to banks to infrastructure to equity markets

Sriram Iyer

Govt working on more measures to boost economy; income tax rate cut under consideration: FM

PTI

The shadowy new way employees are cheating their way to the top

Rob Price

'Taxpayer charter' on cards to build trust, reduce harassment; wealth creators will be respected: FM

PTI

Govt taking steps to simplify taxation; curb harassment of honest taxpayers: FM

PTI

Govt raises concern over fake invoicing in B2B trade impacting GST collections

PTI

Inside the rise of BiggerPockets and real-estate investing star Brandon Turner

Matt Turner,Phil Rosen

Industry needs to come out of 'self doubt' mood, says Finance Minister

PTI

US eases H-1B visa norms a day after tech giants back immigration lawsuit — NASSCOM ‘cautiously optimistic’

Prabhjote Gill

Here’s how the advertising and marketing industry reacted to Union Budget 2021

BI India Partner

The assassination of Iranian Gen. Qassem Soleimani could be Trump's Chernobyl moment

Linette Lopez

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