Income Tax Department issued notices to 1 lakh crypto currency investors: CBDT chairman

The Income Tax Department has issued about one lakh notices to people who have invested in crypto currencies like Bitcoin and have not declared it in their income tax return, CBDT (Central Board of Direct Taxes) chairman, Mr Sushil Chandra said at an ASSOCHAM event held in New Delhi.
 
“People who have made investments (in crypto currency) and have not declared income while filing taxes and have not paid tax on the profit earned by investing, we are sending them notices as we feel that it is all taxable,” said Mr Chandra while addressing an ‘ASSOCHAM Post Budget Seminar.’
 
The CBDT chairman informed that the Income Tax Department had conducted various surveys on crypto currency exchanges to find as to how many people are regular contributors, how many have registered themselves and how many have done trading on that platform.
 
“We found out that there is no clarity on investments made by many people which means that they have not declared it properly,” said Mr Chandra.
 
“We have informed all the DGs (Director Generals of Income Tax) across India, they are issuing notices and so that would be taxed,” he added.
 
He further said that as per income tax (laws), whatever money one is investing (in crypto currency), it would be taxable if it is unexplained. Besides, even the profit gained on the same is taxable.
 
“So we will tax that particular amount and they should pay tax on that,” added Mr Chandra.
 
In her address at the ASSOCHAM seminar, Ms Vanaja N. Sarna, chairperson of the Central Board of Excise and Customs (CBEC) said that so far as the customs side is concerned it had focussed upon three major areas in this budget – trade facilitation, dispute resolution and dispute resolution management and, enforcement.
 
She said that changes made in the duty structure were aimed at encouraging domestic manufacturing and increase domestic value addition thereby transforming India into a manufacturing hub.
 
“We wanted to promote Make in India in a very big way, it has been on the anvil but it needs that environment to actually move forward and we thought this is the good time to do it,” said the CBEC chief.
 
“We increased duty in about 45 items and reduced in about five, It was a very-very carefully thought out list of items and if you go through it you will understand that almost each one of them have capability of being made in India,” said Ms Sarna.
 
She further said that things like mobile phones, perfumes, cosmetics and toiletries, juices and all these items can be manufactured wonderfully in India. “What we need is to make these items in India and bring them to the masses, as most of them are related to MSMEs (micro, small and medium enterprises).”
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Calco Group exhibiting in PLASTINDIA, scheduled from Feb. 7-12, 2018 at Gandhi Nagar, Ahmedabad

(L-R)Vijay Kumar Gupta, Founder & MD Calco Group and Varun Gupta, Director, Calco Poly Technik.jpg                           (L-R)Vijay Kumar Gupta, Founder & MD Calco Group and                                                  Varun Gupta, Director, Calco Poly Technik

Calco Group is participating in PLASTINDIA, scheduled from Feb. 7-12, 2018 at Gandhi Nagar, Ahmedabad, India. (Hall No. 2, Stall No. H2C7)

 Since 1999, the Calco Group has set itself apart with sublime focus in maintaining Superior Product Quality and seeking new opportunities for Research & Development.

 Calco (provides) complete range of High Performance Polymers, color and additives solutions, meeting the most critical operational requirements and technical specifications. The manufacturing process relies on Slim-Line, High Degree of Automation, and Flexible Utilization of the Production Facility.

 Mr. Vijay Kumar Gupta, Founder & MD, Calco Group said, The Calco Group with a turnover of over Rs1000 Millions has reinforced its contribution in the Plastic Industry by setting up its 2ndPlant at, Haryana with an investment of over Rs 500 Millions. It would be a state of the art production facility with World Class material handling equipments in a built up area of 100,000 sq. feet, planned to be up and running by end of 2018.

 As a part of Commitment to Prime Minister of India’s initiative ‘Swachh Bharat Abhiyaan’, we have Commercialized Indigenous Technology on Eco Friendly Plastic, in Collaboration with The Defence Research and Development Organisation (DRDO), an agency of the Republic of India, charged with the Military’s Research and Development, Ministry of Defense Govt. of India.

 He also added that Calco, utilization of natural resource. Therefore, the New Plant is based on Eco-Friendly Solutions and will be Solar Powered with Clean Energy Generation Concept with reuse of water resources!”

 Speaking on the occasion, Mr. Varun Gupta, Director, Calco Poly Technik said, The optimism for developing niche specialty Polymer Products is driven by our technology and R&D capabilities. Calco Team is inspired to transform its business from commodity led to knowledge driven. Calco Poly Technik focuses on developing a strong Product Portfolio and work on innovative solutions to further strengthen customer relationship and build partnerships with Global Players.  

He also added, “With more than 500 customers across all segments, 90 % of Total Sales are powered by the Automotive and Electrical & Electronics segment. By the end of 2020, the Compound Annual Growth Rate will observe 30%Inflation with total production capacity of 30,000MT/Year, total area of 100,000 Sq. Feet, and estimated sales of Rs 2500 Million.

 Vision of Calco Poly Technik is to be India’s Most Preferred Global Plastic Solution Provider, through growth and enrichment to its Associates and the Community in which it operates. It also aims to further strengthen its relationships with OEMs & Tier – I / II Industry. Calco Poly Technik at present caters to its Customers from diverse Industries viz. Automotive, Electrical & Electronics, Appliances and Industrial Goods …to name a few!

Only 3% workers are worried about their health : ASSOCHAM Survey

Despite increase in life-style diseases, only 3% of workers are worried about their future health since majority of it is hardly able to spare resources beyond meeting their daily needs and the absence of any affordable health services provided by corporates to majority of its employees, reveals ASSOCHAM survey.
It further reveals that 48% of such a staff is “sometime fearful” about their future health and 37% are “not at all fearful” and remaining 12% are totally ignorant for their future health conditions. This is indicative of the fact that health care has yet to draw desired attention as well as sensitivities for wage earners”, says Mr D S Rawat, ASSOCHAM Secretary General.
Quoting findings of the Survey, Mr. Rawat said that in terms of physical fitness, 37% of corporate employees surveyed by ASSOCHAM team said, that they hardly have any time to exercise. While 25% said that they do physical workout devoting less than one hour a week.  24% of such employees said that they exercise for 1-3 hours a week although 9% of employees said that they exercise for 3-6 hours a week.  It is only 5% of corporate employees who regularly exercise for more than 6 hours a week to keep physical fit and mentally agile.
In the survey, over 500 corporate employees were interviewed between age ranging between age group ranging 25 to 50 in 18 broad sectors, which include infrastructure, power, media, telecom, advertisement, manufacturing, IT/ITeS, financial services and engineering. Other sectors include market research, management, FMCG, food and beverages, textiles etc.
On the issue of whether health problem discourage corporate employee, 48% responded by saying that they were discouraged by their health problem in doing various activities, while 40% replied that they were not at all `discouraged’ by their health conditions.
It was only 11% of the employee who felt that most of the time, they dare discouraged in conducting work and only 1% of the employees felt that they were highly discouraged by their health problems.
14% of respondents experience workplace fatigue but they still believe themselves to be in `good health’, while 10% of total corporate employees consider their health condition to be poor without perceiving to have `no diseases at all’. 9% and 5% of the sample population suffer problem of sleeping disorder.
Other findings of the Survey include that among the IT/ITeS sector employees, 93 per cent feel that company sponsored wellness program act as a motivating factor for them. However 7 per cent feel depressed about the healthcare program.
Employees engaged in media sector, 60 per cent consider wellness program as a motivating factor, whereas remaining 40 per cent feel that it acts as a depressing factor. Survey respondents engaged in FMCG sector, for 75 per cent of the employees it act as a motivating factor.
For 84 per cent of employees, companies sponsored wellness program acts as a motivating factor, but 16 per cent of the respondents in the sector feel it as a de-motivating factor. In rest of the sectors 100 per cent of the employees consider company sponsored wellness program act as a motivating factor for them.