Cong gives adjournment notice; seeks discussion on Pahalgam, Op Sindoor
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New Indian Express
a minute ago
- New Indian Express
Chirag cites 'law and order collapse' in NDA-led Bihar, says 'feel sorry to support failing government'
NEW DELHI: Union minister Chirag Paswan on July 26 said he felt "sorry to support" the Nitish Kumar government in Bihar, charging it with failure to control the law and order situation in the State. Paswan, who heads the LJP (Ram Vilas) -- a constituent of the BJP-led NDA, was talking to reporters in Patna before leaving for Gayaji, where he is scheduled to address a rally. "I have heard claims that the recent spurt in violent crimes is linked to the upcoming assembly polls, and there are attempts to defame this government. Still, it is the responsibility of the administration to keep the law and order situation under control. I feel sorry to support a government which is failing on this count," said the Hajipur MP.
The Hindu
a minute ago
- The Hindu
17 MPs honoured with Sansad Ratna Awards for Parliamentary performance
Seventeen Members of Parliament — including Supriya Sule (Nationalist Congress Party-Sharadchandra Pawar), Ravi Kishan (Bharatiya Janata Party), Nishikant Dubey (BJP) and Arvind Sawant (Shiv Sena-Uddhav Balasaheb Thackeray) — have been selected for the Sansad Ratna Awards 2025 for their exemplary performance in the Lok Sabha. The honours also include four Special Jury Awards, recognising their consistent contributions to parliamentary democracy across three successive terms. The Special Awards have been conferred on Bhartruhari Mahtab (BJP, Odisha), N K Premachandran (Revolutionary Socialist Party, Kerala), Supriya Sule (NCP-SP, Maharashtra), and Shrirang Appa Barne (Shiv Sena, Maharashtra) -- all of whom have maintained top performance since the 16th Lok Sabha. Other award-winning MPs include Smita Uday Wagh (BJP), Naresh Mhaske (Shiv Sena), Varsha Gaikwad (Congress), Medha Kulkarni (BJP), Praveen Patel (BJP), Bidyut Baran Mahato (BJP), and Dilip Saikia (BJP), among others. In the committee category, the Standing Committee on Finance, chaired by Bhartruhari Mahtab, and the Standing Committee on Agriculture, chaired by Dr Charanjit Singh Channi (Congress), were recognised for the quality of their reports and contributions to legislative oversight.
Economic Times
a minute ago
- Economic Times
Rs 437 crore tax collection: For crypto traders, evading income tax is getting difficult as Tax Dept uses AI, data analytics tools
ET Online Crypto tax In India, avoiding taxes on bitcoin, cryptocurrencies, and other virtual digital assets is becoming increasingly difficult. The Income Tax Department is increasing its efforts to monitor transactions related to the virtual digital assets (VDAs) made by individuals. This is being done through the use of artificial intelligence (AI), machine learning, and other data analytics tools. According to the government's reply in the Parliament, the government has collected Rs 437 crore in taxes for FY 2022-23 from VDA-related income. The government implemented income tax rules for crypto and other VDAs from FY 2022- 23. In FY 2022-23, the government collected Rs 269.09 crore in taxes from VDA income. Also read: Indian Railways has deactivated 2.5 crore IRCTC user IDs: Has yours also been deactivated? Check now Members of Parliament asked several questions regarding tax collection, potential revenue loss due to under-reporting/mis-reporting from VDAs' income and the technological tools being used to monitor crypto activity. ET Wealth Online breaks down the government's responses on the use of data tools, centralised systems for matching crypto tax data, and ongoing training programs for tax officers. Questions on income tax collection from VDAs, cryptocurrency Parliamentarians Lavu Sri Krishna Devarayalu and G M Harish Balayogi, Members of Parliament, Lok Sabha, asked the following questions and the government's response in the Parliament. a) The total revenue collected from income tax on VDA/cryptocurrency-related income during the last three years, year-wise; The government in the Parliament replied: The tax on income from transfer of Virtual Digital Assets (VDA), under section 115BBH of the Income Tax Act, 1961, was introduced from FY 2022-23. The collection of tax on income from VDA, for last three years is as under:Table (b) whether any estimates have been made by the Government regarding the projected revenue loss due to under-reporting/misreporting of income from VDA/cryptocurrency transactions; The government in Parliament replied: No such estimates have been made. (c) Whether the government is using AI/ML/data analytics tools to identify tax evasion in VDA transactions, if so, details thereof; The government in Parliament replied: The government is utilising data analytics tools to trace and detect tax evasion from VDA-related transactions. The analysis includes the use of Non-Filer Monitoring System (NMS), project insight and internal databases of the Income Tax department, to correlate available information on VDA transactions with the transactions disclosed in the return of income by the taxpayer.(d) Whether a centralised system has been established by the Government for real-time matching of VDA-related ITR filings with TDS returns filed by Virtual Asset Service Providers (VASPs), if so, the status of its implementation; andThe government in Parliament replied: Real time matching of VDA related transactions, filed in income tax returns, with information filed by Virtual Asset Service Providers (VASPs) is not being carried out. However, TDS returns filed by VASPs and income tax returns filed by the taxpayers are analysed to identify discrepancies in reported VDA transactions. The Central Board of Direct Taxes has initiated the NUDGE (Non-Intrusive Use of Data to Guide and Enable) campaign to identify such discrepancies for further action. Under NUDGE campaign suitable communications, to review and update their income tax returns, were issued to all taxpayers who did not report VDA-related transactions in their income tax returns, despite tax being deducted at source for such transactions by VASPs, where the quantum of such discrepancy was more than Rs 1 lakh. (e) Whether the Government has undertaken any capacity-building initiatives to equip tax officials for effective compliance monitoring and investigation in the VDA/cryptocurrency ecosystem, if so, the details thereof and if not, the reasons therefor?The government in the Parliament replied: Several capacity-building initiatives are being undertaken by the Government to equip officers for effective compliance monitoring and investigation of VDA related transactions. Training programs, specialized workshops, Chintan Shivirs and hands-on workshops are regularly conducted by various training institutes under the Income Tax Department. At local level, field offices conduct training sessions and webinars on digital forensics, blockchain analysis, legal frameworks, and handling of digital evidence. The officers and officials are also imparted short term training on digital forensics, in partnership with National Forensic Science University (NFSU), Goa, which empower them to identify and trace VDA related transactions from data captured during intrusive actions. Penalty for not disclosing crypto earnings According to a report in The Economic Times, the Income Tax Department has sent bulk notices to taxpayers who have either not paid the correct income tax amount or failed to report income from cryptocurrency in their tax returns. Also Read | Didn't report your crypto earnings? Income tax dept sending tax notices, conducting search undefined know your options If an individual taxpayer fails to report crypto transactions, they may be liable to pay a penalty under Section 270A of the Income Tax Act, 1961. Under this section, a taxpayer is liable to pay a sum equal to fifty per cent of the amount of tax payable on under-reported income. If the under-reported income is in consequence of any misreporting of income, then it is equal to two hundred per cent of the amount of tax payable on the under-reported income. N.R. 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