Latest news with #LavuSriKrishnaDevarayalu
New Indian Express
2 days ago
- Politics
- New Indian Express
EC should start SIR in Andhra quickly as every vote counts: TDP
The ruling NDA's ally and Telugu Desam Party (TDP) Lok Sabha leader Lavu Sri Krishna Devarayalu tells Preetha Nair that the Election Commission should start the Special Intensive Revision (SIR) of the electoral rolls in Andhra Pradesh as early as possible so that every voter can be counted on. Excerpts: TDP has approached EC with certain recommendations… The opposition is trying to build a narrative on the ground against the ongoing SIR in Bihar on several counts. Our party is against it. That's the reason the TDP approached the EC and presented suggestions about Andhra Pradesh. We are not talking about Bihar, Andaman, or Tamil Nadu. Our focus is clearly on Andhra Pradesh. We told them that we had elections a year back, and the next election is due only in 2029. We have four years in hand. Since the EC has made it clear that SIR will be conducted across the country, we asked them to start the process in Andhra as early as possible. But Bihar got very little time to do the exercise. We haven't mentioned Bihar in our letter to the EC. What are the other concerns? Our concern is about the main stakeholders in this exercise, that is the voter. It's neither about the politicians, MLAs who are contesting, the officers who have to oversee this whole process, nor the EC conducting this activity. It's about the comfort that we can provide to the voter. We want them to be as comfortable as possible. In Andhra, we have everything available and enough time for four years. We want them to start it soon so that every voter can be counted on, every voter's identity can be created, and we make sure that every voter is identified transparently.
Economic Times
5 days ago
- Business
- 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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Time of India
5 days ago
- Business
- Time of India
Rs 437 crore tax collection: For crypto traders, evading income tax is getting difficult as Tax Dept uses AI, data analytics tools
Academy Empower your mind, elevate your skills Questions on income tax collection from VDAs, cryptocurrency Penalty for not disclosing crypto earnings 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 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 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 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 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 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 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 Read | Didn't report your crypto earnings? Income tax dept sending tax notices, conducting search & seizure for undisclosed income; 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.
Time of India
5 days ago
- Business
- Time of India
AP eyes strategic defence role post UAV missile test
1 2 3 Vijayawada: A day after the successful trial of UAV launched precision guided missiles from Andhra Pradesh soil, the state govt has made a quick move to position itself as a leader in defence and aerospace manufacturing sectors. A delegation of TDP MPs led by parliamentary party leader Lavu Sri Krishna Devarayalu met Union defence minister Rajnath Singh in New Delhi on Friday and handed over a proposal from chief minister N Chandrababu Naidu to set up defence manufacturing units in AP. They urged him to look into the series of landmark initiatives by the govt aimed at transforming the state into a strategic defence production hub. Krishna Devarayalu said they have submitted a comprehensive defence development plan to make AP a leader state in attracting investments in the defence sector. "The chief minister has emphasized on the establishment of four defence and aerospace manufacturing hubs in the state. The state govt has proposed two separate clusters — Jaggaiahpet and Donakonda with nearly 6,000 acres — for missile and ammunition production. About 4,000 acres have been readied at Orvakal in Kurnool district to set up units for drones, robotics, and advanced components. The chief minister has also proposed an aircraft and defence electronics city at Lepakshi-Madakasira where we have identified about 10,000 acres. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like If A Cat Bites Their Owner Heres What It Really Means Gloriousa Undo We want the Centre to make use of about 3,000 acres available in Visakhapatnam-Anakapalli for naval equipment and weapons testing," the Narasaraopet MP said. The chief minister wants the Centre to set up the DRDO industry-academia centre of excellence at IIT-Tirupati and a common ammunition storage facility by the ministry of defence, Krishna Devarayalu added. "The CM has sought support for defence investments and strategic projects, including the 2,400 crore BEL strategic complex at Palasamudram, and revival of UADNL's 60,000 TPA aluminium alloy plant in Nellore. The govt is ready to give land and provide required infrastructure for HAL's expansion project at Lepakshi," he said.
Time of India
6 days ago
- Politics
- Time of India
AP one of the top-performing states in implementing Pradhan Mantri Janjatiya Vikas Mission: Centre
Vijayawada: The Union govt showered praises on Andhra Pradesh for its outstanding performance in implementing Pradhan Mantri Janjatiya Vikas Mission (PMJVM). In response to a question raised by Narasaraopet MP and TDP floor leader in the Lok Sabha, Lavu Sri Krishna Devarayalu, the ministry of tribal affairs provided comprehensive information on the mission's implementation across country. It revealed that Andhra Pradesh is one of the top-performing states in executing the mission. The state received funds amounting to Rs 709.50 lakh in 2018-19, along with the approval of 115 haath bazaars, one storage facility, and an additional infrastructure facility. The ministry stated that these measures aim to strengthen tribal markets and enhance opportunities to connect with value chains. About eight tribal art fairs were organized in the state during 2023-25, which played a crucial role in promoting tribal products, improving livelihoods, and increasing market access for artists. At the national level, it was disclosed that so far, 1,372 modern huts, 639 storage facilities, and 22 additional infrastructure projects have been approved. TRIFED has strengthened its promotional activities, organizing 61 art fairs and 20 exhibitions in 2023–24, and so far, 18 fairs and 30 exhibitions in 2023–25 period, according to the report. Lavu Sri Krishna Devarayalu congratulated the ministry and TRIFED, for the timely utilization of funds, effective monitoring, and continuous support for the socio-economic development of tribal communities.
