TMI BlogTO MAKE EASY CONTRIBUTIONS AND SUPPORT TO RELIEF FUNDS OF PM / CM SOME SUGGESTIONS.X X X X Extracts X X X X X X X X Extracts X X X X ..... TO MAKE EASY CONTRIBUTIONS AND SUPPORT TO RELIEF FUNDS OF PM / CM SOME SUGGESTIONS. - By: - CA DEV KUMAR KOTHARI - Other Topics - Dated:- 10-4-2020 - - 08.04.2020 (DDMMYYYY) Honorable Prime Minister and Finance Minister. Sir and Madam, First of all I congratulate the GOI and State Machinery for combating effect of COVID 19 in India in a very good manner. It is only because some segment of people did not follow advisories issued that we are in increasing trouble. On 27.03.2020 I had discussions with some of my friends and I expressed that in our country , under guidance of PM if mostly followed we will be able to restrict COVID cases and death to upper limit of 30000 cases and 3000 death. I am still optimistic that we wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll remain within those upper limits, in spite of damages caused by some sections of people behaving foolishly and irresponsibly. In the following write-up I have made some suggestions about helping public to extend fiscal support to governments in a manner that reduces fiscal burden of governments and public both. Please forward and share this message with PM / FM and other concerned officers. Yours sincerely CA Dev Kumar Kothari TO MAKE EASY CONTRIBUTIONS AND SUPPORT TO RELIEF FUNDS OF PM / CM SOME SUGGESTIONS IN DIFFICUTL TIMES DUE TO CONSTRAINED CASH INFLOWS OF GOVERNMENTS AND PUBLIC. Preamble. COVID19 World over, CORONA Virus has disturbed personal lives and financials and is likely to have greater impact i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f problem prolongs with more intensity. This is going to affect all- governments, organizations, families and individuals world over. Cash inflows are immediately strained for most of them and are likely to be more constrained in near future. In spite of the same everyone is ready to support governments and others as far as possible. Governments are trying to help public in general and poor people in particular. Rich people are trying to support government and public. However, due to cash inflow problems everyone has fiscal constraints. In such circumstances some suggestions are placed for your kind consideration Options for donations out of Refunds , credits available and Payments: Many had expected tax refunds, and utiliza ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of tax credits available, however, due to lockdown, lesser commercial activity, it is not possible to utilize credits like ITC under GST. For support by way of contributions to Relief Funds, some deductions from sums payable by governments and some surrender of ITC can be mutually useful for fund flow management for government and tax payers. Option can be provided to taxpayers, receiver of money to contribute out of refunds and payments receivable from GOI and State Governments. For example: Out of IT and GST Refunds assesse can request to deduct certain amount for contribution to Relief Funds of GOI/ specified State Governments. Out of GST Tax credits available (ITC) certain amount can be contributed for Relief ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Funds and the amount of ITC available can be reduced. This will not cause immediate cash out flow of tax payer and governments can easily Out of payments to be made by governments and Government Agencies, PSU, to suppliers and service providers the recipient can request to deduct certain amount as contributions to Relief Funds. Donations in kind: Certain donations can be given in kind. For example, rich people can contribute gold and silver to RBI/ GOI . Temples can contribute gold and silver to RBI / GOI. Contribution of Gold and silver can be used as backing to strengthen our currency. Producers of goods for general public, public utilities can donate their products to Relief Funds for utilization for relief to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... poor and public welfare. In such cases market value of such products can be eligible for deduction from income. Rich farmers can contribute some part of crop for welfare through government. Donations from undisclosed income/ wealth: Donations out of undisclosed income and wealth can be allowed with benefit of no tax now on such contribution , and tax rebate after 5 years in five instalments. For example suppose a person want to contribute ₹ 100 lakh, he can be allowed to make donation by depositing cash ₹ 100 lakh in bank and then making donation of ₹ 100 lakh to Relief Funds . No tax should be payable on such deposit and donation amount and there should be no enquiry for the source. There should not b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e case under other enactments. There should not be stigma of corruption or income more than known means, PMLA etc. To make it more workable, tax credit can be allowed from sixth year onwards in five years by treating 1/5 th That is ₹ 20 lakh as payment against first instalment of advance tax from sixth to tenth year or with some other options as may suit to the GOI and tax payer. Deep Discount bonds can be issued: Deep discount bonds can be issued for investment of white or black money. If it is out of white money double amount can be rapid after 11 years and if it is out of black/ undisclosed money, double amount can be repaid after 17 or 19 years. ( more logical calculations can be made to justify period of ho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lding) Wealth of temples can be used: Wealth of temples (Bank balances, gold, silver) can be used for welfare purposes either as mandatory or voluntary contribution or by issue of deep discount bonds against contributions made by temples. - Reply By KASTURI SETHI as = Sir, In addition to above and remaining in homes, we can control Covid-19 if our mind is also clean i.e. free of fear of the disease. Family atmosphere should be peaceful and tension free. Strong will power can boost immunity. Prevention is the best medicine at present. Dated: 10-4-2020 Reply By KASTURI SETHI as = To keep Corona away, one is not only to wash hands but also wash mind.-------B.K.Shivani, Goodwill Ambassador, World Psychiatric Asso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ciation, Geneva (Switzerland). Negative thoughts i.e. fear, phobia, hatred, revenge, anger, jealousy, envy, greediness, selfishness, infidelity, absence of integrity, honesty, sincerity, morality etc. squeeze our physical as well as mental energy and hence reduce immunity whereas positivity boosts immunity power. Dated: 11-4-2020 Reply By KASTURI SETHI as = Say goodbye to non-vegetarian---WHO. Say goodbye to junk food in this period of health crisis. Dated: 11-4-2020 - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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