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A big step towards transparency, India shares income tax data and the results are astounding

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rtxynaoSAN FRANCISCO (Diya TV) — For the first time since the year 2000, India has published the country’s tax income data, and the numbers are shocking.

About 12.5 million Indians — or 1% of the total population — paid tax on their earnings in 2013. Despite nearly 30 million tax returns being filed that year, 16 million of those got off scot-free without paying any taxes, according to the data.

The total tax paid during fiscal year 2013 was Rs1.14 lakh crore ($17 billion), according to the income tax department. Two years later, this had increased to Rs2.65 lakh crore. The number represents just about 2.4 percent of India’s gross domestic product.

Essentially, all of this data means two things: the richest of Indians aren’t paying enough taxes, and the number of salaried workers is still low.

The low tax collection only makes more difficult the job of Prime Minister Narendra Modi, which has sought to increase the share of direct taxes in revenue and eliminate black money — undisclosed foreign assets. India represents Asia’s third largest economy, and needs the tax money in order to properly execute spending on its ambitious infrastructure and public service plans.

Here is how the personal tax income for the government has increased over the years:

How much did India make from taxes in 2015:

Experts and economists alike weren’t surprised by the low figures. In 2014, India’s per capita income was $1,631, according to the World Bank.

“The statistics are actually in line with the per capita income of India. It also means most employees in the organised sectors are earning below the limit that is taxable,” said Chitra Jayasimha, practice leader and lead actuary, retirement planning at Aon Hewitt.

Experts also believe that India’s tax net should be widened, thanks in part to a long history of non-tax paying citizens. In 2012, then finance minister P. Chidambaram had said that less than 3% of Indians file income tax returns.

More than 50 percent of the nation’s residents work in agriculture and allied activities — agriculture income is exempted from tax in the country.

“With such a large population engaged in agriculture and a huge gap between the rich and the poor, the number of taxpayers as a percentage is likely to be low. But these numbers are of concern—are those who needed to pay taxes actually paying, or, are those paying the taxes actually paying the right amount?” explained Kuldip Kumar, leader, personal tax at Price Waterhouse India.

Another large reason of poor tax collection in the country is because most of the labor is in the country’s unorganized sector. While this accounts for less than 10 percent of the population, these workers are paid in cash, and are part of an informal economy.

India’s decision to publish these tax records only comes after years of critique and ridicule from the world’s international economists and experts. Thomas Piketty, the French economist, said in January that there is “extreme lack” of data in India, especially income tax.

“Our govt. has taken the landmark decision of publishing the income tax data. It is a big step towards transparency & informed policy making,” Modi tweeted on April 29.

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Former MGM executive Roma Khanna named Revolt TV’s next CEO

Former MGM executive Roma Khanna named Revolt TV’s next CEO

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Roma Khanna

Sean Combs Announces Roma Khanna CEO of Revolt TV

LOS ANGELES (Diya TV) — Sean Combs has announced Roma Khanna the CEO of Revolt TV.

“As Revolt continues to grow as a brand and expand globally, I knew we needed a seasoned executive with a proven track record to keep the momentum going and help me lead the network into the future,” said Combs. “Roma is that person. She has the experience and tenacity to build on Revolt’s success and as we continue to influence content and culture around the world.”

“After decades of building large-scale businesses in TV and media, I am excited to have the opportunity to work alongside visionary Sean Combs to get hands-on and redefine content models with a view to building a modern, relevant, global cultural brand,” said Khanna. “Revolt is ready to create and curate content and super-serve its audience on its own TV platform and beyond, living and breathing with its audience wherever they might be.”

Revolt says the company’s mission is to build on its platform to offer long- and short-form content revolving around hip-hop music and culture. According to Revolt’s website, “REVOLT is focused on expertly curating the best of the best in music and engaging youth in social conversation – on-air, on-line, on-demand. The multi-genre, multi-platform network offers breaking music news, videos, artist interviews, exclusive performances, and original programming.”

Revolt claims to have over 50 million young adult consumers through television, digital properties, social and mobile. REVOLT is accessible 24/7 – anytime, anywhere, any screen.

Khanna left MGM, where she served as president, in late 2015. She helped launch FX’s “Fargo” and History’s “Vikings.” She spent three years as president of global networks for NBC Universal’s international networks wing. She also oversaw the development of Hulu hit “Handmaid’s Tale.”

Revolt had been without a CEO for a year, since Keith Clinkscales left the company last August. Revolt launched as a linear channel in the U.S. in October 2013 and has since expanded to Africa and the Caribbean.

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Indian American Physician Vas Narasimhan Named CEO of Novartis

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Vas Narasimhan

Indian American Physician Vas Narasimhan Named CEO of Novartis

WASHINGTON (Diya TV) — Switzerland-based biotech giant Novartis says Indian American physician Vas Narasimhan will take reins as CEO on Feb. 1.

The 41-year-old Narasimhan joined Novartis in 2005. He currently serves as the company’s Global Head of Drug Development and Chief Medical Officer. He is also a member of Novartis’ Executive Committee.

“Both from a professional and a personal perspective, this is the right moment to hand the leadership reins of the company to Vas,” said current Novartis CEO Joseph Jimenez. “Our strong pipeline and the strategic moves we have taken to focus the company have put Novartis on a strong path for the future. On the personal side, after 10 wonderful years in Switzerland, my family is ready to return to Silicon Valley and the U.S. I’m confident that Vas will be an excellent successor.”

Joerg Reinhardt, chairman of the Novartis board of directors, said the company anticipates “a smooth transition, as Joe built a strong leadership team and mentored his successor.”

Narasimhan graduated from Harvard Medical School. He also has a master’s in public policy from the university’s John F. Kennedy School of Government. He earned undergraduate degree in biological sciences from the University of Chicago.

Prior to joining Novartis, he worked at McKinsey & Company, first as a consultant and then as an engagement manager.

An elected member of the U.S. National Academy of Medicine, Narasimhan has held a number of positions at Novartis.

Reinhardt expressed confidence in Narasimhan’s ability to lead the company to “expected next growth phase … The strength of Novartis is our ability to drive science-based innovation. Vas is deeply anchored in medical science, has significant experience in managing the interfaces between Research and Development and commercial units and has strong business acumen with a track record of outstanding achievements. As a physician, he has a strong patient focus and a genuine humane perspective and care for the mission and values of Novartis. As a result, the Board of Directors is confident that Vas is the right choice to lead Novartis on our expected next growth phase, driving innovation and further strengthening our competitive position.”

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Former Facebook executive Chamath Palihapitiya to raise $500M for a large fund

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Charmath Palihapitiya

Chamath Palihapitiya, a former Facebook executive and a minority owner of the Golden State Warriors is attempting to raise $500 million as he builds a large investment firm.

WASHINGTON (Diya TV) — Chamath Palihapitiya, a former Facebook executive and a minority owner of the Golden State Warriors is attempting to raise $500 million as he builds a large investment firm.

According to a filing with the Securities and Exchange Commission, Palihapitiya is listed as CEO of “blank check company,” Social Capital Hedosophia Holdings. The company plans to raise $500 million in its IPO and subsequently acquire emerging private businesses that have little incentive to go public.

“Our mission is to create an alternative path to a traditional IPO for disruptive and agile technology companies to achieve their long-term objectives and overcome key deterrents to becoming public,” the filing said.

Palihapitiya has often condemned the traditional venture model and expressed his admiration for billionaire Warren Buffett, who erected Berkshire Hathaway into one of the World’s largest publicly-traded holding companies over a half century.

Social Capital is going to be more like a “bastard stepchild of Berkshire Hathaway and Blackstone and BlackRock” than a traditional venture firm, Palihapitiya said at an event in 2015.

One of Palihapitiya’s goals in the venture is bringing together “technologists, entrepreneurs, and technology-oriented investors,” the filing said.

The Wall Street Journal reported Palihapitiya’s team is planning to meet with investors soon, then initiating the IPO shortly thereafter on the New York Stock Exchange.

Hedosophia has offices in Hong Kong and London. Ian Osborne, CEO of Hedosophia, will be president of the new holding company. Former Skype CEO Tony Bates and former Twitter executive Adam Bain are among the Board members.

Palihapitiya spoke to Diya TV moments after the Warriors championship win in 2017

 

 

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