I-T dept staff on strike today; taxpayer services bound to fail, unions warn

New Delhi - Over 50,000 employees of the income tax department will go on a day-long countrywide strike today to press for their service-related demands.

"As no action has been taken by the CBDT on the demands given by the central joint action committee (of the associations), the employees have decided to go on a one-day strike tomorrow, 8 October.

"More than 50,000 officers and staff of the department will participate in the strike as a result of which normal work in all I-T offices of the country will be stalled,” a statement issued by two major associations of the department said on Wednesday.

The two prominent groups - Income Tax Employees Federation (ITEF) and Income Tax Gazetted Officers' Association (ITGOA) - represent about 97% of the department's workforce and have already notified the decision to the apex-policy making body of the department, the Central Board of Direct Taxes (CBDT). The remaining 3% work force of the department comprises of officers drawn from the Indian Revenue Service.

The associations said if their demands for timely promotion in cadres and providing required infrastructure are not met, the work of budget collection and taxpayer services are "bound to fail” in the coming days.

"Our demands have been put before the CBDT and the government many times. Now we are talking of decisive action and if the government does not help us we will take the agitation further,” ITEF president A K Kanojia told PTI.

He said the associations will hold 'dharnas' (sit-ins) and demonstrations outside their respective offices in the country, the central body in the national capital here will submit memoranda to the finance ministry and the CBDT.

India home to 14 top Asian business dynasties: Forbes Asia

 India home to 14 top As India home to 14 top Asian business dynasties: Forbes Asiaian business dynasties: Forbes Asia

Washington: Families from India hold 14 spots in Forbes Asia's inaugural ranking of the top 50 Asian business dynasties with the Ambani family third on the list with a combined fortune of $21.5 billion.

India's Premji is seventh on the list with a fortune of $17 billion followed by Hinduja with $15 billion in ninth spot and Mistry ranked tenth with $14.9 billion.

Nearly half of the richest families in Asia are of Chinese descent, but none of them is based in mainland China, where conglomerates are young and run by first generations.

Thus India with 14 easily has the most spots from any jurisdiction.

South Korea's Lee family, who controls the Samsung Group, tops the list with a combined wealth of $26.6 billion.

Number two on the list is the Lee family of Henderson Land Development from Hong Kong with a combined wealth of $24.1 billion.

The Ambani family fortune includes the wealth of brothers Mukesh and Anil, both of whom inherited most of their father's fortune on his death in 2002 but opted to do business separately, Forbes said.

Mukesh's twins, son Akash and daughter Isha, work at and occupy board seats at telecom arm Reliance Jio Infocomm and Reliance Retail. Anil's son Jai Anmol works at Reliance Capital, it said.

The Burman family (No. 30, $5.5 billion) from India, who is featured on the cover of the magazine, has brought in professional managers to ensure the continuity of the business and family.

Anand Burman, the 63-year-old, fifth-generation scion and non-executive chairman of family-owned Dabur has seen net profits grow 24-fold, and market cap soar 40-fold since 1998, Forbes noted.

Dabur boasts a portfolio of 400 products-ranging from skin-care bleaches and ayurvedic shampoos to natural fruit juices-selling through nearly six million outlets across India. The family's 68 percent holding is valued at $5 billion.

The minimum combined net wealth to qualify for the list was $2.9 billion.

While most on the Forbes list have kept their flock together over generations, the 50 also includes those who've gone separate ways in business or are entirely estranged, Forbes said citing the example of the Ambani family.

Forbes also lists some near misses of clans who failed to make the inaugural list.

These included the Goenka family from India with a net worth of $2.75 billion.

Other Indian families not making the list were Parle Products' Chauhan with $2.7 Billion, DLF's Singh with $2.65 Billion, Marico's Mariwala with $2.55 Billion, Berger Paints India's Singh with $2.5 Billion and Bharat Forge's Kalyani with $2.1 Billion.

The Goenka family runs two separate conglomerates. Harsh Goenka, eldest son of founder Rama Prasad Goenka, chairs RPG Group, a $3 billion (revenue) company.

His son Anant is the managing director of the group's flagship company, tire maker Ceat.

Harsh's brother Sanjiv helms RP-Sanjiv Goenka Group, whose largest asset includes power utility company CESC; his 152-year-old supermarket chain Spencer's is run by son Shashwat.