-Scroll.in Non-profit organisations will now have to renew their registrations under the Income Tax Act every five years. On February 1, when Finance Minister Nirmala Sitharaman introduced the Budget in Parliament, she presented a number of amendments under the Finance Bill 2020. Some of these alter the validity of registrations granted to Indian non-governmental organisations. The Bill, which will come into effect on June 1, amends certain sections under the Income Tax...

-Newsclick.in The Economic Survey 2019-20 indicates that the government’s broad policy direction will remain the same -- of neglecting the social sector and serving the interests of the big businesses. This year’s Economic Survey begins with emphasising the importance of wealth of nations (inspired by Adam Smith) and depicts long-term contributions of the US, China, India and various other countries in world GDP (gross domestic product). The shares of China and India...

-Newsclick.in Punjab is industrialised and its agriculture is mechanised. The state is in the grip of a downturn which has hurt the migrant poor most. The Union Budget is the talk of the town, but the economic downturn is not. The prevailing economic situation has hurt all sectors of the business and economy. One symptom of the downturn is that unemployment has broken a 45-year record. Even if these facts are known,...

-The Indian Express The savings rate, expressed as a percentage of the gross domestic product, reflects the pool of investible funds within the country that are available for the government and private businesses to use for investment purposes. The government’s plan to gradually get rid of all exemptions and deductions under the personal income tax regime — in a bid to provide lower taxes and a simplified tax architecture as well as...

-Decoding the Priorities: An Analysis of Union Budget 2020-21, Centre for Budget and Governance Accountability (CBGA), February 2020 The publication presents an analysis of the priorities in Union Budget 2020-21, both on public expenditure and resource mobilisation front. It has been divided broadly into five chapters. The first chapter focuses on a host of important aspects under Resource Mobilisation, like domestic tax policy, international taxation policy, financial transparency, and Centre-State...