-PTI The government has finally accepted the resignation of Team Anna member Arvind Kejriwal from the Indian Revenue Service (IRS), almost six years after he quit the job. The acceptance of resignation came 45 days after Kejriwal deposited over Rs 9 lakh as dues to settle the issue. "The government has finally accepted my resignation from the Income Tax Department. I received the letter today," Kejriwal told PTI. He had quit the IRS...
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Tax exemptions for rich costs govt Rs 4.6L cr
-The Times of India The subsidy for the poor is dwindling, but this has not deterred the government from lining up corporate houses' pockets. Last year, the Centre gave away potential revenue of Rs 4.6 lakh crore on account of various tax exemptions and incentives to industrialists, compared to the Rs 1.54 lakh crore on subsidy to poor and farmers. There are direct tax incentives and exemptions to businesses in the corporate...
More »Centre to set up Rs. 1,000-crore fund to promote housing for poor by P Sunderarajan
It will provide credit risk guarantee to banks on the loans Prime Minister Manmohan Singh on Tuesday announced that the Centre was considering setting up a credit risk guarantee fund with a corpus of Rs. 1,000 crore, to start with, to encourage banks to lend to the poor for housing. Emphasising that developing housing for the poor was critical for sustainable urban development, he said: “To encourage banks to lend in significant...
More »The Challenge of Inequality by Anil Padmanabhan
What is common between Brazil, Russia, India and China? That’s easy. They are the so-called BRIC countries. But, what is common between these BRIC countries and other emerging economies such as Indonesia, Argentina and South Africa? The answer: inequality. This disconcerting connect between these emerging economies is the focus of a report released last week by the Organization for Economic Cooperation and Development (OECD), the think tank for the club of...
More »Black money trail: Indian companies still parking funds in tax havens by Pradeep Thakur
The top 10 investment destinations for Indian companies in the last three years are all tax havens, if the US and UK which figure at number 4 and number 8, respectively, are discounted. The statistic, released by the finance ministry, reinforces the belief that the government has failed in curbing the flow of black money out of the country. Around 40% of the total investments in these three years have been...
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