-The Hindu Business Line It should have considered universal basic income. But sadly, budgets are not seen as a means to meet socio-economic goals The Union Budget attracts considerable media hype and debate. Democracy, if understood as a contract between the state and its citizens, may have to use the budgetary process to ensure not only prosperity for all, but justice or fairness to the most disadvantaged among them as well. A rational...
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One per cent suspicious accounts means I-T has to probe 40 lakh cases -Jay Mazoomdaar & P Vaidyanathan Iyer
-The Indian Express The demonetisation deadline ends on December 30, and a day later, the I-T officers are expected to complete their scrutiny assessment work. New Delhi: Even if just one per cent of the total 40 crore bank accounts are red-flagged as “suspicious” during analysis by the Income-Tax department after sifting through data made available to it by banks, the tax officers would be saddled with a staggering 40 lakh...
More »No plan to tax agricultural income: Govt
-The Times of India New Delhi: Amid predictions of good monsoon rainfall, Union agriculture minister Radha Mohan Singh on Tuesday said the country would definitely see higher foodgrain production during 2016-17 even as he made it clear that there is no plan to tax agricultural income. While giving his reassurance, he said the Centre will probe if there was any anomaly in the system with regard to undeclared incomes. He said he...
More »Soon, submit income tax return copy to get LPG subsidy -Amitav Ranjan
-The Indian Express The IT Act forbids the income tax department from sharing income details of an assessee unless the Central government specifies an officer, authority or body to receive the data to perform his or its functions under a law. Soon you will have to submit a copy of your income tax return (ITR) every year to the LPG dealer to claim subsidy on cooking gas cylinders. With the voluntary GiveItUp...
More »The indirect benefits transfer -Jayati Ghosh
-The Hindu India’s record in collecting taxes has been pathetic, and it is getting worse. The declining rates of direct taxation are an indication of the political choices of the government We now have a peculiar combination in the economic policy of India: a declared attempt at fiscal consolidation, combined with a reluctance to do what it takes to raise tax revenues. This unfortunate juxtaposition has meant a squeeze on Central government...
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