-The Hindu No plan to merge the EPF with NPS, says Nirmala Sitharaman. Finance Minister Nirmala Sitharaman has said there is no intent to discourage higher income earners from saving with the Employees Provident Fund (EPF) and that she was open to reviewing the contribution limit of ₹2.5 lakh a year for tax-free interest, imposed in the recent Union Budget. Reiterating that the EPF will continue to remain in its present form, the...
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Farm laws and ‘taxation’ of farmers -R Ramakumar
-The Hindu To show Indian agriculture as being net taxed to argue for the farm laws has poor conceptual validity Over the past three decades, a major rationale offered in favour of liberalising Indian agriculture was that farmers were “net taxed”. In other words, incomes of farmers were kept artificially lower than what they should have been. It was argued that this “net taxation” existed because protectionist policies deprived farmers of higher...
More »NK Singh, chairman of the 15th Finance Commission, interviewed by Zia Haq (Hindustan Times)
-Hindustan Times The chairman of the 15th Finance Commission, NK Singh, spoke to Zia Haq about the final report of the Commission for 2021-26 which has now been made public. Edited excerpts. The Constitution, through Article 280 to 281, provides for finance commissions every five years as a mechanism for sharing of taxes and revenues vertically between the Centre and states; and horizontally among all states, based on levels of development, demographic...
More »Union budget fails to address 'urgent' spending needs in social sector: Oxfam
-Counterview.net Even as calling Finance Minister Nirmala Sitharaman’s budget “historic”, top international NGO Oxfam, pointing towards “some gaps” in it, “especially while addressing inequalities on the lines of caste, class, gender and occupation”, has regretted that the budget “does not address the urgent spending needs in the social sector, especially in health and education.” In a statement, Oxfam India quotes CEO stating that “the Union Budget 2021 has failed to address inequality...
More »How Could the New Farm Laws Bring Agricultural Income Under the Tax Net? -Jaimal Shergill
-TheWire.in Farmers may have to pay 18% GST on the income earned through corporate farming, which the new laws are expected to promote. Like a retro Bollywood movie with multiple double acts and plot twists, the controversy surrounding the three farm laws is not just limited to the specific legislations per se, but there is more to it, much more sinister. When the Income Tax Act, 1995 (ITA) and Central Goods and...
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