-The Telegraph The obvious question: if the cash withdrawal isn’t designated as “income”, how can you tax it under the “income” tax act? The Narendra Modi government has left tax consultants and legal eagles deeply puzzled as they try to wrap their heads around the legalese of a change to the income-tax act. The change, incorporated in the budget presented by Nirmala Sitharaman and amended afresh on Thursday, mandates banks to deduct a...
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Demands for Grants, finance bill may escape scrutiny of Parliamentary panels -Shishir Sinha
-The Hindu Business Line Almost half of the budgetary exercise is over, but Parliament is yet to see formation of department-related standing committees (DRSC). This means Demands for Grants and the finance bill will not be vetted by DRSCs as of now. The Lok Sabha is scheduled to take up the finance bill for consideration and passage during the week starting July 15. There will also be discussions and voting on Demands...
More »Government keeps options open for more fuel price hikes -TCA Sharad Raghavan
-The Hindu finance bill provides for rise of Rs.5/litre While the Budget has effected a hike in the duties and cess on petrol and diesel amounting to Rs.2 per litre, the government has given itself the leeway for a further increase of levies by Rs.5 per litre, Revenue Secretary Ajay Bhushan Pandey said. While Finance Minister Nirmala Sitharaman had announced a Rs.1/litre increase in the Special Additional Duty (SAD) on petrol and diesel...
More »Budget 2019 Sorely Lacks a Coherent Vision for Long-Term Growth -MK Venu
-TheWire.in While Nirmala Sitharaman's maiden budget hit all the right political notes, its fiscal math is far fuzzier. The first budget of the Narendra Modi government 2.0 is very high on political rhetoric around empowering the poorest in ‘New India’, but does not have a clear road map of how a fully-funded welfare state will be sustained without a robust revival in growth, based on the twin engines of investment and consumption...
More »Jagdeep S Chhokar, one of the founders and trustees of Association for Democratic Reforms, interviewed by Ajaz Ashraf (CaravanMagazine.in)
-CaravanMagazine.in India is often hailed for its democracy, for empowering its poor and ordinary citizens to participate in the electoral process and play a role in shaping the country. This narrative has increasingly come under strain since the Supreme Court, through its March 2003 judgment in Union of India vs Association for Democratic Reforms, made it mandatory for candidates contesting elections to disclose their wealth, educational qualification, and criminal cases pending...
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