Most of us don’t even get a single shot at making history — Manmohan Singh has a second chance The fiscal deficit is an outcome, not a policy. It is the net resolution of the policies pertaining to taxes and expenditure. It is worth analysing separately the two components of the deficit. The table reports the results of relating the tax and expenditure share of GDP to per capita income for...
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12 men owe 90% of total income tax dues
-The Financial Express The finance ministry today said income tax dues from 12 individuals, including stud-farm owner Hasan Ali Khan, account for 90 per cent of the total income tax outstanding. "The amount of outstanding income tax dues is a dynamic figure. As on September 30, 2010, about 90 per cent of the outstanding personal income-tax demand were due from 12 individual taxpayers," Minister of State for Finance S S Palanimanickam said...
More »Sonia Gandhi cites privacy, refuses to disclose info on I-T returns by Julie Mariappan
-The Times of India Congress chief Sonia Gandhi has declined to disclose details of her income tax returns under the RTI Act, citing personal freedom and security risk. In her reply to the I-T department, she also said there was no public interest involved in disclosing such information. Chennai-based RTI activist V Gopalakrishnan had sought details of her I-T returns from the year 2000-2001 to 2010-2011. The assistant commissioner of income tax,...
More »Last straw on the fisc back by Soumya Kanti Ghosh & Rajiv Kumar
The huge expenditure on the food bill, with the attendant leakages, could well make fiscal recovery impossible In the first part of this article, we have estimated the actual cost of implementing the food security bill in its current form. In this part, we now examine the fiscal sustainability of the same. The current state of the revenue and expenditure trends of the Central government (refer table) show that while revenue...
More »Muslim board intensifies campaign for demands by Khalid Akhter
The All India Muslim Personal Law Board (AIMPLB), the apex body of Indian Muslims, is venting its ire against the Congress-led UPA government after it got no response to its demands for amendments in Right to Education (RTE) Act, Waqf Property and Direct Taxes Code Bills. Though the board has been holding meetings across the country to mobilise public opinion since June 2011, the campaign has been intensified in the poll-bound...
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