-FirstPost.com The preliminary reactions of many people after the Budget presentation gave the impression that farm sector got a boost in terms of a significant increase in Budget outlays for the sector. But a closer look reveals that behind this apparent increase is the accounting adjustment of funds for interest subvention, earlier reported under the Ministry of Finance, now shown under the Ministry of Agriculture. In 2014-15, actual spending by the Department...
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Promise of Achhe Din? A Critical Analysis of Union Budget 2016-17 -Delhi Solidarity Group
-Report by Delhi Solidarity Group The Government of India presented its annual Budget with much fanfare, claiming it to be propoor and pro-rural, but the question looms whether it will really change the lives of the marginalized sections of the society. For a country like India that claims to be ‘democratic, socialist, sovereign, republic’ working towards the ‘welfare’ of its citizens it might be assumed that the key areas on priority...
More »Those under watch ineligible for income declaration scheme -Vikas Dhoot
-The Hindu The scheme also shuts out ‘innocent’ taxpayers who filed returns on time but whose cases were chosen for scrutiny to verify claims. Tax payers, whose returns were picked for random scrutiny by the authorities in recent years, would not be eligible to turn concealed income into ‘white’ under the Income Declaration Scheme (IDS), announced in the Union Budget to bring black money into the tax net. Experts believe this may...
More »How realistic are promises of doubling farm incomes? -Roshan Kishore
-Livemint.com A useful way to judge the feasibility of Arun Jaitley’s targets can be to look at how such indicators have behaved in the past While announcing an increase in rural spending, finance minister Arun Jaitley also set himself a target of doubling “the income of farmers by 2022” in this year’s Budget. Laudable as the ambition is, how achievable is it? First, there is the question of nominal versus real increase...
More »Tax waiver on 'affordable' flats may mean big profits for builders -Nauzer Bharucha
-The Times of India MUMBAI: The 100% tax waiver announced in the Union Budget on `small flats' to encourage affordable housing can lead to builders laughing all the way to the bank. Take a hypothetical case: Nothing stops a developer from constructing tiny 300square-foot apartments in tony Napean Sea Road in south Mumbai, selling them at, say, Rs 70,000sq ft, and getting a total tax waiver on profits. Experts say no law...
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