-The Asian Age Replacing income-tax with a banking transaction tax is an unworkable idea. The poor will end up paying a lot more: Subhanil Chowdhury The idea that all taxes in India should be abolished, except import duty, and replaced by a bank transaction tax (BTT) is a deeply flawed one for a number of reasons. First, there are only few countries in the world that do not have income-tax — oil rich...
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CAG flags tax breaks for companies
-The Hindu Report tabled in Parliament says Reliance gained Rs. 5,245 crore from the exemption. The Comptroller and Auditor-General (CAG) has castigated the Income-Tax Department for extending tax exemption amounting to hundreds of crores to several companies by inappropriately extending benefits available for infrastructure projects. In a report tabled in Parliament on Tuesday, the CAG said the biggest beneficiary was Reliance Industries Ltd. (RIL). “We noticed in eight cases in two States that the...
More »The widening class divide -Tanu Kulkarni
-The Hindu Children from the RTE quota are often left feeling small as equality seems to be lost in monetary disparity Thirty-two-year-old Uma Devi (name changed) is conspicuous in a crowd of parents who have come to pick their children up in swanky cars. She works as a Group D employee at a government hospital, but thanks to the 25 per cent reservation quota mandated by the Right to Education (RTE) Act,...
More »Foreign cash for parties
-The Telegraph New Delhi: The Centre today told the Supreme Court that political parties that received donation from Indian subsidiaries of foreign companies could not be said to have flouted the Foreign Contribution Regulation Act as Parliament had amended the relevant provision in 2010. Neither the BJP nor the Congress had, therefore, violated the FCRA in receiving donations from the Vedanta Group's Indian subsidiaries between 2007 and 2009, the Centre contended. Hence,...
More »Did Modi receive over Rs 55 crore from the Sahara Group as the chief minister of Gujarat? -Paranjoy Guha Thakurta and Advait Rao Palepu
-Economic and Political Weekly Documents seized by the Income Tax Department in private corporations imply pay-offs were made to the PM and leading politicians. At 8 pm on 8 November 2016, as Prime Minister Narendra Modi took to a live broadcast on Doordarshan to make the historic announcement that the government was demonetising notes of Rs 500 and Rs 1,000, emphasising his commitment to ridding India of the “evils of corruption” and...
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