-The Times of India NEW DELHI: The government said on Saturday that filing income tax returns and applications for permanent account number or PAN cards will, from July 1, mandatorily require Aadhaar cards, or at least the applicant's enrolment number for the unique identity (UID). The order came a day after the Supreme Court upheld the law, Section 139AA of the Income Tax Act, that mandates the possession of Aadhaar cards...
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From plate to plough: Farm and the tax -Ashok Gulati & Siraj Hussain
-The Indian Express A smooth GST regime can break inter-state barriers on movement and facilitate direct linkages between processors and farmers After more than a decade of intense discussion and debate, the GST is finally becoming a reality. Although in its current form, it is not as perfect as was originally envisaged, yet it is being lauded as one of the most transformational reforms since 1991. Finance Minister Arun Jaitley was humble...
More »5% GST on hulled grain may hit millets hard -Sharath S Srivatsa
-The Hindu Millet traders plan to approach Finance Ministry for relief; tax rate will not only affect consumers, but also farmers Bengaluru (Karnataka): The 5% tax on hulled grain, under the Goods and Service Tax (GST) to be rolled out from July 1, is going to be a dampener for many. For the first time, millet rice is coming into the tax bracket, and this will make it dearer for consumers. Known for...
More »Can we measure demonetisation's impact on income tax collections? -Roshan Kishore
-Livemint.com One-off gains from Income Disclosure Scheme 2016 call for scepticism about any immediate claims of demonetisation having widened India’s income tax net News reports have quoted government officials making claims about a record increase in the number of income tax payers in 2016-17. Should such claims be seen as a success of demonetisation in forcing unscrupulous individuals to become a part of income tax net? An analysis of Direct Tax collection...
More »Deposit gush: CA Institute bats for special audit -KR Srivats
-The Hindu Business Line Need to assess impact of demonetisation on banks, says ICAI chief Vikamsey New Delhi: The CA Institute has urged the Finance Ministry and the Reserve Bank of India (RBI) to allow its members to undertake focused “special audit” of deposit flows into the banking system during the demonetisation period, which started on November 8 and ended on December 31 last year. There is a need to assess the demonetisation...
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