-The Times of India New Delhi: Amid predictions of good monsoon rainfall, Union agriculture minister Radha Mohan Singh on Tuesday said the country would definitely see higher foodgrain production during 2016-17 even as he made it clear that there is no plan to tax agricultural income. While giving his reassurance, he said the Centre will probe if there was any anomaly in the system with regard to undeclared incomes. He said he...
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Soon, submit income tax return copy to get LPG subsidy -Amitav Ranjan
-The Indian Express The IT Act forbids the income tax department from sharing income details of an assessee unless the Central government specifies an officer, authority or body to receive the data to perform his or its functions under a law. Soon you will have to submit a copy of your income tax return (ITR) every year to the LPG dealer to claim subsidy on cooking gas cylinders. With the voluntary GiveItUp...
More »The indirect benefits transfer -Jayati Ghosh
-The Hindu India’s record in collecting taxes has been pathetic, and it is getting worse. The declining rates of direct taxation are an indication of the political choices of the government We now have a peculiar combination in the economic policy of India: a declared attempt at fiscal consolidation, combined with a reluctance to do what it takes to raise tax revenues. This unfortunate juxtaposition has meant a squeeze on Central government...
More »Govt mines tax data to prune LPG subsidy list -Jyoti Mukul & Sudheer Pal Singh
-Business Standard Petroleum ministry went through the list of consumers in affluent areas to find only 3% earning over Rs 10 lakh/year had surrendered their cooking gas subsidy The government is monitoring people earning over Rs 10 lakh a year who have not given up their cooking gas subsidy. Income tax data was being examined in affluent areas, Petroleum Minister Dharmendra Pradhan told Business Standard. This year's Economic Survey said Rs 1 lakh...
More »Centre changes tack on LPG subsidy campaign -TCA Sharad Raghavan
-The Hindu The government seems to have given up on the Give It Up Campaign for LPG cylinders and has begun debarring LPG users who earn more than Rs. 10 lakh a year from the subsidy starting from their next refill. “Since your income is above 10 lacs, LPG subsidy is not admissible as per govt directive. Pl submit a declaration to distributor if your income is below 10 lacs,” LPG distributors...
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