The Finance Ministry has begun its maiden investigation into over 100 offshore "financial structuring deals" undertaken by Indian business entities in foreign tax havens to allegedly evade the taxman's net. The multi-pronged probe has been undertaken by the international taxation wing of the Income Tax department and the foreign taxation unit in the Central Board of Direct Taxes (CBDT). A number of investments and deals to the tune of billions of rupees...
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Maharashtra—chronicle of a death foretold? by Ranjona Banerji
Over the past two decades, Maharashtra’s leaders and caretakers have carefully steered it from being India’s most progressive and forward-looking state to lying on the verge of becoming one of India’s most backward.This is no mean achievement. Mumbai, as is well known, contributes close to 40% of the nation’s Direct Taxes. In 2003-2004, Maharashtra’s net state domestic product was second only to Haryana’s and the gross domestic product was 13%...
More »An income commission for farmers by Sreelatha Menon
When little children in cities have a Happy Meal burger at McDonalds and get a Batman car or Ben 10 toy free, they are getting much more for free — all gift-wrapped by wheat and potato farmers in some far-off village. They are not paying for the labour put in by the farmer, the profits forgone by him, and the higher cost of living that he did not bill on...
More »“I have neither seen nor heard the Radia tapes”
Union Home Secretary G.K. Pillai on Saturday said he had neither heard nor seen the tapes of conversations between corporate lobbyist Niira Radia and others, and denied leaking the tapes at the behest of Home Minister P. Chidambaram.“I wish to clarify that neither I, nor the Ministry of Home Affairs had, or have any access to any of the tapes concerning the interception of Ms. Radia's telephones,” Mr. Pillai said...
More »Don't shoot messenger for revealing uncomfortable truths by Julian Assange
WIKILEAKS deserves protection, not threats and attacks. IN 1958 a young Rupert Murdoch, then owner and editor of Adelaide's The News, wrote: "In the race between secrecy and truth, it seems inevitable that truth will always win." His observation perhaps reflected his father Keith Murdoch's expose that Australian troops were being needlessly sacrificed by incompetent British commanders on the shores of Gallipoli. The British tried to shut him up but Keith Murdoch...
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