Quite often it is argued by mainstream economists that a sizeable chunk of the Union Budget every year is wasted because the Government spends that on food and fertiliser subsidies. The burgeoning size of these two subsidies relative to the entire budget as well as the gross domestic product (GDP) is often used to build the argument that economic as well as environmental sustainability of the country is at stake...
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Budget riddle on cash withdrawals: 'Income' tax on 'non-income' -Sambit Saha
-The Telegraph The obvious question: if the cash withdrawal isn’t designated as “income”, how can you tax it under the “income” tax act? The Narendra Modi government has left tax consultants and legal eagles deeply puzzled as they try to wrap their heads around the legalese of a change to the income-tax act. The change, incorporated in the budget presented by Nirmala Sitharaman and amended afresh on Thursday, mandates banks to deduct a...
More »A new mandi tax -Harish Damodaran
-The Indian Express A 2 per cent TDS on cash withdrawals beyond Rs 1 crore may hit the farm trade hard. One of the 2019-20 Union Budget’s less-discussed proposals, having significant implications for agricultural trade, is the levy of a 2% TDS (tax deducted at source) on cash withdrawals exceeding Rs 1 crore in a year from any bank account. The levy — aimed at promoting “digital payments” and a “less cash...
More »Aruna Roy, well-known social and political activist, interviewed by Jipson John and Jitheesh PM (Frontline.in)
-Frontline.in Interview with Aruna Roy. ARUNA ROY is a well-known social and political activist. A former Indian Administrative Service officer, she resigned from the IAS in 1975 and has since worked with the most oppressed in society. Aruna Roy’s observation on government service is indicative of her future concerns: “Everyone calls it an elite service; I always felt the discourse should be a bit better than what it was. I was shocked...
More »New metric for jobs growth to include informal economy -Prashant K Nanda
-Livemint.com The govt will count jobs created in establishments deploying less than 10 people, which essentially means that shops run by one owner and one employee too will be counted as employment generation New Delhi: Expanding the scope of job creation in the country, the National Democratic Alliance (NDA) government has now decided to start counting jobs created in the non-farm informal sector. The government has asked labour bureau under the Union labour...
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