Following the pandemic, the income of the bottom 50 per cent of the population is estimated at 13 percent of national income and 3 percent of total wealth Apoorva Mahendru, Kanishk Gomes, Mayurakshi Dutta, Noopur, Pravas Ranjan Mishra Oxfam International's annual inequality report makes for stark reading. The India supplement, part of the main report, states that the top 1 percent of Indians own nearly 40.6 percent of the total wealth in...
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Corporate tax assessment: CAG spots major errors in over 350 cases
-The Hindu Business Line Suggests CBDT to create a foolproof IT system, internal control mechanism The Comptroller and Auditor General of India (CAG) has pointed out significant errors in the assessment of over 350 cases related to corporate tax. It also advised the Central Board of Direct Taxes (CBDT) to put in place a foolproof IT system and internal control mechanism to avoid such recurrences. In a report tabled in Parliament, the apex...
More »Farming became costlier between crop years 2012-13 and 2018-19, shows the latest available NSO data
One is almost certain to hear this from an economist that if something is available at free of cost or at a subsidised rate thanks to government intervention, then people tend to overuse or overconsume such goods/ commodities. So, the best solution is to create a market for such 'almost freely available' or 'highly subsidised' goods or commodities. Once people start paying to use or consume such goods/ commodities, they...
More »Contribution to Patanjali Research Foundation to get Tax Exemption -Shishir Sinha
-The Hindu Business Line Central Government approved the Baba Ramdev-owned entity under the category ‘Research Association’ The Income Tax Department has notified five years exemption for Patanjali Research Foundation Trust, based in Haridwar (Uttarakhand). “The Central Government hereby approves M/s Patanjali Research Foundation Trust, Haridwar under the category ‘Research Association’ for Scientific Research for the purposes of clauses (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 read with rules...
More »FCRA rules hit overseas COVID aid to hospitals, NGOs -Vikas Dhoot
-The Hindu FCRA approvals take a lot of time, the government needs to urgently grant an exemption for all such donations, tax and legal experts said. Indian entities, including hospitals and charitable trusts, hoping to receive COVID-19 relief material from overseas individual donors or donor agencies, could be in trouble, unless they are registered under the Foreign Contribution Regulation Act (FCRA) with a stated objective involving provision of medical care. On May 3,...
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