The unseemly haste with which the finance minister has replaced ‘permanent establishment’ with ‘significant economic presence’ will open up the floodgates for international tax disputes.
There is a paucity of demand of India – which requires an expansionary fiscal policy to revive employment, growth and investment.
The revised fiscal deficit target of 3.3% does not stand the test of credibility as it is based on a rather optimistic assumption that GDP will grow by 11.5%.
The PHD Chamber of Commerce has also batted for replacing all income tax with a banking transaction tax, an idea that has found favour within parts of the Sangh Parivar but has been rejected by most economists.
The survey examines the impact of the Modi government’s push for formalisation but is relatively less silent on what it means for employment and socio-economic development.
The inability of the economy to generate employment opportunities for millions of Indians is developing into a serious social, economic and political issue.
The tax bill is expected to add at least $1 trillion to the $20 trillion US national debt over 10 years, even after accounting for the economic growth it might spur, according to independent government analyses.
The Tamil television channel is controlled by jailed AIADMK leader Sasikala’s family.
Year-to-year growth of tax payers in 2016-17 was 26% (with demonetisation), which is less than 27.6% during 2015-16 (without demonetisation).
Officials familiar with the the details of the early morning raids said a team of IT sleuths also reached the resort where D.K. Shivakumar was staying to question him.
In court, the government said Aadhaar is needed because there are lots of fake and duplicate PAN cards. So why won’t it say how many dodgy Aadhaar cards there are?
The two-judge bench said the PAN cards of those people who are not Aadhaar card holders, and who do not comply with the provision of Section 139(2), cannot be “treated as invalid for the time being”.
By taxing the incomes of the top 4.1% of total agricultural households, as much as Rs. 25,000 crore could be collected as agriculture income tax.
IT searches revealed a routing of Rs 89 crore for “distribution to voters” in the constituency, which was set to vote on Jayalalithaa’s successor on April 12.
From mandatory Aadhaar and compromised tribunals to opaque political funding, this year’s Finance Bill has it all.
Reports say the Centre has proposed this rule through an amendment to the Finance Bill.
Patanjali Yogpeeth, Baba Ramdev’s flagship project, is one of India’s largest yoga institutes. Its purpose is to practise, research and develop yoga and ayurveda, as well as manufacture ayurvedic medicines.
Using tax collection numbers as signifiers of robust economic activity may be highly optimistic.
The Election Commission has also recommended that the government amend laws to allow exemption from tax only to parties that win seats in elections.
Globally, successful tax amnesties are the exception rather than the norm. We have yet to see whether IDS 2016 will have any lasting effect.
Although RTI activist Shubhash Chandra Agrawal alleged that many political parties exist only to “whiten black money”, the CBDT remained silent on whether tax exemptions are indeed used to channel illegal funds.
Finance Minister Arun Jaitley said the data will help in better targeting of government policies
Taxpayers will not be required to provide the details of foreign trips undertaken, or expenditure incurred while abroad, only their passport number and the IFSC code for any foreign bank accounts.