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“If the wheels of the economy keep moving, we will have better GDP growth, better income and better expenditure and maybe in the next year or the year after that we can think of giving relief to the middle class," Revenue Secretary Tarun Bajaj said.
INTERVIEW | Corporate tax collection in FY21-22 expected to be better than pre-COVID collections: CBDT chief In an exclusive interview with Moneycontrol, PC Mody said that committees like those on Direct Tax Code (DTC) were constituted in a certain context and with certain intent in mind and it's not essential that all the suggestions of such committees get implemented. CBDT chief PC Mody Corporate tax collection would take a year or two to stabilise and reflect the full impact of the corporate tax rate reduction announced in 2019, PC Mody, chairman at Central Board of Direct Taxes (CBDT) to...
India Budget 2021: Why the country is in dire need of tax reforms Dhirendra Tripathi/Delhi Filed on January 31, 2021 Tax compliance in India has always been abysmal. However, the Modi administration is trying to make the framework simpler and people-friendly, amid the challenges of Covid-19. Amongst the biggest challenges any Indian finance minister faces is how to mop up more revenue to fund the government expenditure on defence, social welfare, and health. It’s a country where interpretation of tax can be arbitrary and revenue leakages are high. For the current incumbent, Nirmala ...
Budget 2021-22 expected to incorporate recommendations of panel on direct tax code The government had constituted the direct tax code task force to overhaul the Income Tax Act. January 27, 2021 / 04:47 PM IST Some of the recommendations made by the Direct Tax Code task force may find their way into Budget 2021-22 to be presented by Finance Minister Nirmala Sitharaman on February 1. Increasing the rebate provided for health insurance and payment of housing loans, changes in income tax slabs, and extending the leave travel allowance scheme are being considered in order to boost consumption...
Economic Survey 2020: Key takeaways India's revival in a post-pandemic world is not just about getting the economic policy right, but also about getting governance and national priorities right, political commentator and policy analyst Sanjaya Baru writes in "Beyond Coronaviruss Shadow - Mapping India's Economic Resurgence". A compendium of 20 scholarly essays by eminent economists, academicians and writers that Baru has also edited also includes a 12-point roadmap enunciated by Arvind Virmani, who has served as the government's Chief Economic Advisor and as India's Representative to the IMF....