Comprehensive tax reforms would be carried out in the next budget after taking into account the suggestions of Kelkar Task Force, which will submit its report within a few days, Finance Minister P Chidambaram said on Monday.
We are likely to see Section 88 benefits on PPF, NSC, infrastructure bonds and insurance decline from current levels. This will hit the salaried class where it hurts.
"In rural India, even minimal infrastructural facilities are not available for farmers. It is unthinkable to impose a tax on agricultural income, says Rajnath Singh
The Vijay Kelkar task force on direct and indirect taxes, submitted its report to Finance Minister Jaswant Singh.
The finance ministry and Reserve Bank of India plan to put in place a Tax Information Network proposed by the Kelkar Task Force, in a bid to improve tax administration and check evasion.
Vijay Kelkar, advisor to the finance minister, on Friday submitted the final reports on direct and indirect taxes to Finance Minister Jaswant Singh.
'Modi had not discussed demonetization with me prior to his announcement on 8 November 2016. 'I learnt of it along with the rest of the country. 'I was not surprised when he did not discuss the issue with me prior to making the public announcement. 'It fitted in with his style of making dramatic announcements.' A fascinating excerpt from Pranab Mukherjee's The Presidential Years: 2012-2017.