Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The area under paddy - the biggest foodgrain during the kharif season - was almost 13 per cent lower in the week ended August 5 as compared to the same period last year despite a slight pick-up in rains in the main growing regions, triggering fears of a 10-12 million-tonne drop in final output. Sources said with the peak sowing season for paddy almost coming to an end in the big-growing states, any uptick in coverage from here onwards may not give the desired yields. With 30 per cent of normal average area in which paddy is grown every year remaining unsown till early August, there is a limited chance of a big uptick in output, trade and market sources said.
India's opening stocks of wheat in the central pool are expected to be 19.5-20 million tonnes as on April 1, 2022, the lowest in the last three years, but much higher than the normative level required for maintaining a buffer and strategic reserve, trade and market sources said. In accordance with the buffer and strategic reserve norms, India should have a wheat stock of 7.5 million tonnes in the central pool as on April 1 each year and this year's stocks, though the lowest in the last three years, will still be over 160 per cent more than what is required. On the export front, both government and trade sources are unanimous that this year (FY22) they will be 7-7.25 million tonnes, a record, while in the next financial year, they might touch even 10 million tonnes if the current momentum is maintained.
Apart from this, employers may be allowed to deduct EPF contributions only on the basic pay of up to Rs 15,000, even if the employees' basic pay is above this ceiling. While on one hand this will allow companies to lower their wage bills, employees can also get a higher salary in hand.
Finance Minister Nirmala Sitharama on Thursday stated the government is planning to provide a relief package of Rs 1.7 lakh crore to the underprivileged, poor and migrant workers affected by the lockdown amid the coronavirus outbreak. The scheme has been named the Pradhan Mantri Garib Kalyan Scheme.
Tax wing scanning cash deposits between Rs 5-10 lakh
I-T heat on thousands of firms for unusual cash deposits.
5-kg free food grains per person per month would be given to around 80 crore people for the two months.
The announcement by Banerjee, who is also the chief of the ruling TMC, comes just months ahead of the assembly polls, due in April-May.
On the extension of the PMGKAY, he said it will cost the government Rs 90,000 crore more.
The free food scheme is driven by electoral considerations, but its long-term fiscal risks outweigh the short-term gains, cautions A K Bhattacharya.
A decision in this regard was taken in the Cabinet meeting chaired by Prime Minister Narendra Modi.
Elections are scheduled in five states of Uttar Pradesh, Uttarakhand, Manipur, Goa and Punjab.
The Supreme Court on Wednesday said there must be a "debate" on the "serious" issue relating to the practice of political parties promising freebies and asked why cannot the Centre call for an all-party meeting on it.
In the three months leading up to the Assembly elections, Chief Minister Yogi Adityanath's government distributed over 1.4 million tonnes (MT) of wheat, 0.95 MT of rice, 0.10 MT of chana (gram), 101.9 million litres of soybean oil and 100,000 tonnes of salt as free ration. This was part of the Covid relief package, officials said.
Stating that the food subsidy bill is becoming "unmanageably large", the Economic Survey 2021 on Friday suggested the government to increase the selling price of foodgrains provided through ration shops to over 80 crore beneficiaries. Foodgrains via ration shops are supplied at highly subsidised rates of Rs 3 per kg for rice, Rs 2 per kg for wheat and Rs 1 per kg for coarse grains through Public Distribution System (PDS) as per the National Food Security Act (NFSA). "While it is difficult to reduce the economic cost of food management in view of rising commitment towards food security, there is a need to consider the revision of central issue price (CIP) to reduce the bulging food subsidy bill," the survey said.
Limited IT staff may compel them to focus on big fish than small depositors.
A 6-7 million tonnes shortfall in rice production due to a fall in paddy sowing area is likely to keep rice prices at elevated levels, adding to the inflationary pressure that the slowing economy is already grappling with. Elevated food prices, including that of cereals, had led to retail inflation reversing a three-month declining trend, to touch 7 per cent in August. Similarly, the wholesale price inflation, which declined to 11-month low, also showed price pressures from cereals resulting from wheat output being impacted by severe heat waves in some parts of the country.
Union Home Minister Amit Shah on Monday expressed concern over vaccine hesitancy in some communities and urged people to spread awareness about the benefits of inoculation to win the battle against coronavirus.
'The stimulus message was tagged on to what was meant to be an exhortation to self-reliance, glossing over the near impossibility of merging the immediate requirement of relief for a huge population and a questionable strategy for the future trajectory of a large economy aspiring to superstardom,' points out Shreekant Sambrani.
The government's food subsidy in the ongoing fiscal year is expected to be a little less than Rs 4 trillion.
Includes those dealing in high-value property and petrol pump owners
Modi will address the rally at village Nagla Chandrabhan in Mathura of Uttar Pradesh, which is Upadhyay's birth place.
Launching the scheme, Modi said during the nationwide lockdown, the talent from cities returned to villages and it will now give a boost to development of rural areas. The 'Garib Kalyan Rozgar Abhiyaan' will be implemented on a mission mode in 125 days in 116 districts of six states -- Bihar, Madhya Pradesh, Uttar Pradesh, Rajasthan, Jharkhand and Odisha -- that received the maximum numbers of migrant workers back.
While the central bank had publicly cited only Rs 15.55 trillion of high value notes were cancelled, in an RTI reply to PTI, it had said the actual quantum of bills cancelled was much higher at Rs 20.51 trillion.
Asserting that Uttar Pradesh has undergone a complete transformation under his government, chief minister Yogi Adityanath said on Sunday that there have been no riots since 2017, strict action has been taken against the mafia and the state is in the frontline of implementing welfare schemes, ensuring the ease of doing business and fighting the COVID-19 pandemic.
Gadkari said, infrastructure sector including highways, airports, inland waterways, railways, logistic parks, broad gauge and metro, apart from MSMEs can attract large scale foreign investment.
'We have not issued notices randomly.' 'We have done the risk profiling of individuals, and sent to those whose profile has not matched with their declared income.'
The Supreme Court on Wednesday asked stakeholders like the Centre, Niti Aayog, Finance Commission and the Reserve Bank of India, to brainstorm on the 'serious' issue of freebies announced during elections and put forth 'constructive suggestions' to tackle it, saying no political party will oppose such handouts or like to debate it in Parliament.
The economy could return to 8% growth by the end of 2017-2018, says Arvind Panagariya, vice-chairman NITI Aayog.
The Budget will 'further reignite our growth engine, signalling the dawn of a prosperous future.'
The situation could become more acute as millions of migrants who had returned to their villages during the lockdown come back to the towns for higher wages and better livelihoods.
Prime Minister Narendra Modi on Friday said India's growth story is being disrupted by forces with a colonial mindset, including in the name of freedom of expression.
'The current economic contraction is certainly due to the lockdowns as a response to the pandemic, which is an act of God.' 'Nobody has seen such a thing in the last 100 years.' 'Saying that this was an act of mismanagement is largely incorrect'
Prime Minister Narendra Modi's announcement of providing free inoculation to all adults will entail total spending of anywhere between Rs 45,000 crore and Rs 50,000 crore. This is higher than Rs 35,000 crore that the government had budgeted.
The official twists and turns have raised questions on the government's credibility and its ability to pull the nation out of the demonetisation quagmire. To keep up with the new rules, the government has issued an updated FAQ on demonetisation.
Here's the full text of address to the nation by President Droupadi Murmu on the eve of the Republic Day 2023.
The Rs 20 lakh crore package includes Rs 1.7 lakh crore package of free foodgrains to the poor and cash to poor women and elderly, announced in March, as well as the Reserve Bank's liquidity measures and interest rate cuts.
Here's the full text of President Ram Nath Kovind's customary address to the joining sitting of Parliament on the first day of the budget session.
Measures may include tax slab and rate revisions for individuals, companies.
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