The budget 2016 proposes steps to rationalise TDS provisions for income tax and to improve cash flow position of small tax payers
GN Bureau | February 29, 2016
While presenting the general Budget 2016-17 in Lok Sabha, finance minister Arun Jaitley said that the government has already accepted many recommendations of the Tax Administration Reform Committee. He further proposed to accept a number of recommendations of Justice Easwar Committee in Budget 2016-17.
Highlighting that taxation is a major tool available to government for removing poverty and inequality, Jaitley said that it has to be exercised cautiously. In a major initiative aimed at small tax payers, the finance minister proposed to reduce multiplicity of taxes and associated cascading. He also proposed reduction in cost of tax collection and abolition 13 cesses levied by various ministries in which revenue collection is less than Rs 50 crore in a year.
Gotabaya Rajapaksa, the new president of Sri Lanka, won the November elections that were held amid continued polarization in the island nation. As defence secretary, he had led the government’s decisive fight against the LTTE rebels in 2009, in which most of the guerrilla leaders were killed. Thus en
Sahitya Akademi, the autonomous organization under the ministry of culture, has been silently promoting Indian literature abroad through a host of activities, including promotion of translations. The Akademi has helped translate much-talked about Bangla novel ‘Herbert’ by Nabarun
Once a guest hands over the car keys to the valet, the vehicle is under the hotel’s responsibility, and it will have to compensate any damage to it, the supreme court has ruled. In a judgment under the contract law, a bench of justices Mohan M Shantanagoudar and Ajay Rastogi has upheld
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When the corridor to the Gurudwara Darbar Sahib, in Kartarpur (Pakistan), was opened for the pilgrims from India on November 9, prime minister Narendra Modi recalled the fall of Berlin Wall, which took place on the same date 30 years ago. The Berlin Wall collapse not only reunited the two Ge