At last the budget day arrived and we have heard the budget speech of Finance Minister. Some of us could also read few relevant papers of budget document. On macro view, the budget seems to be an non event so far as providing impetus and further fuel to the economy is concerned, there being no major policy steps in taking a leap into the next decade. This opportunity could have been used, more so 2012 being first year of the new five year plan.
Ahead of the Annual Union Budget later this Week, Select Committee of the Parliament, which has scrutinized the Direct Tax Code Bill (DTC), likely to replace Income Tax Law of 1961 has recommended some very significant tax reforms and tax payer’s friendly measures.
The economic growth is now expected to be marginally over 7 percent, though capital formation and investments have slowed down, global economic and financial conditions are under pressure, inflation has declined but still a cause of worry and fiscal deficit continues to be of concern. In this backdrop, it is no body’s guess as to what the forthcoming budget is going to be.
Dr. Sanjiv Agarwal While India celebrated it 64th independence day early this month, independent India still struggles for freedom in more than many ways. It is indeed time for one and all to introspect in retrospect and prospect as to what we have achieved and what we ought to be, as an individual , as […]
While the Finance Minister has said that his priorities were directed towards making taxes moderate, payment simple and collection of taxes easy for the tax collectors, the changes proposed result in higher indirect tax collection by over Rs. 11000 cores. He admits that there has been a healthy growth in indirect taxes in 2010-11 and as such peak tax rates have not been tinkered with.
