Snehal khanna Blog

Chief Economic Adviser Arvind Subramanian will be a permanent special invitee in the task force LATEST NEWS :  The government on Wednesday constituted a task force for redrafting the 50-year old income tax law in sync with the economic needs of the country. The six-member task force will have Arbind Modi, CBDT Member (Legislation) as the Convener and other members, including Girish Ahuja (chartered accountant), Rajiv Memani (Chairman and Regional Managing Partner of EY) and Mansi Kedia (Consultant, ICRIER). Prime Minister Narendra Modi, during the annual conference of tax officers in September, had observed that the Income-tax Act, 1961 was drafted more than 50 years ago and it needs to be redrafted. "Accordingly, in order to review the Act and to draft a new direct tax law in consonance with economic needs of the country, the Government has constituted a task force," a finance ministry statement said. The task force will submit its report to the go...

The assembly elections will take place in two phases for 182 seats LATEST NEWS :  Gujarat assembly elections will be held in two phases for 182 seats on December 9 and 14 and counting of votes will take place on December 18. "There are 4.33 crore voters in Gujarat. 50,128 polling booths will be set up. Gujarat assembly poll will be fully VVPAT-based. There will be 102 all-woman manned stations," said Chief Election Commissioner Achal Kumar Jyoti while annoucing poll dates. The Model Code of conduct comes into effect immediately. "Voter assistance booth will be set up for every polling station and differently-abled voters will be given preference. Height of voting compartment increased to maintain secrecy," he added. Videography, CCTV, webcasting coverage will be done for all critical events without violating secrecy. Candidates will be required to open separate bank accounts for election expenditures and ceiling of election expenditure is ...

Over 50 years, the loan repayment value will be much higher based on the inflation differential Prime Minister Narendra Modi has claimed the bullet train offered to India by Japan is virtually free of cost. A 50-year yen loan amounting to Rs 88,000 crore at 0.1 % interest is being described by the prime minister as free of cost. This is patently absurd. India can have as many bullet trains as it wants on these terms from the Japanese, but nobody should be misled into believing they are free. For one, India may have to repay much more than Rs 88,000 crore over a 50-year period because the rupee will most likely depreciate against the Japanese yen over a long period. Why is this? Simply put, it’s because the exchange rate between the currencies of two countries is determined by their inflation differential. If India’s inflation rate is average 3% over the next two decades and Japan’s inflation rate is zero, as is widely anticipated, then it stands to reason that the rupe...