Financial Daily from THE HINDU group of publications
Sunday, Feb 19, 2006
Financial Daily from THE HINDU group of publications Sunday, Feb 19, 2006 |
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Agri-Biz & Commodities
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Income Tax Government - Politics Parliamentary panel suggests tax on agricultural income Our Bureau
New Delhi , Feb. 18 THE Parliamentary Standing Committee on Finance has suggested taxing agricultural income and bringing all non-essential services under the tax net. The panel has also suggested the revamping of export promotion schemes and widening of the tax base. "With reference to persons earning agricultural and non-agricultural incomes, perhaps the time has come for the Government to seriously consider fixing, in consultation with State Governments, a threshold limit beyond which the income of such persons from agricultural sources could be brought under the tax net," the Committee has said in its report tabled in Parliament. While recommending that that all services, barring essential and basic ones, be brought under the tax net in one go, the panel has suggested creation of a separate law for service tax, with clear definition of service components, so as to avoid possible disputes between the Centre and State tax authorities and prevent double taxation under State VAT as well as service tax. The panel has expressed concern over tax evasion by people involved in non-agricultural activities such as trading in rural areas and suggested discouragement of private money lending.
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