How the FM can make it a 'never before' Budget. Top experts weigh in

Not only India's relief packages are grossly inadequate it is not even spending enough to revive demand in the crisis-hit economy; what is needed is clear: more fiscal spending, not \"keeping the power dry\" for future stimulus or unrealistic claim of a V-shaped recovery

Tax regime needs greater stability, predictability and less litigation

Shell companies are intrinsic to the global and Indian economy, but they require a high level of oversight to prevent them from becoming conduits for illicit financial flows

So far, their progress is mixed with individual countries taking more aggressive positions to bring a change to the impact of what would be known several years from now

Tax havens have powerful backers; they include big nations including the UK and the US, reputed international bankers, accountants, law firms and many others which makes it difficult to discipline them

Tax havens are increasingly being used for tax avoidance and other purposes; most of India's FDI inflows and outflows also are routed through them and should be a cause of concern

While some developed economies have adopted anti-tax avoidance GAAR and digital tax on sales of multinationals, India has been deferring operationalisation of GAAR since 2012 and is also handicapped by lack of adequate studies and data

GST was supposed to be a simple, self-regulating and non-intrusive tax compliance regime to replace a complicated and multiple indirect tax systems. What has been rolled out remains very much a work-in-progress after more than two-and-half years

Wide gaps in corporate and non-corporate direct tax collections are known for years and a huge number of tax evaders are routinely identified every year by the tax authorities but lack of effective follow-up action ensures that the status quo is maintained

A closer look at India's tax data reveals that the direct tax burden is much higher on relatively smaller taxpayers in both individual and corporate categories and that the larger taxpayers benefit more from tax incentives and deductions

Taxing agricultural income is a politically sensitive issue; successive governments have shown little interest in taking corrective measures even while official reports have repeatedly expressed serious concerns over non-agriculturists abusing the exemption

A dozen experts interpret Budget 2020 and its impact

Budget 2020: In today's speech, the FM broke her own record and delivered the longest Union Budget speech, which was 159 minutes long

After the liberalisation of the economy in 1991, despite economic growth, India has not done well in terms of protecting the natural environment

In May 2016, the Prime Minister's Office (PMO) asked the government's top think tank, National Institution for Transforming India (NITI) Aayog, to prepare three documents - a 15-year vision document, a seven-year strategy, and a three-year action agenda.

As agricultural tax proposals are now a political hot potato, farm incomes need to be examined and rationalised

A controversy had erupted after Debroy at a press conference said the agricultural income should be taxed. However, Finance Minister Arun Jaitley later clarified that there was no such proposal and the Centre has no power to impose tax on agricultural income.

Joining the debate on taxing agriculture income, Chief Economic Adviser Arvind Subramanian today said states, which have the option to levy the tax, should make a distinction between rich and poor farmers.

Finance Minister Arun Jaitley said the Modi government does not plan to impose any tax on agricultural income, dismissing the suggestion of NITI Aayog member Bibek Debroy.