No Angel Tax, Digital Public Infrastructure In Agriculture: Tech Insights From The Budget

 





The Finance Minister called for the abolition of the angel tax in her budget speech on July 23. The move is intended to promote investment in the Indian startup ecosystem and encourage innovation and employment generation.

The “angel tax” requires unlisted startups to pay a tax of about 30 percent on any investment it receives by issuing shares to investors at a price higher than the fair market value (FMV) of those shares. It refers to section 56(2)(viib) of the Income Tax Act, 1961, which was initially intended to prevent tax avoidance and money laundering. However, the tax has been criticised for hindering early-stage investments for startups.

The government also scrapped the controversial two percent equalisation levy on overseas e-commerce companies and technology companies.


Fillip For DPI in Agriculture


The latest economic survey states that the next big challenge for the country is to ensure ‘Digital Financial Inclusion (DFI),’ which involves connecting the financially excluded with formal financial services suited to their needs. The government considers Digital Public Infrastructure (DPI) to be an important part of integrating excluded communities into the formal financial market. Digital credit is also tagged as a useful tool allowing individuals and firms to access economic opportunities.

Operating on this logic, the Finance Minister made some crucial announcements in her Budget Speech on July 23. She stated that the government planned on using DPI to digitally record the details of farmers and their lands in three years span. The initiative would begin with a digital crop survey for Kharif crops in 400 districts, covering 6 crore farmers and their lands. The government would also issue Jan Samarth-based Kisan Credit Cards in 5 states.

The Digital Crop Survey (DCS) aims to create a database of crops sown across all the farmlands in the country during the different agriculture seasons. The government had announced the introduction of DPI into agriculture in the previous budget, intended to introduce a variety of information services for farmers including market intelligence, crop planning, and access to credit.

Budgetary Allocations That Drew Attention


The Data Protection Board (DPB) was allotted Rs. 2 crore in the budget, reported the Hindustan Times. The Board, which is supposed to direct data fiduciaries to take remedial measures in case of data breaches or complaints, is a crucial part of the Digital Personal Data Protection Act. Of this ₹2 crore, ₹4 lakh was allotted for capital expenditure and ₹ 1.96 crore for revenue expenditure.


International Research Awards on Sustainable Agriculture and Food Systems
Visit our page : agriscientist.org
Nomination page : https://x-i.me/asnomi
Contact: contact@agriscientist.org

Instagram : https://www.instagram.com/lyra1894/ 
Blogger :https://agricultureawards.blogspot.com/ 
Twitter : https://twitter.com/lyralyra1089315 
Facebook : https://www.facebook.com/people/Iyra-Iyra/
YouTube: https://www.youtube.com/channel/UCqhpLUgLMkgE9k1nwW7hLnw


Comments

Post a Comment

Popular posts from this blog

Sugarcane Sweet Success and Bitter Challenges:

Image
               International Conference on Sustainable  Agriculture and Food Systems   Sugarcane, scientifically known as Saccharum officinarum, is a tall, perennial grass that is primarily grown for its sugary juice, which is used to produce sugar and various other products. It belongs to the Poaceae family and is one of the most important crops in the world, serving as a significant source of sucrose, a type of sugar. Here's a general description of sugarcane: Appearance: Sugarcane plants typically reach heights ranging from 6 to 19 feet (2 to 6 meters) or even taller in some varieties. The plant consists of jointed stems known as stalks that are thick, fibrous, and filled with sweet juice. The leaves are long and narrow, growing from the joints of the stalks. Cultivation: Sugarcane is primarily cultivated in tropical and subtropical regions with adequate rainfall and warm temperatures. It requires a well-drained soil with good moisture retention. The crop is propagated through c
Read more

Farming is the practice of cultivating plants and rearing animals for various purposes, primarily food production

Image
It is a fundamental aspect of agriculture and plays a critical role in providing sustenance and raw materials for human consumption. Here is some information on farming and its functions: Crop Farming: Crop farming involves the cultivation of plants for food, fiber, and other agricultural products. Farmers select suitable crops based on factors such as climate, soil conditions, market demand, and their own expertise. Common crop types include grains (wheat, rice, corn), vegetables, fruits, oilseeds, and cash crops like cotton or tobacco. Livestock Farming: Livestock farming focuses on raising animals for meat, milk, eggs, and other products. This includes cattle, poultry (chickens, turkeys), pigs, sheep, goats, and more. Livestock farmers provide feed, water, shelter, and veterinary care to ensure the health and well-being of the animals. Livestock farming often goes hand in hand with crop farming, as animals may consume crop residues or be raised on pastures.                        
Read more

Exploring Nature's Palette

Image
 Greens, in the context of the environment and nature, evoke a sense of vitality, growth, and sustainability. It refers not only to the color of lush vegetation but also encompasses a broader concept of ecological balance and preservation. Here's a description of all things green: In the heart of nature's embrace, greens take center stage, forming a tapestry of life that sustains ecosystems and species alike. It is the verdant foliage that breathes life into the planet, producing oxygen, absorbing carbon dioxide, and providing shelter for countless creatures great and small. #GoGreen #SustainableLiving #GreenLiving #NatureLovers #EcoFriendly For Enquiries: agriculture@researchw.com Nomination Link: https://x-i.me/nomd1
Read more