Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: articles on VAT and GST in India :: VAT Audit :: ACCOUNTING STANDARDS :: cpt :: list of goods taxed at 4% :: TDS :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: form 3cd :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4%
 
 
« News Headlines »
 Reforming the income tax tribunal
 How the new system might impact consumers and businesses
 10 ways you get benefited from filing your tax return
 Returns under CGST Act,2017 with Rules
 Ten facts to know about filing income tax return this year
 The Ten Commandments of Tax Filing
 How to claim income tax refund
 How to time your buys to have best of two tax regimes
 Here's why you must always check Form 26AS before filing tax return
 Want to file your income tax return after June 30? Having Aadhaar card is a must
 Timeline for filing of tax returns extended by two months

FM for 'close hard look' at tax sops
November, 11th 2006

Finance Minister P Chidambaram favoured a close hard look at tax exemptions in a bid to bring fiscal prudence.

"A close hard look at the present system of exemption in favour of particular sections of taxpayers was absolutely essentials," he told the Parliamentary Consultative Committee attached to his ministry.

Along with his budget this year, a paper presented by him indicated that various tax exemptions and incentives cost the exchequer Rs 1,58,000 crore.

Pruning of tax incentives was equally important to mmet the Fiscal Responsibility and Budget Management targets.

As per FRBM targets, revenue deficit is to be wiped out by 2009 by cutting it by 0.5 per cent of GDP every year.

Likewise, fiscal deficit is to be brought down to 3 per cent of GDP by 2009 by cutting it 0.3 per cent of GDP every year.

"Every tax concession is introduced with a specific purpose," he said, and added it needed to be reviewed on a periodic basis with a goal to improve fairness, transparency and efficiency of the tax system.

This would also help in meeting the priorities of the government and eliminate inefficient and inappropriate tax expenditures, he added.

An equitable tax structure will help in generating adequate resources to fund spending on social and physical infrastructure, the Finance Minister said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - About Us

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions