Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: form 3cd :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: VAT Audit :: empanelment :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: cpt :: ACCOUNTING STANDARDS :: TDS
 
 
« News Headlines »
 Find out which ITR Form is suitable for you
  Pr CIT vs. Baisetty Revathi (Andhra Pradesh High Court)
 What is income tax?
 Refund procedure initiated under GST
 Income tax returns (ITR) filing: How to get capital gains tax benefits on assets in own name
 7 avenues to help you save tax under Section 80C of Income Tax Act
 How to make income tax law less taxing
 Your Income Tax returns (ITR) filing revised? 5 points you must worry about
 Revised income tax returns under I-T radar
 Govt to simplify income tax laws, sets up task force under taxman Arbind Modi to study overhaul
 Infosys to configure GST network for filing returns

Govt hints at tax rates review as revenues, compliance rise
December, 07th 2007
Increase in maximum rate on personal I-T unlikely


On the whole, we are not terribly away from reasonable international comparison. Parthasarathi Shome



With the general budget round the corner, the Finance Ministry on Thursday held out some hope for taxpayers by indicating that it could review direct tax rates and structures in the coming days on the back of buoyant revenues and some increase in voluntary compliance.

A further dose of good news is that the Ministry has virtually ruled out any increase in the maximum marginal rate on the personal income-tax front as that may affect voluntary compliance.

We cannot have marginal rates that are too high, Dr Parthasarathi Shome, Advisor to the Union Finance Minister, said at a conference organised by tax advisory firm BMR & Associates here on Thursday.

While indicating that high marginal rates would affect voluntary compliance, Dr Shome noted that the Finance Ministry was now in a position to track voluntary compliance and see if it was increasing or not.

The maximum marginal rate on the personal income-tax rate was 30 per cent.

He said India had the most competitive rates as far as the direct taxes were concerned.

However, the taxpayer base, on the direct tax front, was not large as one would like it to be. This was due to the fact that quite a large portion of the economy was still at subsistence level.

Over the past several decades we have moved away from very high marginal rates to commonly acceptable marginal rates. On the whole looking at taxation in America, Europe and East Asia, if I look at corporate and personal combined, we are not terribly away from reasonable international comparison, Dr Shome said.

Admitting that the revenue department was reaping some benefits of tremendous buoyancy in the economy, Dr Shome highlighted that quite a bit of this was also due to tax administration improvements and some increase in voluntary compliance of taxpayers.

The Centres direct tax revenues were growing at about 45 per cent on a year-on-year basis so far this fiscal.

Dr Shome also indicated that comments would soon be sought from public, tax experts and industry associations on the new income-tax code to make the overall structure simple. I believe, it will be a model income-tax code.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Organic SEO Outsourcing Organic Search Engine Optimization Outsourcing Organic Website SEO Organic SEO India Website SEO India Organic Search Engine Optimization India Organic Internet SEO India Organic Web

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