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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: due date for vat payment :: form 3cd :: empanelment :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: Central Excise rule to resale the machines to a new company :: TDS :: VAT RATES :: list of goods taxed at 4% :: cpt :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT
« Budget Extravaganza »
 Demonetisation may be the trigger for any increase in service tax rate this budget
 10 things Arun Jaitley can do to make it a Budget for the middle class
 How budget 2017 can ease pain of demonetisation via income tax sops
 Budget 2017: Do we expect an overhaul of personal income tax rates and slabs?
 All eyes on Budget 2017 proposals on capital gains tax
 Budget-2017 And Gst Expectations
 Income Tax Appellate Tribunal, Kolkata Benches Kolkata Constitution of kolkata Benches for One Week From 16.01.2017 To 19/01/2017
 What’s the big deal if budget presented on Feb 1, which law violated? SC asks PIL petitioner
 What aam aadmi wants from Budget 2017
 Have you availed these new home loan tax benefits of Budget 2016?
 The budget should cut corporate tax rates drastically

Column: Between two Budgets, taxing questions
December, 04th 2009

Its that time of the year again when finance ministry babus will kick off the Budget-making exercise. The preparations, however, seem to be a little odd given that a large number of the tax changes announced in the Union Budget 2009-10 are yet to be notified.

While there isnt much of a delay in indirect tax proposals, which are usually notified soon after the Finance Bill for a year is passed, its mostly the direct tax changes that get delayed.

Take for example, the safe harbour rules or more importantly, the rules for taxation of perquisitesits been a good five months since these were announced in the Budget on July 6, but they are yet to be notified by the tax authorities. A related issue of refunding the fringe benefit tax paid by companies in the first tranche of advance taxes also remains unaddressed.

Similarly, guidelines for setting up the dispute resolution panels were late by over a month and a half from the original deadline of October 1. They were finally issued last week, although the members were appointed by the CBDT this Monday.

These are all pressing proposals as they will significantly alter the direct taxes regime for both companies and individuals, who need to plan their tax outgo accordingly. For instance, the whys and hows of perquisites taxation have got both corporate and individual taxpayers confused.

A similar situation arose last year as well. Then finance minister P Chidambaram had introduced a tax on commodities transactions, and everyone was left guessing when it would be notified. It was only in this years Budget that the tax was formally abolished.

Finance ministry officials have been promising that these notifications will be issued shortly. Its obvious that the preparation and consequent deliberations on the draft Direct Taxes Code have kept them all occupied.

 Taxpayers need clarity and stability in tax treatment while making their investment decisions. This is one of the reasons why most tax changes are announced at the start of the financial year in the Budget. If notifications have to be delayed for months on end, tax changes may well be delinked from the Budget exercise.

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

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