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: TDS :: empanelment :: form 3cd :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: due date for vat payment :: cpt :: articles on VAT and GST in India :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: ACCOUNTING STANDARD
 
 
« Budget Extravaganza »
 Budget 2017 does little to expand taxpayer base, salaried still bear brunt of taxes
 Six things Finance Minister did not tell you in Budget 2017
 Budget 2017 and its place in history
 Tax Dept need not reveal reason for raid even to Appellate Tribunal, proposes Budget 2017
 Budget 2017 proposes a fee for delayed filing of income tax return
 No Cash Transactions Over Rs 3 Lakhs, Reduction In Income Tax And Other Highlights From Budget 2017
 Union Budget 2017: Here are the expectations of real estate sector
 10 things to expect from Finance Minister Arun Jaitley
 High expectations from budget
 India unveils Budget for recovery after cash crunch
 Increase income tax exemption limit’

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