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: VAT Audit :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: Central Excise rule to resale the machines to a new company :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: due date for vat payment :: ACCOUNTING STANDARDS :: cpt :: VAT RATES
 
 
Direct Tax »
 GST: Renaming Central Board of Excise and Customs to CBIC may take a while
 CBDT notifies new scrutiny notices with e-facility for taxpayers
 GST is a transformational business process reform. All companies will have to change
 GST Council relaxes return filing rules for July-Aug
 Here's how self-employed individual can file tax return with ITR4
 CBDT mulling new system of jurisdiction-free I-T assessment to curb corruption
 CBDT draft notice on computing tax liability of foreign firms
 CBDT forms task force for jurisdiction-free income tax assessment system
 Aadhaar must for filing returns from July 1: CBDT
 Aadhaar mandatory for filing I-T returns and obtaining new PAN card from July 1: CBDT
 Central Board of Direct Taxes cuts profit margin for safe harbour rules

Govt open to rewriting direct tax code
December, 14th 2009

Finance Minister Pranab Mukherjee on Friday said the government will strengthen and improve the public distribution system (PDS) to protect consumers, as rising prices of essential commodities continue to push up food inflation.

He also indicated the government could rewrite the new direct tax code to make it acceptable to all stakeholders.

Inflation in food articles touched 19.05 per cent for the week ended November 28 against 10.48 per cent a year ago. The last time inflation in food articles had crossed the 20 per cent mark was in 1998.

To insulate (the common man) from the adverse impact of price rise we are improving the PDS, Mr Mukherjee said while replying to a discussion on the first batch of supplementary demands for grants in the Lok Sabha.

The supplementary demand for grants was later approved by the House. It seeks to raise public expenditure by Rs 25,725 crore over and above the expenditure approved by Parliament in Budget 2009-10.

Mr Mukherjee noted that rising prices were largely due to supply shortage. The price rise is not because of demand management. It is largely due to shortage of supply. Edible oils, sugar and pulses are the things most affected by the price rise, he said.

The FM highlighted the steps taken by the government to improve supplies of essential food items like pulses and sugar, the prices of which have shot up significantly during the year. He also mooted incentives to farmers for growing pulses, with imports getting scarce.

On the tax code, he said, the government would attempt to build consensus on the proposals. I have laid a certain proposal in the form of a direct tax code. But it is not the Bhagwad Gita and it cannot be said that it cannot be changed, he added.

The new draft direct tax code has evoked strong reactions from all quartersindividuals, industry, politicians, ministries and departments. The code proposes to phase out tax exemptions, tax individual retirement savings at the time of withdrawal and impose a minimum alternate tax on gross assets of companies.

Mr Mukherjee also sought to allay fears that the additional expenditure would entail additional borrowings.

With the prevailing trends in receipts and expenditure, coupled with better than expected performance of the economy during the second quarter of 2009-10, it is expected that the fiscal deficit will remain within the estimate of 6.8% presented in the Budget in July 2009.

The FM said the government borrowings were front-loaded in the first half of FY10 to ensure there was adequate space for the private sector in the second half.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Integrated Software Solutions Integrated Software Development Integrated Software Services Integrated Software Solutions India Integrated Softw

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