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 :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: TDS :: empanelment :: ACCOUNTING STANDARDS :: due date for vat payment :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: cpt :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: form 3cd
 
 
Direct Tax »
 In some instances, filing of income tax return may not be mandatory
 Best 5 Income Tax-Saving SIP plans in India: How To save taxes by Investing in SIPs under 80C
 Tax refund checks are finally in the mail
 Income Tax dues in advance can be paid at RBI or at authorised bank branches by March 2017
 Why you must be looking beyond tax planning
 I-T dept. to lauch app for paying tax
 CBDT to taxman: Step up TDS survey operations to boost collections
 Tax Officers Asked To File Self-Appraisal Report On E-Assessment
 CBDT to taxman: Step up TDS survey ops to boost collections
 Govt to issue exemption list on new tax for unlisted firms
 CBDT issues third round of certificates to tax payers

Govt promises stable tax regime
December, 20th 2012

The government on Wednesday promised a stable tax regime and said it was banking on better compliance to boost revenues. The statement by finance minister P Chidambaram before the consultative committee will provide fresh comfort to taxpayers, who have in recent times blamed the government for a series of flip flops. "Our focus is always to have a reasonably stable tax regime, which is in the interest of both the taxpayers as well as tax collectors," a finance ministry statement quoting the minister said. 

At the same time, the government also made clear its intention of keeping a close watch on those who may not be disclosing their income or are not paying their dues and stressed on an upgraded tax information system. "We have moderate rate of income tax as compared to various developed countries. Our peak rate of taxation is 30% at present. Therefore, there is lot of scope for better tax compliance and tax collections," Chidambaram said. 

 

In recent weeks, the government has repeatedly pointed out that several individuals had large investments or large spending on credit cards or bought real estate but their tax returns did not seem to reflect this. Chidambaram once again sought to raise the concern. 

 

"At present, 3.5 crore people are filing income tax returns. Only 14.6 lakh people have declared their income of Rs 10 lakh and above for tax purposes which is not realistic." 

The government on Wednesday promised a stable tax regime and said it was banking on better compliance to boost revenues. The statement by finance minister P Chidambaram before the consultative committee will provide fresh comfort to taxpayers, who have in recent times blamed the government for a series of flip flops. "Our focus is always to have a reasonably stable tax regime, which is in the interest of both the taxpayers as well as tax collectors," a finance ministry statement quoting the minister said.  At the same time, the government also made clear its intention of keeping a close watch on those who may not be disclosing their income or are not paying their dues and stressed on an upgraded tax information system. "We have moderate rate of income tax as compared to various developed countries. Our peak rate of taxation is 30% at present. Therefore, there is lot of scope for better tax compliance and tax collections," Chidambaram said. 
In recent weeks, the government has repeatedly pointed out that several individuals had large investments or large spending on credit cards or bought real estate but their tax returns did not seem to reflect this. Chidambaram once again sought to raise the concern. 
"At present, 3.5 crore people are filing income tax returns. Only 14.6 lakh people have declared their income of Rs 10 lakh and above for tax purposes which is not realistic." 

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

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