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: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: VAT RATES :: empanelment :: VAT Audit :: TDS :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: ACCOUNTING STANDARDS :: form 3cd
 
 
Direct Tax »
 Income tax return: TDS refund on capital gains invested needs to be instant
 CBDT holds circular on indirect tax provisions
 CBDT puts on hold circular on taxation of indirect transfer of shares
 CBDT prods officials to meet tax collection targets
 Budget 2017: Direct tax reforms to be gradual than radical, says KPMG
  FM Arun Jaitley may drop tough tax accounting rules
 FM Arun Jaitley may drop tough tax accounting rules
 How to view your TDS through form 26AS?
 Deduction of tax at source Income-tax deduction from salaries under section 192 of the Income-tax Act, 1961
 Banks must furnish information on accounts that have seen deposits over 2.5 lakh: CBDT
 Govt expects direct and indirect tax targets to exceed budget estimates this fiscal

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