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: cpt :: form 3cd :: articles on VAT and GST in India :: TDS :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: due date for vat payment :: VAT RATES :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company
 
 
Direct Tax »
 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
 What is TDS and how does it work?
 Income tax return: Do super senior citizens have to file returns?
 Investors cheer retailers facing lower tax rates

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