« Top Headlines » Open DEMAT Account in 24 hrs  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Why you need not rush to file your ITR immediately  Income tax returns: ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing  Section 80DDB tax benefits for specified illnesses: 5 things to know  Income tax slabs FY 2024-25: Five tips to help taxpayers decide between old and new income tax regimes  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 (AY 2024-25) available now on e-filing income tax portal  How To Save Tax For Salary Above 15 Lakhs? «  UT nets in Rs 575 cr as Income Tax... Vacant properties rebate may go... » Simplify tax structure: Mahratta Chamber January, 24th 2007 Simplification and rationalisation of procedural aspect of taxation are among the salient demands made by the Mahratta Chamber of Commerce, Industry and Agriculture (MCCIA) in its pre-budget memorandum submitted to the finance minister.    The memorandum, prepared by Chandrashekgar Chitale, head of chambers taxation sub-committee, seeks abolition of bank cash transaction tax, restoration of standard deduction, removal of harsh provisions of the TDS norms and a complete withdrawl of the fringe benefit tax.    Pointing out that the rationale behind the bank cash transaction tax was to create a tax-trail on black money transactions through the banking channel, the memorandum said information can always be collected without imposing a tax.    The memorandum has demanded that to maintain the principle of deducting expenses from corresponding heads of income, standard deduction should be restored. Besides, the limit for deduction should be Rs 50,000.    The memorandum also sought removal of the provision that disallows deduction of expenditure of fees paid for professional services from an assessees income, unless tax is deducted from the fees paid.    The person deducting the tax at source and paying the amount is, in fact, doing a service to the government.    Thus to penalise him by refusing the deduction of the expenditure even for a small default is not justified, it stated.    Delay of even one day in filing of return of loss deprives benefit of carry forward of loss. This, according to the chamber, is a confiscatory provision, adding salt to the injury.    The memorandum has demanded that a total bar on carry forward be removed. The chamber has recommended increase in the value of asset that qualifies for 100 per cent deduction from Rs 5000 now to Rs 20,000.