Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: VAT Audit :: ACCOUNTING STANDARD :: due date for vat payment :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: form 3cd :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: VAT RATES
 
 
« News Headlines »
 GST registration mandatory for TDS entities
 Govt rules out extension for filing GSTR-3B returns after December
 Tax department’s e-filing portal out of action for 2 hours
 Use ITR-2 to show salary and capital gains income
  TDS Applicability On Government Contracts Under Gst (Under Section 51 Of The Cgst Act, 2017)
  How to file ITR for FY 2016-17 and all the links you need
 All about E-way Bill under GST
 Good and simple tax: on the GST regime
 Seeks to extend the time limit for filing of GSTR-1, GSTR-2 and GSTR-3
 Good news, find Tax Return Preparers soon at a place near you; 5 things to know
 Filing of GST return

Surcharge on corporate, personal I-T likely to go
January, 15th 2007

Union Budget 2007 may turn out to be good news for individual tax payers as well as corporates. With its tax kitty swelling, the government is likely to concede the long-standing demand of industry to axe the 10% surcharge on corporate and personal income tax.The government is seriously considering removal of surcharge in the forthcoming budget, sources said.

Dropping surcharge will soften tax rates marginally and reduce the burden on taxpayers. Prime Minister Manmohan Singh and finance minister P Chidambaram have both hinted at moderation in tax rates. Since the emphasis is on weeding out tax exemptions, sources said relief can be expected on the surcharge front.

Surcharge was introduced by the previous NDA regime for a period of one year. However, it was not discontinued and, in fact, enhanced to 10% from 7.5% by the UPA government. Surcharge is levied on the total income tax. In the case of individuals, it is applicable on income above Rs 10 lakh. For corporates, surcharge is levied on the total tax, resulting in an effective rate of 33%.

With buoyant tax collections, surcharge should ideally go in the forthcoming budget, says Vikas Vasal, director, KPMG.Direct tax collections witnessed a growth of over 40% in the first nine months of the current fiscal to Rs 1,44,286 crore and is all set to overshoot the 2006-07 Budget target of Rs 2,10,419 crore.

Industry bodies, including Ficci, CII and Assocham, have been batting for removal of surcharge. In its pre-budget memorandum to the FM, Ficci pointed out that the actual tax burden on corporates is as high as 40%. It said since the government is following the Asean model of tariffs, the corporate tax structure should also be brought down to the level of 25-30%.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software Development

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