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: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: VAT RATES :: VAT Audit :: form 3cd :: cpt :: articles on VAT and GST in India :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: empanelment :: ACCOUNTING STANDARD :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4%
 
 
« News Headlines »
 Income tax filing FAQs part 1
 Filing Income Tax Returns? Things To Keep In Mind As Deadline Approaches
 Filing of online return for 4th quarter of 2016-17- extension of period thereof.
 New tax accounting standards may reduce leeway for infrastructure companies
 GST – CONCEPT & STATUS – As on 01st May, 2017
 Govt extends VAT deadline, relief for developers
 Income Tax Appellate Tribunal Rules, 2017
 Got your Form 16? You should file income tax returns early to enjoy benefits
 Want to save tax? Here are 6 best investment options for you
 Income Tax department activates e-filing facility for all ITRs
 All the income-tax return forms for the current assessment year are available online

No tax cuts likely in Budget '08
January, 14th 2008
With the Gujarat elections having snuffed out any prospects of Congress calling for early polls, Prime Minister Manmohan Singh and Finance Minister P Chidambaram have been busy working out the focus areas of Budget 2008.

The good news could be an increase in the income tax exemption limit, though a cut in rates is virtually ruled out. Singh and Chidambaram have been labouring over the Budget and have been meeting frequently they spent a good two hours together on Thursday evening and the major points of emphasis are understood to have been thrashed out.

The effort will be to keep tax rates stable, check inflation and incentivise manufacturing. Sources said that with several state polls due later this year, the FM may keep political imperatives in mind. So, government is likely to raise the tax exemption limit from Rs 1.1 lakh a year to Rs 1.25 lakh but may not tinker with tax slabs. Taxable income of up to Rs 1.5 lakh will continue to attract 10% income tax.

While a section in the finance ministry is pushing for redefining slabs, the overall mood, driven by political considerations, seems to favour deferring the exercise for the moment. A final decision will be taken towards the end of the month. With polls due in states like Delhi, which has a large number of salaried employees, government is keen to be seen helping them tackle the rise in food prices.

The FM's efforts, said sources, are expected to be directed to maintaining the growth impetus in the economy despite a global slowdown, particularly in the US. This will see the budget rolling out measures to ensure the economy maintains its 8-9 % clip. This is felt to be essential as the UPA nears the last lap of its term.

A special focus on manufacturingparticularly on segments like textiles and leatheris part of a strategy to prop up the sector which has been hit by the hike in interest rates and rise of rupee against the dollar.

Both the PM and FM are not in favour of announcing tax breaks. Though revenues have gone up, the FM has been wary of reducing rates. He has been more concerned over widening the tax net and stemming revenue loss.
 
 
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 Vision

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