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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: form 3cd :: VAT Audit :: ACCOUNTING STANDARDS :: cpt :: list of goods taxed at 4% :: VAT RATES :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: ACCOUNTING STANDARD
 
 
« News Headlines »
 How to link your Aadhaar and PAN details to file income-tax returns
 How to calculate capital gains tax on property sold at less than stamp value?
 Return Filing - Under GST, this is how you will file tax returns from July 1
 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

Left wants hike in cess, wealth tax
February, 05th 2007

The Left parties have urged the finance minister to reintroduce long-term capital gains, hike wealth tax to 3% from the present 1%, be harsh on corporate tax exemptions and increase the education cess at 2% now.

RUN-UP TO BUDGET
Re-introduce long-term capital gains at 15%
Allow standard deduction for salaried employees
Enhance health allowance for senior citizens
Increase education cess from the present 2%
Tax the billionaires, hike wealth tax to 3% from 1%

In their Budget wishlist, the parties also pitched hard on Saturday evening for tax relief to salaried employees and pensioners. They said the salaried class should be allowed standard deduction to bring them on a par with businessmen, particularly since the I-T exemption limit, too, was raised to Rs 1.5 lakh in Budget 2006-07. For senior citizens who could not access the Central Government Health Scheme, the Left parties sought an increase in health allowance.

The Left also demanded that additional funds for expanding secondary and higher education be generated by increasing the education cess. Taking taxpayers for granted, the Left note said, Tax payers do not resent paying the education cess since it directly contributes to social welfare.

Targeting a growing list of Indian billionaires, the Left insisted on an immediate increase in the wealth tax rate from 1% to 3%. Initiatives need to be taken to broaden the wealth tax base by bringing all the urban as well as rural crorepatis into the tax net. The wealth of the richest Indian grew by over Rs 32,000 crore, which is nearly 1% of Indias GDP. One wonders why in such a backdrop, the wealth tax collection remained a paltry Rs 265 crore in 2005-06, and exactly the same amount was budgeted for 2006-07, the Left note said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Contact Us

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