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: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: form 3cd :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: TDS :: cpt :: VAT RATES :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: 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

Pranab leaves tax cuts for regular budget
February, 17th 2009

Even as constitutional propriety came in the way of making any changes in taxation rates in the Interim Budget, External Affairs Pranab Mukherjee, who holds charge of Finance, on Monday argued in favour of a reduction to induce higher spending and domestic consumption in the wake of the worsening global scenario.

In his Interim Budget speech in the Lok Sabha, Mr. Mukherjee said: In the days of financial stress, tax rates must fall and our ability to pay taxes must rise.

With the fiscal deficit projected to touch 6 per cent for the current fiscal as compared to the budget estimate of 2.5 per cent, tax collections, he said, were of little help in view of the Rs 60,000-crore shortfall, primarily owing to the governments pro-active fiscal measures to counter the impact of global slowdown.

Planned expenditure may have to be increased substantially by the new government... since the scope for revenue mobilisation is limited in a period of slowdown, rise in plan expenditure will increase fiscal deficit, he said.

For the new regime at the Centre, the Minister indicated that the way forward would be to pursue the UPA governments exercise of undertaking comprehensive reforms in the tax structure, both direct and indirect, so as to improve its efficiency and equity. Distortions within the tax structure have been reduced by expanding the tax base and moderating the tax rates, he said, while noting that personal income tax rates have been rationalised by way of hiking the threshold limit and adjusting the tax slabs to provide relief to taxpayers.

In this regard, Mr. Mukherjee listed an 11-point policy perspective that the new government should put in place in the medium term while formulating the tax and expenditure policies for 2009-10.

Among the major initiatives, Mr. Mukherjee said the new government should pursue macro-economic policies to sustain a growth rate of at least 9 per cent per annum over an extended period of time; strengthen the mechanism for inclusive growth for creating about 12 million new work opportunities per annum; reduce the proportion of people living below poverty line to less than half from current levels by 2014; ensure that agriculture continues to grow at an annual rate of at least 4 per cent; and bridge the infrastructure gap by increasing the investment in infrastructure to more than 9 per cent of the GDP by 2014.

The Minister also highlighted the need for supporting Indian industry to meet the challenge of global competition and sustain the growth momentum in exports as also strengthen the economic regulatory framework in the country.

 
 
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 Portfolio

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