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Indian Merchants' Chamber for Gifts to be treated as Income: Budget 2011
February, 10th 2011

Indian Merchants Chamber has submitted its Pre Budget Memorandum for the budget proposals for direct taxes and issues to Dr. Manmohan Singh, Mr Pranab Kumar Mukherjee and Mr. Subhir Chandra, Chairman, C.B.D.T ,

IMC says, in light of the measures proposed in the revised Direct Taxes Code (DTC) Bill, 2010 it is necessary that none of the proposals contained in the DTC should be introduced through the Finance Bill .

Some of the key recommendations explained in detail in the memorandum are listed below.

Retrospective Amendment Should Be Avoided

Definition of Charitable Purpose: Sec 2(15)

Year of Deductibility Of Legitimate Business Expenditure- Reduce Avoidable Litigation

Exemption from T.D.S. for Regular Assessees

Disallowance of Expenses Relating To Exempt Income: Sec.14A

Gifts etc. in kind to be treated as Income: Sec. 56(2)

Failure to make Claim for certain deductions in the Return of Income: Sec.80A(5)

Distribution of Capital Assets on Dissolution of Firm to Partners: Sec. 45(4)

Stay of Demand until disposal of the appeal, no recovery proceedings

Extension of the Facility of Advance Ruling to Domestic Enterprises

Dispute Resolution Panel (Sec 144C of I.T. Act)

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