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: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: TDS :: empanelment :: form 3cd :: cpt :: ACCOUNTING STANDARDS :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: list of goods taxed at 4% :: VAT RATES :: articles on VAT and GST in India
 
 
« Direct Tax »
 Long Term Capital Gain under Finance Bill 2018
 Awareness drive on income tax returns filing
  Income Tax raid cases not to be processed under e-assessment: CBDT
 Income Tax raid cases not to be processed under e-assessment: CBDT
 CBDT chief to discuss revenue mobilisation with officers
 Income tax arises in the year of accrual or receipt of income
 How new LTCG tax with STT violates three basic principles of taxation
 Exemption Under Section 10(10b) Of Income Tax Act, 1961
 CBDT enters into seven advance pricing pacts in January
 What’s the impact of LTCG tax on equity mutual funds?
 No notice to taxpayers in case of minor filing mismatch in income tax returns: CBDT

Chidambaram rules out changes in direct taxes
February, 06th 2014

Finance minister P Chidambaram on Monday virtually ruled out any changes in the income and corporate tax rates, saying he will steer clear of proposing legislative changes when he presents the vote-on-account in Parliament in a fortnight. The poll-bound government has given up on key economic reform bills, such as insurance, goods & services tax and Direct Taxes Code, which have been pending in Parliament for years, the impact of which will be felt on the slowing economy.

At the same time, he said the government will change the customs and excise duty rates, if need arises, as they do not require legislative changes, but can be done by issuing a notification.

"In 2004, Mr Jaswant Singh made a 12-page speech. In 2009, Mr (Pranab) Mukherjee made an 18-page speech. So, I have two numbers to choose from between 12 to 18. We can make any proposal short of amending any law. We cannot propose amendments to the Income Tax Act, Customs Act or the Excise Act. But, any proposal short of amending a law can be made. We can also outline vision for the future," Chidambaram told a press conference, while adding that he will prefer a debate in Parliament.

"We have made a couple of changes (in indirect taxes) last week. We will continue to make those changes until the term of this government if they do not require Parliamentary legislation or sanction. We will have to notify the changes and place the notification in Parliament."

Chidambaram is due to present the vote-on-account on February 17 to enable the government to spend till a new government is sworn in and presents a full Budget in late-June or early-July. Typically, finance ministers have refrained from tinkering with tax rates although in 2004 Singh had indicated the focus areas for the BJP if it returned to power. But weeks before that, he had announced major changes in customs and excise, while offering sops on the direct tax front.

In 2009, Mukherjee did not issue any statement of intent although on January 2, he announced changes in the customs duty.

On the legislative business, Chidambaram said the Insurance Bill, which seeks to raise the FDI cap from 26% to 49%, is unlikely to be taken up during the forthcoming Parliament session scheduled to begin from February 5, the last in the current Lok Sabha. "In the Insurance Bill, they (opposition parties) have made it very clear it will not pass it (in the upcoming session)", he said, adding that there is no consensus among states on the Goods and Services Tax (GST).

Asked about the Sebi Amendment Act, which aims to empower the capital market regulator to effectively crack down on ponzi and other illegal collective deposit schemes, Chidambaram said, it is very high on the priority list as the government has resorted to promulgating Ordinances twice. "We will be doing great disservice to thousands of depositors whose money is stake at collective investment schemes, which were not adequately regulated. It's imperative that this bill is passed."

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Experience

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