Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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: list of goods taxed at 4% :: articles on VAT and GST in India :: TDS :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: VAT Audit :: due date for vat payment :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: cpt :: form 3cd
« News Headlines »
 What if you forget to verify your Income Tax return?
 TDS on rent and other tax tasks to complete before March 31
 5 income tax changes which will come into effect from April 1, 2018
 Why you shouldn't be a last-minute tax filer
 How to calculate income tax for this assessment year on Moneycontrol
 6 Tax notices you may get and how to cope with them Income Tax Notice
 Deadline to pay advance tax ends tomorrow: Here is a step-by-step guide
  Central Goods and Services Tax (Second Amendment) Rules, 2018
 Income Tax Return Filing Deadline: Waiver On LTCG Tax To End On 31 March. Details Here
 Income tax returns (ITR) filing: Top mistakes that can be very costly
 Income Tax Return (ITR) filing: 6 last-minute things you can still do to save tax for FY17-18

FM finetuning farewell notes for tax exemptions
March, 08th 2007

Finance minister P Chidambaram on Wednesday indicated that most tax exemptions would have to go, except those given to promote research and development and knowledge areas and those targeted at the welfare of senior citizens.

If we closely analyse every word of the Budget, one would find that every announcement revolves around some exemption or the other. Every exemption, as the Prime Minister has said, will be examined. Every exemption that has to be removed will be removed, those that cannot be removed right now will be snipped away, the FM said at a post-Budget meeting with CII on Wednesday.

The basis for the argument is that all exemptions would have to eventually make way for a tax structure that will allow tax breaks only for the most deserving areas such as R&D, some frontier knowledge areas and vulnerable sections of the society, the minister said.

To make agro-based industries more competitive and provide a fillip to agriculture, the minister said, I am willing to look at further fiscal incentives on the Customs and excise side.

The minister also seemed to be in favour of decontrolling the sugar industry and elaborated that it was a complex policy issue but that he would urge the agricultural ministry to decontrol sugar.

The government has estimated a revenue loss of Rs 2,35,191 crore on account of tax exemptions in 2006-07 (about 50% of all tax collections), against a loss of Rs 2,06,700 crore in the previous fiscal.

With reference to venture capital funds, the FM said: By definition, venture capital is high-risk capital, which has been granted tax exemptions. The pass through, however should be available only to those sectors that require high-risk capital, and these areas have been identified by the government.

On inflation, the minister said there was no reason to believe that it would not moderate. Fiscal and monetary measures along with measures to take care of supply-side constraints have been taken to tackle the inflation rate, which touched a high of 6.73% in early February.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software Development

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