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: empanelment :: VAT Audit :: ACCOUNTING STANDARD :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: TDS
 
 
« News Headlines »
 New Opening Financial Controller Chartered Accountant (Manufacturing Plant) A Leading Company
 Income Tax Filing 2017: All you want to know about the single page ITR form SAHAJ
 How to benefit from investments in tax saving mutual funds
 60 per cent of income tax notices on fishy cash deposits returned
 All about income tax return form Sahaj
 Why seeing Form 26AS is a must before filing tax return and how to access it
 No tax on notice period pay cut
 Interpretation Of Central Goods And Services Tax (Cgst) Act (Part-1)
 What to do if you haven’t filed your taxes
 Income Tax Declaration To Employer: 10 Changes You Should Be Aware Of
 What your income tax says about you

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 2017 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