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: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: VAT RATES :: cpt :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: ACCOUNTING STANDARDS :: empanelment :: TDS :: Central Excise rule to resale the machines to a new company :: VAT Audit :: articles on VAT and GST in India
 
 
« News Headlines »
 Notification regarding extension of last date w.r.t submission of closing stock by dealer.
 Integrated Goods and Services Tax (IGST) Rules, 2017 (As on 15.11.2017)
 Central Goods and Services Tax (CGST) Rules,2017 (As on 15.11.2017)
  101st Constitution Amendment Act, 2016
 Pr. Commissioner Of Income Tax-6 Vs. Mccain Foods India Pvt. Ltd.
 Section 10 of the Income-tax Act, 1961
 Income tax returns filing: No tax on gift received from relatives in form of cash
 Income tax returns (ITR): Here is why you need to pay higher tax on other incomes
 GST Update On Issuance Of Debit Notes And Credit Notes
 How Mutual Fund Investments Can Help Save Income Tax
 Income tax returns (ITR) filing: Why small service providers need to get this benefit

New I-T law likely to start snipping at tax breaks
March, 26th 2007

The new income tax law Direct Tax Code is likely to target exemptions. The process of removing exemptions, which has been set in motion in the Budget, will be taken forward by the government during formulation of the new law.

The new law gives another opportunity to build political consensus at the national level on tax exemptions, a senior revenue department official said adding that it would be an occasion to look at exemptions afresh.

He said the main objective behind the overhaul of the existing law is to simplify it. But, since the law is being reworked after more than four decades, it gives an occasion to clean up. More so, since it would be debated and discussed in the Parliament.

The Standing Committee on Finance, which comprises members of other parties as well had favoured removal of exemptions. Removal of exemptions can lead to lowering of statutory tax rates besides bringing equity in tax rates. At present, the effective tax rates for some of the big corporates is as low as 19.2% but for others it is much closer to the statutory rate of 33.66%.

The total revenue foregone for 2006-07 on corporate tax and personal income tax is estimated at Rs 65,587 crore. The total revenue foregone including excise and customs stood at Rs.2,35,191 crore. If these exemptions are removed, the government would find flexibility for lowering tax rates.

In the 07-08 Budget, the government has withdrawn the tax exemption available for airline companies on rentals paid for leasing aircraft. The break available to construction companies building small houses has also been discontinued. Both exemptions were expiring on March 31 and have not been extended. The government has also brought in software technology park and export oriented units under minimum alternate tax. 

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Quality Assurance Services Testing and Re-testing

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