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: VAT RATES :: VAT Audit :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: form 3cd :: due date for vat payment :: cpt :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: empanelment :: TDS
 
 
Direct Tax »
 Income tax return: TDS refund on capital gains invested needs to be instant
 CBDT holds circular on indirect tax provisions
 CBDT puts on hold circular on taxation of indirect transfer of shares
 CBDT prods officials to meet tax collection targets
 Budget 2017: Direct tax reforms to be gradual than radical, says KPMG
  FM Arun Jaitley may drop tough tax accounting rules
 FM Arun Jaitley may drop tough tax accounting rules
 How to view your TDS through form 26AS?
 Deduction of tax at source Income-tax deduction from salaries under section 192 of the Income-tax Act, 1961
 Banks must furnish information on accounts that have seen deposits over 2.5 lakh: CBDT
 Govt expects direct and indirect tax targets to exceed budget estimates this fiscal

Direct taxes budget for fiscal year 2014: major focus on steps to abolish FTR
March, 08th 2013

Direct taxes budget for 2013-14 would focus on measures to abolish the Final Tax Regime (FTR), rationalisation of Presumptive Tax Regime, marginal tax rates for sectors enjoying exemptions and options for taxability under the normal tax system of all sectors of the economy.

Sources told Business Recorder here on Thursday that the rationalisation tax procedures of foreign remittances; taxation of human resource providers; taxation of E-Trading and tax potential within commodity trading are also some of the other direct taxes policy guidelines for budget 2013-14.

The FBR has issued direct taxes policy guidelines for the Chief Commissioners of Large Taxpayer Units (LTUs) and Regional Tax Offices (RTOs) for finalisation of direct taxes budget proposals for 2013-14. Based on these guidelines the direct taxes proposals would be finalised for the next budget. The taxation of non-residents, transfer pricing and royalty, etc, would remain on priority list.

According to the FBR, budget exercise 2013-14 has been initiated and the process of formulation of budget proposals has to be completed in the context of current tax/economic practices in vogue. The suggestions/proposals should be meant to remove irritants and to rejuvenate the economic growth viz-a-viz state revenues.

The FBR has identified following revenue potential areas for enhanced efforts to optimise realisation of taxes: broadening of tax base; measures for improvement in tax to GDP ratio; rationalisation/analysis of tax exemptions; Capital Gain Tax (CGT); enhancement of Minimum taxation regime; withholding taxes and its application for economic development in the country; rationalisation of Presumptive Tax Regime and abolishing of the concept of the Final Tax and option for taxability under the normal tax regime of all the sectors of economy.

The FBR has also identified policy measures including effective monitoring of the claims/issuance of refunds; taxation of the non-residents, transfer pricing and royalty etc; taxation of Human Resource providers companies; taxation of e-Trading; realisation of potential in the commodity trading; taxation of banking sector vis-à-vis lending borrowing ratio (being highest in the world); transport sector viability and potential; real estate development vis-à-vis contribution to the revenue; telecom sector vis-à-vis share in GDP and tax revenues; rationalisation tax procedures of foreign remittances; and marginal rate of tax regime for all those sectors which are enjoying exemptions to date.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Mission

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