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 Audit :: form 3cd :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: TDS :: VAT RATES
General »
 GST Network signs MoU With DGFT for sharing of foreign exchange realisation data
 Number of companies paying tax over Rs 100 crore declines in 2013-14
 Tax and the dilemma of the self-employed
 Banks warn share tax hike threatens Paris' post-Brexit appeal
 PMC may decide on property tax rebate for IT firms this week
 I-T Dept is giving out certificates of appreciation. Have you received yours?
 Government works on ironing out benefits refund mechanism for exportersa
  Tax officials are using an IDS provision to question transactions beyond six-year-limit
 Tax-free bonds rally like midcap funds
 Senior citizens do not have to pay advance tax on salary and interest income
 GST: Audit commissioners to get adjudication powers

Jewellers ask govt to temper tax demand
March, 13th 2014

The All India Gems and Jewellery Trade Federation appealed to the government not to target its members for higher advance tax.

In a letter faxed to Union Finance Minister P Chidambaram, the Federation has requested him to hold back the revenue department officials from going after jewellers across the country for payment of enhanced advance taxes based on last fiscal year earnings.

Haresh Soni, Chairman, GJF, told Business Line: “We have received complaints from our members particularly from Chennai, Bangalore, Mumbai and Gujarat claiming that the income tax department is pressurising them to match their last year’s advance tax payment so that the department can at least reach close to the target set by the government.”

It is difficult to pay advance taxes at the rate of last financial year’s income since the overall business of gold jewellery trade is down by 40 per cent, he said.

“We want the department to consider the advance tax payment on realistic figures as declared by member assesses. We are willingly to pay the taxes based on our declared income for the year,” said Soni.

The government's gold control rule has resulted in lower than expected turnover by the Indian gems and jewellery industry and the insistence of additional payment of advance taxes by revenue officials has impacted the overall morale of the business very badly amid a period of gloom on the economic front, he said.

The gem and jewellery contribution to overall export is expected to fall to 15 per cent this year compared to 17-18 per cent achieved last fiscal. The domestic jewellery trade is pegged at ?2.5 lakh crore, which is down by about 30-40 per cent, said Soni.

Advance tax is a system of staggered payment of income-tax over four quarters, and is generally considered as a barometer of a company’s performance during a quarter.

The government has restricted import of gold in a bid to bridge the widening current account deficit. This has impacted the availability of gold at reasonable cost for jewellery makers and dampened the sentiment of jewellery buyers in most quarters of the financial year.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Integrated Software Solutions Integrated Software Development Integrated Software Services Integrated Software Solutions India Integrated Softw

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