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: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: ACCOUNTING STANDARD :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: VAT RATES :: articles on VAT and GST in India :: TDS :: form 3cd :: empanelment :: Central Excise rule to resale the machines to a new company
 
 
News Headlines »
 How to calculate capital gains tax on property sold at less than stamp value?
 Return Filing - Under GST, this is how you will file tax returns from July 1
 Income tax filing FAQs part 1
 Filing Income Tax Returns? Things To Keep In Mind As Deadline Approaches
 Filing of online return for 4th quarter of 2016-17- extension of period thereof.
 New tax accounting standards may reduce leeway for infrastructure companies
 GST – CONCEPT & STATUS – As on 01st May, 2017
 Govt extends VAT deadline, relief for developers
 Income Tax Appellate Tribunal Rules, 2017
 Got your Form 16? You should file income tax returns early to enjoy benefits
 Want to save tax? Here are 6 best investment options for you

Need fourth slab in income tax rates
March, 10th 2015

Former Finance Minister P. Chidambaram said there was a need for a fourth slab in the personal income tax rates.

“I introduced three tax slabs in 1997, in what was called the dream budget. I feel there is a need for a fourth slab, since the liberalisation is giving huge rise in income for certain people,” Mr. Chidambaram said.

He was addressing a session on Union Budget 2015-16, organised by the Loyola Institute of Business Administration (LIBA).

Mr. Chidambaram said the government’s acceptance of the 14th Finance Commission report, which increased the States’ share of divisible central taxes to 42 per cent from 32 per cent, did not mean States were going to get more money. “This calls for another long debate,” he added.

He also defended the Minimum Alternate Tax (MAT). It was introduced to force companies which did not pay tax due to availability of concessions, exemptions and deductions to pay tax.

“The companies make profit as per profit and loss account but do not pay tax due to concessions. So, they are made to pay a nominal amount as tax. Companies making profit pay tax, and MAT could be offset in case of a future loss. It is only a form of advance tax. MAT is a correct tax. But how much percentage to be charged can be debatable,” he said.

Citing the example of Starbucks, which makes huge profits in the U.K., but does not pay tax, Mr. Chidambaram said, “There are firms which make big profits using the country’s potential and concessions given by government. Those firms should be made to tax and that is the logic behind MAT.”

Mr. Chidambaram reiterated that the Modi government’s first full budget had failed the fiscal and financial stability test, the test of equity, and the test of rising inequality. “Some aspects of the budget are good, and I appreciate the Finance Minister Arun Jaitley for it.”

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Development Software Programming Software Engineering Custom Software Development Requirement Based Software Development Software Solutions Software Serv

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