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: cpt :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: form 3cd :: articles on VAT and GST in India :: VAT RATES :: TDS :: empanelment :: due date for vat payment :: VAT Audit :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company
 
 
Direct Tax »
 Companies must drop retro tax cases to avail settlement scheme: CBDT
 FinMin may review tax regime on long-term capital gains
 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

Rethink on retrospective amendment to I-T Act: Assocham
April, 24th 2012

The government should rethink on amendment to the Income Tax Act with retrospective effect and should wait for another one year to implement the General Anti-Aviodance Rule (GAAR), industry body Assocham said on Tuesday.
 
(for retrospective amendment). Vodafone may be the issue, but it is something that concerns the industry," said Ved Jain, chairman of the Assocham National Council on Direct Taxes in a conference in New Delhi.
He stressed that as far as possible all the amendments should be prospective in nature. If amended retrospectively, it will not only break down the judicial system but will create uncertainty in the taxation system.

"There are as many as 15 amendments that are trying to over-rule the judgements given by various courts. The tax liability should be determined and one should know what is be the tax liability on him," he said.

On GAAR, Assocham said that the government should rethink on it as it lacks clarity on many issues.

The industry body said that there should be clarification whether GAAR will be implemented prospectively.

"Since its part of Direct Tax Code, it can wait for one year. There is a need to debate on the issue of GAAR...it is causing a lot of uncertainty with regards to tax implications of several businesses and non-business arrangements," Jain said.

Assocham also demanded that the government should increase the limit to Rs. 3 lakh from current Rs. 1.5 lakh on housing loan interest deductions as it will not only boost the real estate industry but will also give a thrust to the economy.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System development CMS development Content Management Solutions CMS Solutions Content Management Services CMS Services CMS Software

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