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: empanelment :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: VAT Audit :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: form 3cd :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: TDS
 
 
Direct Tax »
 No change in gold seizure norms in proposed I-T Law amendments
 Direct tax collection will get a long-term boost, Franklin Templeton says
 I-T Act amendments upset calculations of cash hoarders
 Claim tax benefit on costs incurred to evict tenants
 The Integrated Goods And Services Tax Act, 2016
 Here’s what Income Tax Department did leading up to demonetisation
 I-T department asks IDS declarants to pay tax by November 30
 Cash trove tax drive dilemma
  CBDT halves Income Tax refunds issue timeline to 15 days for this fiscal
 CBDT signs four unilateral advance pricing agreements
 Central Board of Direct Taxes allowed Rs 4,500 crore of irregular benefits to infrastructure companies: CAG

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 2016 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