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: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: ACCOUNTING STANDARDS :: cpt :: articles on VAT and GST in India :: VAT Audit :: VAT RATES :: form 3cd :: due date for vat payment :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4%
 
 
« Direct Tax »
 Can we measure demonetisation’s impact on income tax collections?
 CBDT signs 2 more advance pricing pacts
 Income tax returns: How to calculate income from house property
 CBDT proposes new accounting standards for real estate firms
 1 lakh entities face I-T action as ‘clean money’ drive gains pace
 Here are 4 things to know about how CBDT improves ease of doing business by issuing PAN and TAN within 1 day
 Online platforms make tax filing easy, help fill details automatically
 Delhi HC refuses to stay tax case against Young Indian
 CBDT issues draft ICDS on real estate
 CBDT chairman Sushil Chandra gets one-year extensiona
 Income-tax (9th Amendment) Rules, 2017? - Amendment of Income-tax Rules, 1962 - Prescribing form & manner of exercise of option by the domestic company for the purposes of section 115BA of the Income-tax Act, 1961-reg

Standing committee on finance seeks safeguards for taxpayers
April, 23rd 2013

The standing committee on finance has asked the government to ensure there are adequate safeguards to protect tax payers from some of the stringent provisions introduced in the finance Bill.
It has also pulled up the income tax department for its aggressive search and seizure operations, high-pitched and unreasonable tax demands reflected in a high rate of rejection of cases or appeals filed by the tax department at appellate tribunals or courts and its inability to complete the probe into the names reported by HSBC (Hongkong and Shanghai Banking Corp. Ltd) on the unaccounted/black money stashed abroad.

The standing committee, headed by Bharatiya Janata Party leader Yashwant Sinha, in its report on the demand for grants (2013-14), said the industry has expressed reservations regarding these provisions and pointed out that it goes against the intent of bringing in a non-adversarial tax regime. It asked the government to provide adequate safeguards such as providing the power of arrest only to chief commissioners in the tax department. Commissioners now have such powers.

In this year’s budget, finance minister P. Chidambaram had made duty evasion beyond a certain threshold a non-bailable offence and introduced arrest provisions on suspected withholding of service tax.

“Apprehensions have been expressed in this regard that these stringent provisions may be misused in a manner which would militate against the spirit of ushering in a non-adversarial tax regime. In order to ensure that this provision does not result in harassment of tax payers/assessees, the Committee suggest that each proposal of such arrest etc. should be scrupulously looked into prior to such arrest at the level of chief commissioner,” the report said.
The recommendation, if accepted, will add objectivity and introduce another level of clearance, said Bipin Sapra, tax partner at audit and consulting firm, Ernst and Young.

“The chief commissioner, unlike the commissioner, is more detached from field operations and does not have the pressure of meeting revenue targets. The chief commissioner, also, already has the power of prosecution,” he said.
The committee advocated widening the ambit of tax deducted at source to more sectors to enhance collections and to bring more sectors into the tax net. It also pushed for widening the tax base.

Taking note of the increasing tax arrears, the committee urged a time-bound action plan to clear the backlog and realize revenue dues. While direct tax arrears rose 45% to Rs.4.82 trillion, indirect tax arrears more than tripled to Rs.1.03 trillion.

The committee asked the finance ministry to expeditiously complete the probe into the names revealed by HSBC on unaccounted money stashed abroad. The ministry has also been asked to submit the report to the panel within one month.
The committee also opposed the current practice of capitalising public sector banks from the budget holding that it may make them inefficient. It said state-run banks should be pushed to generate funds internally for their recapitalization instead of depending on budgetary support alone.

It also urged the finance ministry to expedite the process of setting up holding companies for state-run banks at the earliest.

“The ministry should also ensure that the capital infused into PSBs (public sector banks) so far is used only for the purpose of credit growth and not for restructuring/writing-off NPAs (non-performing assets),” it added.
Criticizing the disinvestment policy of the government, the committee said when government sells an asset, the proceeds should be used only for fresh asset creation instead of revenue expenditure.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Organic SEO Outsourcing Organic Search Engine Optimization Outsourcing Organic Website SEO Organic SEO India Website SEO India Organic Search Engine Optimization India Organic Internet SEO India Organic Web

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