Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: TDS :: list of goods taxed at 4% :: VAT Audit :: empanelment :: articles on VAT and GST in India :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: due date for vat payment
 
 
News Headlines »
 Income-tax (21st Amendment) Rules, 2017
 Deadline for filing income tax return nears; here are 10 common mistakes that you must avoid
 All you need to know about form 26AS
 How to file income tax return?
 7 changes that affect income tax return filing this year
 How To File Income Tax Return (ITR) Online For FY2016-17? Last Date July 31
 Last date for filing income tax return approaches: What is Form 26AS? How it can help you claim refunds
 Income Tax department to launch mobile app to make life easy for taxpayers
 6 things to remember while filing your income tax return
 Want to save on tax? Here are deductions you can use while filing ITR
 July 31 Is Last Date For Filing Tax Return. Why Form 26AS Has To Be Checked

Reduce income tax rate to boost demand
May, 14th 2009

Industrialists urged finance ministry officials on Wednesday to slash the highest personal income tax rate by 5% to 25% in the forthcoming budget to boost consumer spending and revive the industry which contracted 2.3% in March.

In a pre-budget meeting with Revenue Secretary P V Bhide, a delegation from industry chamber Federation of Indian Chambers of Commerce and Industries comprising its president Harsh Pati Singhania and Bharti Enterprises vice chairman and MD Rajan Mittal pressed for reduction of personal income tax and corporate tax to 25%.

Now the maximum income tax rate of 30% applies on income above Rs 5 lakh. The apex rate should apply over an income of Rs 10 lakh, the chamber said. This will leave more money in the hands of people to encourage consumption spending. Corporate houses are taxed at 30%.

Mr Singhania also favoured broad-based fiscal reform measures to push investment-led growth. He however, admitted that there is little scope for more tax sops considering the governments weak financial position. "This year, there is a particularly difficult situation with revenue deficit being there and I think the government has limited scope for doing things," Singhania told reporters after meeting Revenue Secretary P V Bhide.

The new government which may be in place soon is likely to present the final Budget in the next two months. The outgoing UPA government tabled the interim budget in February and sought the Parliament's nod to spend money to meet expenditure till July.

The delegation also demanded incentivising investments in agriculture sector, continuation of tax benefits for the housing, telecom and power sector. In a bid to promote capacity expansion, it has asked for introduction of investment allowance and restoration of depreciation rate of 25%. At the same time, it is important that excise duty at 8% and service tax at 10% are continued at least till the next fiscal, Mr Singhania said. The tax holiday benefit period for IT and software sector should be extended beyond 2010, he said.

On indirect tax, he said the government should reduce customs duty on natural rubber from the current level of 20% to 7.5%. The chamber also favoured the reduction of central sales tax to 1% from 2%.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Company Search Engine Optimization Company US SEO Local SEO Company Website SEO Company Alabama SEO Company Alaska SEO Company Arizona SEO Company Arkansas SEO Company California SEO Company Colorado SEO Company Connecticut SEO Company Delawa

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