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: due date for vat payment :: cpt :: form 3cd :: VAT Audit :: VAT RATES :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
« General »
 Number of companies paying tax over Rs 100 crore declines in 2013-14
 Tax and the dilemma of the self-employed
 Banks warn share tax hike threatens Paris' post-Brexit appeal
 PMC may decide on property tax rebate for IT firms this week
 I-T Dept is giving out certificates of appreciation. Have you received yours?
 Government works on ironing out benefits refund mechanism for exportersa
  Tax officials are using an IDS provision to question transactions beyond six-year-limit
 Tax-free bonds rally like midcap funds
 Senior citizens do not have to pay advance tax on salary and interest income
 GST: Audit commissioners to get adjudication powers
 Interest on NRE rupee account can be exempt from tax under FEMA

Discretionary powers of I-T authorities
June, 12th 2009

The Gujarat Chamber of Commerce and Industry (GCCI) has submitted a pre-budget memorandum to the Ministry of Finance, suggesting to limit the discretionary powers of the Income Tax authorities, as it is resulting in unnecessary harassment of even those assessees who are willing to pay legitimate taxes.

K D Shah, Chairman, GCCIs Direct Taxes Committee, said: We have demanded that the effective rate of service tax on most of the taxable services, which is 10.30% (10% plus education cess @ 3% thereon), should be reduced to 8%.

Also, the basic exemption limit for small service providers should be increased to Rs 15 lakh from the current limit of Rs 10 lakh, he added.

Meanwhile, GCCI has also demanded the removal of provisions relating to taxing of fringe benefits, claiming these to be legitimate business expenditure. Some of the other demands include extending the due date of filing tax returns to 31st August and in case of audit to 31st October, taxing of short term capital gains at concessional rate of 10 per cent, and removing the Deemed Dividend provision, which provides for taxing of even those loans which are given to shareholders from a closely held company.

Regarding wealth tax, GCCI has argued that the present exemption limit of Rs 15 lakh was fixed in 1993.

Shah added: This has not changed in these many years, though the value of immovable as well as movable property has changed substantially. We demand it to be increased to Rs 30 lakh. For Tax Deduction at Source (TDS), GCCI has asked for liberalising Section 195 of Income Tax Law and reducing the rate to 10 per cent.

In order to promote clean energy generation in the country, GCCI has recommended that the government must exempt the industries in renewable energy from MAT (Minimum Alternative Tax) for 10 years after commencement of manufacturing operations.

Other initiatives should be income tax exemption in case of sale of carbon credits and exemption from service tax in case of taxable services provided to renewable energy industry, added GCCI officials.


Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 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