Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: cpt :: form 3cd :: VAT Audit :: TDS :: empanelment :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT
General »
 India’s GST among most complex in world, and it is 0% tax rate that is hurting the idea
 Can’t overrule courts with retrospective amendments, says Supreme Court
 Why tax planning should be an all-year round activity
 8 financial tasks you should do in the next 30 days
 Income Tax department may defend CPC in returns fraud case
  Income tax department sends notices to investors over tax treaty gains
 Seven months after GST rollout: Time for handholding over, Centre to intensify efforts to curb tax evasion
 Individual angels may get tax relief too
 The differences between tax and cess
 Startups that raised funds from angel investors face tax scrutiny
 Tax collection assumptions in India's budget ambitious

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 2018 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