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: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: ACCOUNTING STANDARDS :: due date for vat payment :: ACCOUNTING STANDARD :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: cpt :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: TDS
« News Headlines »
  10 incomes you need not pay any tax on
 How To File Income Tax Returns In Three Steps By March 31, 2018
 10 things about income tax every taxpayer should know
 What to do if your TDS is not deposited with the government
 What if you forget to verify your Income Tax return?
 TDS on rent and other tax tasks to complete before March 31
 5 income tax changes which will come into effect from April 1, 2018
 Why you shouldn't be a last-minute tax filer
 How to calculate income tax for this assessment year on Moneycontrol
 6 Tax notices you may get and how to cope with them Income Tax Notice
 Deadline to pay advance tax ends tomorrow: Here is a step-by-step guide

India Inc meets Pranab, wants investment-led Budget
June, 02nd 2009

The Finance Minister, Pranab Mukherjee, today kick-started his pre-Budget consultations and met with the titans of the industry. The industry came out with its wish-list and made a slew of demands tax breaks, individual tax exemptions to the limit of Rs 2 lakh.

This was part of the pre-Budget consultations that the Finance Minister routinely conducts with captains of India Inc. Predictably, this was about industry wanting tax breaks.

The industrys wish-list is that it wants a reduction in the corporate tax rate down to about 25%, increase in the threshold for income tax exemption to about Rs 2 lakh, restore export exemptions profit tax exemptions which is Section 80HHC, and a plethora of other such exemptions.

The industry understands the fact that this is a year that the government is constrained for fiscal headspace. So, their solution to the government is: go ahead, disinvest, let it be an expenditure- or investment-led Budget, and also ensure that your expenditures are trimmed and to target your subsidies properly and just ensure that at the end of the day industry remains competitive.

But if you juxtapose that in the context of what the agriculturists who also met the FM earlier in the day by whose name the government swears and also indulges in a little bit of protectionism, they went ahead to say that we have got no problems with opening up agricultural foreign direct investment. Corporate India, on the other hand, wants a little bit of protection even in these hard-pressed times, a lot of tax breaks while the agriculturists say: open it up.

A dilution of the Fringe Benefit Tax (FBT) may also be on the cards an internal assessment in the ministry says that in terms of the cost benefit analysis, the costs are involved in administering such a tax is actually disproportionate to the levies Rs 8,000 crore is just 2% of the direct tax revenues.

There is a lot of criticism from corporate India that the designing of FBT is flawed. The case has been made by corporate India today to the Finance Minister. One may have to see how much of that dilution actually happens when the Budget is announced.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Quality Assurance Services Testing and Re-testing

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