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: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: empanelment :: list of goods taxed at 4% :: cpt :: Central Excise rule to resale the machines to a new company :: form 3cd :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: ACCOUNTING STANDARD :: articles on VAT and GST in India
« 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

Ask for revision in tax code
June, 15th 2010

Even as the Union Finance Minister is about to come up with the revised direct tax code, the Gujarat-based diamond traders body, Surat Diamond Association has demanded some of the sea-change amendments in the proposed code, which according to sources in the finance ministry, are near to impossible to implement.

The diamond association, which has a membership of over 2000 diamond traders, had put forth its recommendations to the finance minister last week. The letter from the association stated in its demand, the diamond industry has been requesting for a very long time now for the introduction of the presumptive tax module to the level of satisfaction of the industry.

The earlier proposed slab is impractical and this is resulting in a lot of hardships to the tax payers and a lot of hard feelings between them and the Income Tax authorities. We are concerned that there is not even a mention of any initiative in this direction in the proposed Direct Tax Code Bill 2009.

Secondly, the diamond traders body has also demanded to do away with the provisions under Section 139 (1) and 139 (2(f)), which authorizes income-tax official to seize any stock in trade of bullion, precious and semi-precious stone or jewellery, found as a result of such search.

According to the statement issued by the association, there are cases registered in the past when such a law was enforced and stock was seized and there is no solution yet for over 10 years.

Calling this provision in the law as draconian, the association president, Rohit Mehta maintained that the basic purpose of the Direct Tax Code is defeated by the introduction of such law.

However, the finance ministry sources informed CommodityOnline that such a demand from the diamond trading industry regarding search & seizure is near to impossible and if contemplated, will weaken the IT laws and incentivize tax aversion; hence it is least likely to fulfill the demand made by the diamond association with respect to the amendment in the existing tax laws.

But the association argues that the very basic character of the diamond industry makes it impossible to maintain carat to carat or piece to piece inventory. This is one of the main reasons leading to disputes between the industry and the Income Tax officials.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Website Ranking Website Ranking Company Website Positioning Alexa Ranking Website Promotion Website top 10 ranking website top 10 promotion search engine result promotion Strategic Internet Marketing Website Optimization Website Ranking Factors

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