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: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: empanelment :: ACCOUNTING STANDARDS :: due date for vat payment :: cpt :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: VAT RATES :: form 3cd :: TDS :: Central Excise rule to resale the machines to a new company
 
 
Direct Tax »
 Companies must drop retro tax cases to avail settlement scheme: CBDT
 FinMin may review tax regime on long-term capital gains
 Income tax return: TDS refund on capital gains invested needs to be instant
 CBDT holds circular on indirect tax provisions
 CBDT puts on hold circular on taxation of indirect transfer of shares
 CBDT prods officials to meet tax collection targets
 Budget 2017: Direct tax reforms to be gradual than radical, says KPMG
  FM Arun Jaitley may drop tough tax accounting rules
 FM Arun Jaitley may drop tough tax accounting rules
 How to view your TDS through form 26AS?
 Deduction of tax at source Income-tax deduction from salaries under section 192 of the Income-tax Act, 1961

FM promises major changes in revised direct tax codes
June, 14th 2010

Finance Minister Pranab Mukherjee on Wednesday said that all stakeholder concerns will be addressed in the revised direct tax code, which will be released shortly.

Speaking at the Annual Conference of Chief Commissioners and Directors General of Income Tax here, Mukherjee said: "The new code will usher in major changes in procedures and practices of Direct Tax.

He also announced that in order to upgrade the skills of the Indian Revenue Service (IRS) officers, an advanced mid-career training programme for them would be started during the current year.

"This will equip officers to face challenges dealing with complex international transactions and fight menace of tax avoidance schemes," he added.

He announced that government will set up income tax overseas units in eight more countries, including the US and Britain, to help exchange tax-related information.

He asked IT officers to monitor high growth areas in the economy to track any kind of evasion and urged to devise strategies to achieve the tax collection targets.

"Department may also develop special strategies to monitor TDS compliance at the District level, state level and at Central level," he added.

Mukherjee said that the economy was expected to grow at 8.5 percent this fiscal. e asked the officers of the Central Board of Direct Taxes (CBDT) to come out with a comprehensive proposal to address the issue of unwanted litigation with taxpayers and also to realise locked up revenue in appeals.

For the current year, he asked senior officers of the income tax department to exceed the target of direct tax collection at Rs. 4,30,000 crore in the Budget estimates.

Mukherjee also expressed concern over rising litigation with the taxpayers and the quantum of revenue locked in appeals. He said taxpayers should be encouraged to Mutual Agreement Procedure (MAP), which has emerged as a preferred alternate dispute resolution mechanism.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Article Management Solutions System Article Management Software S

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