Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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 :: VAT Audit :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: cpt :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: empanelment :: VAT RATES
 
 
News Headlines »
 Integrated Goods and Services Tax (IGST) Rules, 2017 (As on 15.11.2017)
 Central Goods and Services Tax (CGST) Rules,2017 (As on 15.11.2017)
  101st Constitution Amendment Act, 2016
 Pr. Commissioner Of Income Tax-6 Vs. Mccain Foods India Pvt. Ltd.
 Section 10 of the Income-tax Act, 1961
 Income tax returns filing: No tax on gift received from relatives in form of cash
 Income tax returns (ITR): Here is why you need to pay higher tax on other incomes
 GST Update On Issuance Of Debit Notes And Credit Notes
 How Mutual Fund Investments Can Help Save Income Tax
 Income tax returns (ITR) filing: Why small service providers need to get this benefit
 How NRIs can avoid tax troubles

Expedite IT refunds through online passbook mechanism: Ficci
June, 13th 2014

Industry body Ficci has asked Finance Minister Arun Jaitley to expedite IT refunds by making the process taxpayer-friendly through issuance of an online passbook linked with the permanent account number (PAN) in which refunds are credited as dues for each financial year.

The passbook could also be used by the tax payer for payment of advance tax for the subsequent year, it said.

"Such a passbook would lend credit worthiness to the taxpayer and banks will also willingly lend, if the tax payer wishes to borrow to meet his or her tax liabilities," Ficci Chairman of National Committee on Transport Infrastructure K K Kapila said in a letter to Finance Minister Arun Jaitley.

Refund of income tax is a part of the working capital for any business entity, particularly consultants, whose main assets are in the nature of recoverables from clients, Ficci said.

"Linking the issue of refund to the finalisation of scrutiny assessments leads to avoidable and prolonged delays which adversely affect the working capital funding of the Assessee, particularly, the consultants. This has an adverse effect on the business since banks do not freely sanction working capital advance to the Consultants," Kapila said.

"It is, therefore, requested to delink the issue of refund from finalisation of the assessment. In case of any demand resulting as a consequence of scrutiny assessment, the Department has all the means at its disposal to recover the dues," he added.

The industry chamber requested the government to provide relief to the consulting engineering companies at par with other agencies of government for infrastructure projects.

"Government funded infrastructure projects are impeded by discrimination against the consulting engineering companies by levy of service tax. This critical issue originated with the introduction of Point of Taxation Rules 2011 & subsequent amendment in Finance Act 2012," Kapila said.

The consulting engineering companies provide services relating to survey, investigation, design, detailed project report & also supervision for implementation of such infrastructure projects. Besides, Ficci urged the government to charge service tax to infrastructure consultants via the Tax Deducted at Source (TDS) mode.

"This would mean that when a client makes payment to the consultants for their services, he simultaneously deposits the service tax amount with the tax authorities against the service tax account of the consultants". "This mechanism would solve the entire problem and the government will be able to collect its revenue faster, than it does at present and ensure full compliance," Kapila said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Portal Design Website Design Portal Designing Website Designing Web Design Professional Portal Design Professional Website Design Professional Web Design Portal Design India Website Design India Portal Designing India Website Designing India Web Design India Professional Portal Design India Professional Website Design India Chicago Professional Web Design New York Professional Web Design California Website Design Florida Website Design New Jersey Website Design Britain UK Website Design London Manchester Website Design

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