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: form 3cd :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: list of goods taxed at 4% :: articles on VAT and GST in India :: VAT RATES :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: due date for vat payment
« Budget Extravaganza »
 Are you expecting good tax breaks in Budget 2017? Think again
 Budget 2017: Home insurance premium should get income tax exemption
 Demonetisation may be the trigger for any increase in service tax rate this budget
 10 things Arun Jaitley can do to make it a Budget for the middle class
 How budget 2017 can ease pain of demonetisation via income tax sops
 Budget 2017: Do we expect an overhaul of personal income tax rates and slabs?
 All eyes on Budget 2017 proposals on capital gains tax
 Budget-2017 And Gst Expectations
 Income Tax Appellate Tribunal, Kolkata Benches Kolkata Constitution of kolkata Benches for One Week From 16.01.2017 To 19/01/2017
 What’s the big deal if budget presented on Feb 1, which law violated? SC asks PIL petitioner
 What aam aadmi wants from Budget 2017

Economic Survey seeks sweeping tax reforms
July, 03rd 2009

The Economic Survey on Thursday sought sweeping tax reforms by way of phasing out all cesses and surcharges on taxes and elimination of various other levies such as the securities transaction tax (STT) and the fringe benefit tax (FBT), while advocating the introduction of a new income tax code.

Tabled in Parliament by Finance Minister Pranab Mukherjee, the Survey suggested a review of the commodities transaction tax a levy proposed in the Budget for 2008-09 but not notified.

In a list of suggested tax reforms, the Survey pitched for review and phasing out of surcharges, cesses and transaction taxes and urged the government to incentivise states to do the same with respect to stamp duties. Alongside, it also asked for rationalising the dividend distribution tax to ensure that the dividend payout is taxed in the hands of receiver.

How many of these prescriptions actually get reflected in the Budget for the current fiscal remains to be seen. Suggestions for some of these changes had come in from various stakeholders. While a surcharge at 10 per cent is levied on corporate income tax and on those earning at least Rs.10 lakh annually, India Inc. has been demanding elimination of the surcharges to render calculation of corporate taxes simpler while increasing the disposable income of the taxpayers.

As for the various cesses, education cess is levied at the rate of three per cent on all taxes. A cess of Rs.2 per litre is levied on petrol and diesel to fund national highways, rural development and State roads.

Stock market investors have also been seeking removal of STT of 0.125 per cent on every transaction in cash for delivery of shares.

The FBT, levied at the hands of the employer, was introduced in the Budget for 2005-06 as many of the perquisites were seemingly disguised as fringe benefits.

There have been demands for its removal or at least rationalisation.

The Survey sought introduction of the new Income Tax Code that results in a neutral corporate tax regime. It will replace the archaic Income Tax Act and thereby streamline the direct taxation structure.

The new code is also expected to come out with taxation structure with fewer exemptions.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Team

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