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: empanelment :: cpt :: form 3cd :: Central Excise rule to resale the machines to a new company :: VAT RATES :: articles on VAT and GST in India :: list of goods taxed at 4% :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: TDS
 
 
« News Headlines »
 A tax saver scheme with higher returns
 GST registration mandatory for TDS entities
 Govt rules out extension for filing GSTR-3B returns after December
 Tax department’s e-filing portal out of action for 2 hours
 Use ITR-2 to show salary and capital gains income
  TDS Applicability On Government Contracts Under Gst (Under Section 51 Of The Cgst Act, 2017)
  How to file ITR for FY 2016-17 and all the links you need
 All about E-way Bill under GST
 Good and simple tax: on the GST regime
 Seeks to extend the time limit for filing of GSTR-1, GSTR-2 and GSTR-3
 Good news, find Tax Return Preparers soon at a place near you; 5 things to know

I-T department, biggest litigant in Govt: FM
July, 26th 2010

Calling it the biggest litigant in the entire Government, Finance Minister Pranab Mukherjee on Saturday asked the Income Tax Department to reexamine the way it handles tax disputes.

Speaking at the 150th anniversary of the Income Tax in India, the Finance Minister also exuded confidence that direct tax collections, hit by the global financial crisis in the last two fiscals, will regain its pre-cisis collection with the economy poised to grow by 8.5 per cent this fiscal, nine per cent the following year and double digits thereafter.

"One area of concern is litigation with taxpayers. The Department is filing appeals in a routine manner without careful thought and examination leading to the Department earning the dubious distinction of being the biggest litigant in the Government of India," Mukherjee said.

He said some of the appeals filed by the Department have been dismissed by the courts on account of inordinate delays.

"These issues require a relook at the system of legal and judicial management," the Finance Minister said.

He said that there must be institutional arrangements to address tax disputes to the satisfaction of both taxpayers and tax collectors so as to reduce the number of litigations to a minimum.

The Finance Minister said that the proposed Direct Taxes Code, expected to replace the Income Tax Act from the next fiscal, will provide a taxation regime which is simple and broad based and in turn will lead to lower tax rates, better tax compliance and reduced litigation.

He said a Bill on the code will be tabled in the upcoming session of Parliament starting from Monday.

The Finance Minister said that the annual growth of direct taxes has averaged about 24 per cent in the last five years.

"This was despite two low growth years in 2009-09 and 2009-10 due to the slowdown in the global economy. With the Indian economy poised to grow at 8.5 per cent in the current fiscal, we expect the growth to regain its past buoyancy," he said.

Mukherjee also hoped that the economy will grow by nine per cent next fiscal and will cross the barrier of double-digit growth soon after that.

 
 
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 Portfolio

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