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: ACCOUNTING STANDARD :: form 3cd :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: VAT Audit :: list of goods taxed at 4% :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt
 
 
News Headlines »
 New board for indirect taxes to become operational from June 1
  9 changes that came into effect from April 1
 First time filing income tax? Here's all you need to know about Form 16 and Form 26AS
 New Opening Financial Controller Chartered Accountant (Manufacturing Plant) A Leading Company
 Income Tax Filing 2017: All you want to know about the single page ITR form SAHAJ
 How to benefit from investments in tax saving mutual funds
 60 per cent of income tax notices on fishy cash deposits returned
 All about income tax return form Sahaj
 Why seeing Form 26AS is a must before filing tax return and how to access it
 No tax on notice period pay cut
 Interpretation Of Central Goods And Services Tax (Cgst) Act (Part-1)

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