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 :: VAT RATES :: ACCOUNTING STANDARDS :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: empanelment :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: list of goods taxed at 4% :: TDS
 
 
News Headlines »
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice
 Accepting payment under IDS 2016
 New disclosure scheme could see 50% tax and 4-year limit on cash use for unaccounted deposits
 Pay 50% tax on unaccounted deposits, or 85% if caught, says Modi government
 Deadline to pay property tax in old currency extended
 Cabinet clears amendments to Income Tax Act
 Have you got interest on your income tax refund?

Arun Jaitley promises intensified efforts to collect tax dues, favours fiscal deficit reduction through economic growth
July, 09th 2014

Finance Minister Arun Jaitley said on Tuesday that efforts would be intensified to recover uncollected taxes of past years and that government's fiscal deficit needs to be kept at an acceptable level through expansion of economy and tax buoyancy rather than by contracting expenditure.

The minister said while replying to supplementaries during Question Hour in the Rajya Sabha that fiscal prudence was required to prevent extra borrowing to finance current expenditure. Jaitley's statement comes closer to his maiden budget scheduled for Thursday, which is unlikely to contain many populist measures.

"And, the current acceptable level, which by the FRBM Act, is that you have to move towards a fiscal deficit of 3%," said the minister. The interim budget for 2014-15 had projected a fiscal deficit of 4.1% for the current year, down from the revised estimate of 4.6% for 2013-14. The level of fiscal deficit during the current year up to May is Rs 2,40,837 crore, which is 45.6% of Budget Estimate of 2014-15, the minister said.

The minister said he would personally have been happier if the containment of fiscal deficit takes place by expansion of the economy, by greater tax buoyancy and by greater tax collection, rather than by contracting expenditure.

On a question on mounting tax arrears that need to be collected, the Minister said tax collection drive will be intensified. "As far as your other point is concerned about people from whom taxes are due and not collected, we certainly will intensify that action and I am one with you that those are the people to whom no laxity has to be shown," he said. Direct tax arrears demand has risen to Rs 6.75 lakh crore in April 2014, up from Rs 5.8 lakh crore a year ago.

In the meanwhile, Minister of State for Finance Nirmala Sitharaman informed the Upper House in a written reply that the ambitious Direct Taxes Code, which proposed to overhaul of the six-decade old Income Tax Act, has lapsed. She, however, did not give any commitment on reviving the same. "With the dissolution of the 15th Lok Sabha, the Direct Taxes Code Bill, 2010 has lapsed," she said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

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