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 :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: empanelment :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: cpt :: Central Excise rule to resale the machines to a new company :: TDS :: form 3cd :: VAT RATES :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
News Headlines »
 Is government tapping your phone?
 Income tax department to use analytics to look for discrepancies in bank accounts
 GST Council fails to break deadlock over indirect tax regime, next meet on Dec 11 and 12 to hammer out differences
 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

New tax course in FY09: CBDT
September, 17th 2008

The Central Board of Direct Taxes has been re-engineering allocation of its 80% of manpower for putting in place a Consolidated Processing Centre to process income-tax returns that will shortly come up in Bangalore followed by other such cities, indicated Member CBDT.

Although Union Finance Minister will not make customary budget presentation in February 2009 as it will be an election year and preceded by a vote on account for which date has yet to be finalized, it will execute New Tax Course in fiscal 2008-09 itself to enable businesses remain competitive in India.

Announcing this at ASSOCHAM organized  5th International Tax Conference here, Member Legal CBDT, Ajai Singh assured Indian Inc. that his Ministry would put in place a simpler new tax course in this fiscal itself to ensure that business remain competitive and cross border disputes are barely referred to jurisprudence for resolution.

The 1961 tax code no longer keeps pace with current business development and despite acute shortages of qualified tax manpower in the Finance Ministry, 20% of high knowledge volume manpower has been engaged to draft the proposed new tax course, said Singh further pointing out that it would be shortly referred for Cabinet approval.

The Central Board of Direct Taxes has been re-engineering allocation of its 80% of manpower for putting in place a Consolidated Processing Centre to process income-tax returns that will shortly come up in Bangalore followed by other such cities, indicated Member CBDT.

In the new tax course, the transfer pricing issue would be sorted out in a manner so that level playing field is ensured for multinational corporations operating in India vis--vis domestic corporates, said Singh. With proposed tax course in place, a new global transfer pricing strategy would be evolved to satisfy all elements, organizations and concerned stakeholders so that it is resolved for good.

The resolution of disputes would be on faster track and that too without often referring them to available legal frame or jurisprudence so that flow of foreign direct investments and movement of large multinational corporations towards India further progresses, said Member CBDT. On a question about Notification on Commodity Transaction Tax, Singh said that a decision to this effect would be taken at much higher level and therefore, he would not be able to commit any date for this.

Singh, however, emphasized that international tax considerations figure prominently in decisions that multinational corporations and their leader make global. The developments in the past have posed new challenges and problems on various dimension of taxation and transfer pricing is rated as one of the most important tax issue facing multinational companies.

That is why a provision of level playing field would be incorporated in new Tax course to ensure that the entire supply chain which include research and development, manufacturing, marketing, distribution and after sale services are kept intact to maintain accuracy in tax compliances, indicated Singh. In his opening remarks, O P Vaish, Chairman, ASSOCHAM International Tax Committee called for modern tax laws especially emphasizing the need for putting in place new transfer pricing mechanism so that minimum disputes arise between MNCs and their partners in domestic country.

Vaish further emphasized that 61 Tax code has grown extremely outdated and needs to be revamped and modernized. M H Dalmia, Chairman, ASSOCHAM Committee on Direct Tax echoed similar sentiments for modernization of new tax structure to ensure higher voluntarily tax compliance of corproates and individuals.

D S Rawat, ASSOCHAM Secretary General  in his remarks welcomed the announcement made by Singh for putting in place a new Tax Course in fiscal 2008-09 itself despite budget proposals for fiscal 2009-10 being postponed in view of election year.

 

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Bath SEO Company Birmingham SEO Company Bradford SEO Company Brighton and Hove SEO Company Bristol SEO Company Cambridge SEO Company Canterbury SEO Company Carlisle SEO Company Chester SEO Company Chichester SEO Company Coventry SEO Compan

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