A seminar on the draft Direct Tax Code 2009 recommended high tax threshold levels and low taxation rates. The meet was jointly organised by FICCI and ICSI (Institute of Company Secretaries of India) here on Thursday.
Former Secretary, Revenue, Government of India, M R Sivaraman recommended high threshold for tax slabs besides low rates of taxation. The optimum income tax rate would be between 12 and 15 per cent. Tax laws should not prohibit the choice and the liberty of the investors.
Freedom for investors with respect to time and place of investment must not be interfered with.
Member, Income tax appellate tribunal, S Rajaratnam said the procedure for tax payment should be simplified and added that industry participation was crucial to the whole debate on tax code as they are the major stake holders. Others wanted more discussions as that would positively influence policy decisions.
Chief Commissioner, Income Tax, P P Srivastava, said the suggestions and recommendations for fine tuning the Direct Tax Code would be sent to the government.