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: due date for vat payment :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: VAT Audit :: cpt :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: VAT RATES :: form 3cd :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS
 
 
« Direct Tax »
 Can we measure demonetisation’s impact on income tax collections?
 CBDT signs 2 more advance pricing pacts
 Income tax returns: How to calculate income from house property
 CBDT proposes new accounting standards for real estate firms
 1 lakh entities face I-T action as ‘clean money’ drive gains pace
 Here are 4 things to know about how CBDT improves ease of doing business by issuing PAN and TAN within 1 day
 Online platforms make tax filing easy, help fill details automatically
 Delhi HC refuses to stay tax case against Young Indian
 CBDT issues draft ICDS on real estate
 CBDT chairman Sushil Chandra gets one-year extensiona
 Income-tax (9th Amendment) Rules, 2017? - Amendment of Income-tax Rules, 1962 - Prescribing form & manner of exercise of option by the domestic company for the purposes of section 115BA of the Income-tax Act, 1961-reg

Direct tax deficit to be offset by rise in customs duty collection: Parthasarathi Shome
September, 17th 2013

The impending shortfall in direct tax collections could be partly offset by a likely increase in customs duty collection, spurred by a depreciation in rupee, said Parthasarathi Shome, advisor to the Union finance minister, who ruled out any plans by the government to consider a tax amnesty scheme. He said that such amnesty schemes do not improve behaviour of tax evaders and is unfair to honest tax payers.

With the rupee depreciation, imports become costlier in rupee terms; hence the expectation of a rise in customs duty collection, Shome said. The amnesty scheme now underway for service tax will also bring in additional revenue, he added.

Finance minister Chidambaram's target of limiting the fiscal deficit at the projected level of 4.8% of GDP will be achieved, Shome asserted.

He said the objective behind setting up of Tax Administration Reforms Commission (TARC), of which he is the chairman, is to undertake major changes in the current tax administration structure and practices.

For example, a huge amount of data are collected by the income tax and excise, customs and service tax authorities. The tax administration should be able to set up a machinery to analyse the data and use these effectively to improve tax administration and shape tax administration policy. But the system is not equipped enough at present to make full use of the data being collected. It will be addressed by TARC, he said.

He emphasised that computerisation is a major factor in streamlining and modernising tax administration. The use of computers should be spread to more areas of electronic filing and more segments of taxpayers as well as for better exchange of information among departments.

Exchange of information among tax departments and the intelligence and enforcement arms of the finance ministry could help match data, identify tax evaders and enforce compliance.

At the same time it was equally important to minimise the cost of voluntary compliance for taxpayers so that honest taxpayers can pay tax with ease and confidence.

The committee will also make recommendation to strengthen the mechanisms for dispute resolution between assessees and the tax departments. This will cover both domestic and international taxation issues since the latter has come to centrestage in the present environment of international capital movements.

Shome said that as chairman of the independent committee on the taxation of indirect transfers of assets located in India, he maintains the views expressed in the report. However, he declined to comment on the Vodafone tax matter, as he thought it inappropriate to comment on a single assessee's tax issues.

 
 
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 Team

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