« Top Headlines » Open DEMAT Account in 24 hrs  Budget 2024 makes new income tax regime more attractive: See how much taxes you can now save  ITR filing 2024: New vs old income tax regimes, 6 key things to consider while filing your tax return  These five technical glitches may impact your Income tax return (ITR) filing. Know here  ITR filing 2023-24: How to optimise Section 80D deductions at the time of filing tax returns  ITR filing 2023-24: Top 7 mistakes to avoid for hassle-free income-tax return filing this year  Income tax returns for FY 2023-24: Keep these 8 tax law changes in mind while filing ITR this year  ITR Filing 2024: Know who can and cannot file income tax returns using ITR-1 this year  Income Tax Filing: 10 necessary guidelines that you must be aware of  Why you should file your income tax returns before July 31  What is Form 26AS? How to download Form 26AS to file Income Tax Return (ITR)  Income Tax Return: What are the alternatives to Form 16 that can be used while filing ITR? «  Legal sector liberalisation hits Bar Council wall... Higher rate of tax on foreign companies... » Revenue dept moots 8% excise on processed food items October, 10th 2006 Department wants 16% excise on soft drinks, chocolates retained. The revenue department has suggested a uniform excise duty of 8 per cent for all processed food items except soft drinks, chocolates and malted food, for which it wants the rate retained at 16 per cent. The duty cuts have been mooted as part of an action plan to promote agri-business. The Vijay Kelkar task force on indirect taxes had recommended a uniform excise duty of 6 per cent on all processed food products. The GoM for promotion of agri-business feels high taxation on processed agricultural products is acting as a disincentive for private sector investment and distorting the competitiveness of food products. While primary agricultural commodities are mostly exempted, processed commodities are subjected to a central sales tax of 4 per cent and value added tax of 12.5 per cent. Apart from VAT, these products are subject to other taxes like entry tax and octroi. In addition, central excise is levied on all branded products. There are various anomalies in these schemes of things too. For instance, while jalzeera is exempt from excise, it is levied at a rate of 16 per cent on nimbu-pani. Similarly, sugar confectionery (with cocoa) attracts 16 per cent excise, while excise on the same products without cocoa is 8 per cent. Ice cream does not attract excise, while ice cream mixes and gulab jamun mixes are levied excise at 16 per cent and 8 per cent, respectively. On the proposal to cut customs duty on food processing machinery to 5-10 per cent from the present 20-40 per cent, the department has said it is difficult to do so as it will hurt the interests of the domestic capital goods industry. However, it is willing to cut customs duty on specific machines that are not manufactured domestically. The department has rejected the proposal to drop customs duty to 5-10 per cent from the present 25-44 per cent on packaging material as these are general use items in various industries.