« Top Headlines » Open DEMAT Account in 24 hrs  New Income Tax Act: ITR forms to be issued prior to FY28, says govt  GSTR-9C Explained: Turnover Limit, Due Date, Statement Format & How to Prepare It in Tally Prime (2025 Update)  Will Income Tax Department release new ITR forms by January 2026? Finance Ministry says this  The Government of India has strengthened MSME protection through strict payment rules, ensuring that Micro & Small Enterprises receive timely payments from buyers. Under the MSME Development Act (MSMED Act), 2006, buyers must make payments within:  ITR Refund Delays in India: Why They Happen & How to FastTrack Your Refund in 2025  ITR Refund Delay: From Bank Errors To Department Checks, 5 Big Reasons Your Refund Gets Stuck  Income Tax Slabs 2025: New Vs Old Regime; Which One Is Better For You For FY2025-26?  Seamless Integration: How Tally Prime Connects Businesses to the Digital Economy  Govt to notify new ITR forms, Income Tax Act 2025 rules by January 2026: CBDT chief  Digital Efficiency for MSMEs: The Tally Prime Advantage  5 Ways Tally Prime Reduces Cost and Boosts Productivity for Startups «  Tax as penalty is not valid... Ficci wants infrastructure tax incentive back... » Use FDI to expand tax base: Shome November, 15th 2006 The government should look at foreign direct investment as an avenue for expanding the tax base, suggested Parthasarthi Shome, advisor in the office of the Finance Minister.    Shome today suggested a cost-benefit assessment of the effects of foreign direct investment in terms of its benefits versus the losses that result from revenue foregone through the tax sops that are given to attract foreign capital.    Ultimately, we have to look at whether we are able to expand the tax base. The government is continuing its effort to expand the base, he said.    Ficci President Saroj Kumar Poddar suggested a modification in the tax system to remove constraints on in-bound and outbound investments.    In order to encourage Indian companies which had overseas subsidiaries to repatriate their earnings, he said the receipt of dividend and capital gains should be exempted from tax or taxed on a concessional basis.    Poddar also said the government needed to clarify that transactions in respect of such Indian assets would not be regarded as transfer for the purpose of capital gains under Section 47 of the Income Tax Act.    He urged expansion of the scope of Authority of Advance Ruling to cover transactions undertaken by resident assessees.    Ficci also suggested that Dividend Distribution Tax (DDT) needed to be brought within the ambit of double taxation avoidance agreements.    A re-look at transfer pricing norms and provision of a 100 to 300 per cent penalty on the tax payable on the amount of adjustment was also mooted by the industry body.    Jeffrey Owens, director, OECD Centre on Tax Policy and Administration, pointed out that a major challenge existed for Indian corporates with regard to how their overseas subsidiaries were taxed.