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Written by P.T. GOVINDARAJAN
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Tuesday, 09 June 2009 12:00 |
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The decision of Central Board of Direct Taxes (CBDT) that credit for any tax deducted at source (TDS) in the income-tax returns will be allowed only if the tax payer quotes the relevant Unique Transaction Number (UTN) for such a claim has created confusion, said tax consultant Mukesh Patel at a seminar on Filing of tax returns & E-TDS procedures' organised at Gujarat Chamber of Commerce and Industry (GCCI) on Friday.
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Written by P.T. GOVINDARAJAN
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Monday, 08 June 2009 15:53 |
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Committed to bringing tax reforms to create a common market, the government today said the roadmap for adopting Goods and Services Tax, which will replace major indirect taxes at the central and state levels, will be "vigorously" pursued.
"The roadmap for moving towards a Goods and Services Tax will be vigorously pursued," President Pratibha Patil said in her address to joint session of Parliament.
GST, which will replace excise duty and service tax at the Centre and VAT at the state-level, is scheduled to be introduced in the beginning of the next fiscal.
The consultations between the Centre and VAT panel, which represents states, on the structure and rates of GST, are on. Earlier during the week, VAT panel Chairman Asim Dasgupta had said state finance ministers will meet Finance Minister Pranab Mukherjee around mid-June on various issues relating to the new tax system.
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Written by P.T. GOVINDARAJAN
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Thursday, 04 June 2009 16:06 |
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The Congress-led UPA government has just 10 months to usher in a new goods and services tax (GST) regime to create a seamless common market across the country. Consumers will pay a single rate of tax on goods and services sold across India, if the government introduces the levy from April 1, 2010. Work is in progress, with the empowered committee (EC) of state finance ministers scripting a model and roadmap for GST in India.
The EC has recommended a GST with a central and state component. And the Congress manifesto refers to a “moderate” goods and services tax, saying once GST is implemented, all other state- and central-level indirect taxes, including VAT, excise duty, service tax, luxury tax and so on will stand abolished. Customs duty will be out of GST and is likely to be replaced by VAT on imports.
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Written by P.T. GOVINDARAJAN
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Saturday, 06 June 2009 11:50 |
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The Finance Minister, Pranab Mukherjee, kick-started his pre-Budget consultations this week and met with the titans of the industry. The industry came out with its wish-list and made a slew of demands — tax breaks, individual tax exemptions to the limit of Rs 2 lakh and withdrawal of FBT. This was part of the pre-Budget consultations that the Finance Minister routinely conducts with captains of India Inc. Predictably, this was about industry wanting tax breaks. The industry’s wish-list is that it wants a reduction in the corporate tax rate down to about 25%, increase in the threshold for income tax exemption to about Rs 2 lakh, restore export exemptions – profit tax exemptions — which is Section 80HHC, and a plethora of other such exemptions.
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Written by P.T. GOVINDARAJAN
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Monday, 01 June 2009 07:23 |
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The government has turned down a proposal of the Reserve Bank of India (RBI) to allow public sector banks to select auditors independently.Last year, RBI had made the proposal to the finance ministry, which forwarded it to the Ministry of Corporate Affairs (MCA), the nodal body for auditors.
The proposal was in line with the practice followed by private and foreign banks that function in the country.
RBI is not directly involved in selection of auditors for private and foreign banks, which, however, have to take prior approval of the central bank for the selection. Banking sources close to the development say RBI has made the proposal as it wants to get out of its non-core functions.
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