# Income up to Rs 1.6 lakh – nil Income above Rs 1.6 lakh and up to Rs 5 lakh – 10 per cent Income above Rs 5 lakh and up to Rs 8 lakh – 20 per cent Income above Rs 8 lakh – 30 per cent. # Income Tax department ready with two-page Saral-2 return forms for individual salaried assesses.

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Fiscal prudence: Corrective measures to repair India’s balance sheet seem imminent. The fiscal position stands stressed with a 16-year high deficit of 6.8% of GDP. With Central Statistical Organisation advance estimates hinting at a GDP growth of 7.2% for 2009-10, the government is bound to withdraw some of the stimulus doled out previously.

The term ‘input service’ (under Cenvat Credit Rules, 2004) has gone through its share of litigations and interpretations, with the trade knocking the doors of judiciary for much needed relief and justice. It is in the interest of the department and India Inc to bring in suitable amendments in the definition of input service, which could put an end to the litigations on this count.

In June 2000, an expert group headed by NIPFP director M Govinda Rao observed that the ‘selective approach to taxation of services is undesirable for this violates neutrality in taxation, leads to inadequate coverage in addition to raising several avoidable procedural and legal complications’. The group recommended that the Centre should move towards a ‘general and comprehensive extension of the tax to cover all services with a small and clearly defined exemption list’.

“GST”, commonly known as Goods and Service Tax has now become the buzz word of the industry as a whole. Any news, views or comments on this topic influences the industry at large and when the comments are from the Department of Revenue the impact is surely gigantic. Recently, the Department of Revenue has released its comments on the First Discussion Paper on GST.

The tax code comes in the economic background of over 400 million people being below the poverty line; with many areas disturbed due to underdevelopment; sustained policies of inclusive growth having reduced the poverty ratio but not absolute numbers; and a huge lack of infrastructure.

One of the most favoured duty reimbursement schemes among exporters – the Duty Entitlement Passbook (DEPB) scheme – is likely to be scrapped, as the government gears up to introduce the Goods and Services Tax (GST) from April 1. The scheme, which was extended till December 31 in the Foreign Trade Policy 2009-2014, is widely viewed as one of the best incentive schemes by exporters.

It is official. The much-anticipated Goods and Services Tax (GST), which will replace most of the indirect taxes levied by the Centre and states, will not be introduced from the targeted date of April 1. The Bills pertaining to the introduction of a new law and amendment to the Constitution will not be tabled in the coming Budget session of Parliament. Finance Minister Pranab Mukherjee and state finance ministers will meet in April to decide a new date for the GST rollout.

One of the most favoured duty reimbursement schemes among exporters — the Duty Entitlement Passbook (DEPB) scheme — is likely to be scrapped, as the government gears up to introduce the Goods and Services Tax (GST) from April 1. The scheme, which was extended till December 31 in the Foreign Trade Policy 2009-2014, is widely viewed as one of the best incentive schemes by exporters.