Scrutiny in direct taxes and audit in indirect taxes o Hearing in all tax cases by personal presence should be avoided, and data can be sought through an e-system. The taxpayer can upload the data on the e-system. Personal hearing should be sought only in complex cases. o There should be specialization in scrutiny/audit work […]
Filing of tax returns o I-T returns should also include wealth tax return so that the taxpayer need not separately file wealth tax returns. These returns should also be processed together in the CPC at Bengaluru. o The disclosures in the return should include a brief mention of the issues on which there has been […]
A taxpayer is the entity that approaches the tax administration and thus comprises the latter’s customer. Yet the prevailing treatment of the taxpayer by the tax administration requires much to be improved in reflection of global practice. Customer Focus reform therefore is the first need.
Form No.15G/15H is a form of declaration that has been prescribed for those persons who desire to receive certain specified income without deduction of tax at source. These forms can be used only if the aggregate income of the person making declaration does not exceed the maximum amount not chargeable to tax.
CA Sandeep Kanoi In Its pre-budget Memorandum 2014 on direct taxes ICAI has suggested that A single ITR form should be prepared. At present, we have different ITR forms for different assessees which make filing of ITR a cumbersome task. There should be a single form for all the assessees so that filing of return […]
The Union Bank of India solicits the expression of interest from eligible parties for empanelment as Service Tax Consultants for the period 2014-2015 for handling banks Service Tax related matters. The interested firms / companies complying with following stipulations may apply specifying details of taxation services rendered by them.
Basic Exemption Limit for Small Service Providers In Its pre-budget memorandum-2014 on Indirect taxes Institute of Chartered Accountants of India (ICAI) has suggested that Current Service Tax Exemption Limit of Rs. 10 Lakh should be increased to Rs. 25 Lakh. It has submitted as follows :- The service tax exemption limit for small service providers […]
As reported by some of the newspapers and PTI GOvernment may provide a major relief to the tax-payers, by increasing the Income Tax slab limit for exemption from Rs.2 lakh to Rs.5 lakh. According to sources, the Finance Ministry has also sought a report on the same from the I-T department. The CBTD is likely […]
A major setback to the investment climate in India in the recent times has been the slew of retrospective amendments carried out in the tax laws as a part of the Finance Act, 2012. FICCI believes that is crucial for the Government to declare as a policy that retrospective legislation shall not be resorted to, save in rarest of cases,
Consistent with its support of an aggressive policy towards development and employment via the manufacturing sector, FICCI welcomes the proposal put forth by the Ministry of Commerce and Industry to enhance FDI levels in defence beyond 26% to higher levels up to 49%, 74% or even 100% in exceptional cases
