The I-T officer can go back up to six years to scrutinise the books of accounts of the assessees.
Floor rate with a narrow band to be fixed.
Flagging "anxieties" of business leaders on issues like red tape, tax laws, regulation and proceedures, Prime Minister Manmohan Singh on Friday said he often found it tough to deal with these challenges due to "lack of political consensus on reforms".
The UP minister embarrasses the government ahead of the GST rollout.
Rajan also expressed hope that a stable government after the Lok Sabha elections will continue the broad fiscal policies of the current regime and India may finally get the Goods and Services Tax, an ambitious indirect tax reform measure.
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Cabinet likely to pave way for the 'super-rich' tax today.
In a survey by BS reporters across India, a majority of the 25 CEOs who responded said they expected the FM to introduce amendments to the I-T Act which would reduce litigation in tax disputes between firms and the revenue authorities.
Indian fintechs and associated entities are hoping that the Union Budget 2024 will provide a boost and empower firms to extend their reach beyond Tier-II regions, with an emphasis on supporting enterprises led by women. The fintech industry, which has witnessed regulatory reforms over the last year, expects the Budget, scheduled to be presented by Finance Minister Nirmala Sitharaman on February 1, will further encourage financial inclusion, empower micro-small-medium enterprises (MSMEs) with lending solutions, and push for upskilling initiatives for the country's young workforce.
The indirect tax reform Goods and Services Tax is stuck in the Rajya Sabha.
It further said India is facilitating external commercial borrowings by startups in order to encourage innovation and promote ease of doing business.
The idea is to introduce in the next Budget a number of safeguards for preventing disputes with taxpayers.
Sharma is Head of Emerging Markets and Chief Global Strategist at Morgan Stanley Investment Management.
New data show tax reform, better tracking needed
False and acrimonious debates such as Modi versus Manmohan might allow for victories that are political and partisan. But the real loser is the nation, India and Bharat, notes Arvind Subramanian, former chief economic advisor to the Modi government in its first term.
The current draft of the Goods and Services Tax could kill any hope of economic revival - and you should blame the Congress if it rolls over and lets it pass, says Mihir S Sharma.
It suggested reforms in the real estate sector.
'Let us also not expect that there will be a clean break with the past, much though the new government might like to think about it. In a functional democracy that is neither feasible nor desirable. But basic change it must be,' says Shreekant Sambrani.
While government should be appreciated for recent reforms, some on the anvil seem ill considered. These include higher tax rates above an income threshold, the re-introduction of the estate duty, and higher import duty on gold.
Central excise tariff remains complicated and should be simplified.
Moody's listed six agenda on the list of pending reforms -- land acquisition Bill, labour law reforms, significant infrastructure investment, tangible benefit from Make in India initiative, tax administration and PSU bank reforms
No Republican lawmaker dares cross Norquist, as the majority of them signed on to his Taxpayer Protection Plan, where they pledge never to vote for any legislation to increase taxes.
The Modi administration has been unable to initiate key reforms.
'Everyone knows there is no point in contesting elections from Gujarat as a Congress candidate because they know they will be wiped out.'
Road projects alone worth $10 billion face delays over land disputes and other clearances.
Local businesses are fretting over reform setbacks.
Recommending an end to all cesses and surcharges on taxes, and free pricing of fertiliser and fuel ahead of the Union Budget for 2009-10, the Economic Survey suggested on Thursday aggressive disinvestment and financial sector reforms to bring the economy back to high growth track.
The Finance Minsiter says country requires 'a larger opening out in more sectors, stability of policy and tax regime'
Jaitley promised higher investment in roads and railways.
A collaborative approach can yield better results in reforming labour laws that can be implemented in the whole country, instead of different states following different norms in their own jurisdictions. That approach could also help the governments convince the trade unions to see merit in these reforms, says A K Bhattacharya.
Indian economy is on growth path, says US diplomat.
Besides low interest rates, a reduction in active Covid cases and strong high-frequency macro data have lifted the sentiment of both corporate India and the stock markets.
Revenue Secretary Sunil Mitra admits tax collection target for 2011-12 is ambitious but achievable.
Voicing concern over slow pace of reforms, economists on Friday wanted Finance Minister P Chidambaram to give new thrust to contain fiscal deficit
We thought if tax rates were not increased, manufacturing units would have more profits and that would be further invested in growth. Automatically, with growth, taxes go up.
Revenue buoyancy of GST will be key to improve the resource position of both central and state governments.
Stocks of public sector undertakings (PSUs) have been on fire in the past year as investors cheered an improvement in key operating metrics and embraced counters of these state-owned enterprises, analysts suggest. The S&P BSE PSU Index has gained over 90 per cent in the past year, rising much higher than the S&P BSE Sensex, which has rose nearly 19 per cent during this period, according to ACE Equity data. The BSE PSU Index, reports show, has delivered a compound annual growth rate (CAGR) of 28 per cent (including dividends reinvestments) over five years and risen by almost 60 per cent in the past year.
Asking the state finance ministers to resolve the pending issues expeditiously, the Centre on Thursday said introducing Goods and Services Tax was critical for economic reforms.
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