'The most important thing to do is to stop taxing citizens so brutally,' recommends T C A Srinivasa-Raghavan.
'We all wanted a strong Centre with a decisive mandate from the people, to allow them to take bold decisions.'
Investors took comfort from Finance Minister Arun Jaitley's statement, who underlined the need to have globally compatible tax rates to broad-base the economy
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The Centre on Thursday placed before the GST Council two options for borrowing by states to meet the shortfall in GST revenues, pegged at Rs 2.35 lakh crore in the current fiscal.
Of the six-member rate-setting monetary policy committee, five members voted for a 25 bps cut while one by 40 bps, the RBI said.
Without tinkering with the tax rates, Finance Minister Arun Jaitley in his maiden budget provided encouraging signals for domestic and foreign investors.
Investment in Public Provident Fund up to Rs 150,000 would now be exempt from tax.
'At the end of the day, we want to see maximum items out and only few items remaining in the 28 per cent slab.'
Petroleum Minister Murli Deora on Tuesday renewed his plea to the Maharashtra government to cut sales tax on petrol and diesel to give relief to fuel pump dealers, who were losing high volume business to neighbouring states where tax rates were much
'If petro products are brought into GST, then there will be minor impact on the incidence of tax... and minor impact on prices. The price of petrol, diesel will continue to be driven by global factors'
Finance Minister P Chidambaram presented the Interim Budget for 2014-15 on Monday.
While Prime Minister Modi grapples with serious matters of State so very successfully, may I urge that he focus just a bit of attention on the economy, says Manoj Mohanka.
The council also cut GST rates on affordable housing to 1 per cent from the current 8 per cent.
Others taxed at 5, 12, 18, 28%
The deal would involve Pfizer paying with 11.3 of its shares for each Allergan share.
The GST Council last year imposed a cess of 15 per cent on hybrid vehicles, in addition to the 28 per cent GST, leading to a total tax burden of 43 per cent against a previous tax rate of 28 per cent.
A three per cent reduction in corporate tax during this year helped India remarkably improve its ranking by five notches in the KPMG Corporate Tax Rate Survey 2006.
Listing of LIC will help bring in greater transparency, public participation and also deepen the equity market.
Higher oil prices, while not having an impact on Centre's revenues due to fixed tax rate, are pushing up states' sales tax revenue.
The Narendra Modi government's alacrity in promoting ease of tax administration, a critical component in the ease of doing business index, has set in motion several incremental policy and administrative reforms, says Mukesh Butani.
The Sensex recorded a significant rise of 919.19 points, or 2.65 per cent while the Nifty gained 213.45 points, or 1.99 per cent, in the week.
The NSE Nifty settled the day 96.80 points, or 0.94 per cent lower, at 10,224.95
In an online chat with Rediff.com readers, G Srikanth, partner, GSV Associates, chartered accountants, Chennai and member of the Institute of Cost and Management Accountants, answered queries about the new income tax proposals mooted in the Union Budget 2020-2021.
The Budget has unveiled measures that should now pave the way for India to progress from Make in India to 'Innovate in India'.
Regulator to address contract management issues and speed up development.
'There are deliberations on whether there can be lowering of income taxes and other sops to keep more money in the hands of taxpayers, enabling them to spend more and boost demand.'
The finance minister says that FDI in retail will be permitted with Left parties' consent.
'The economy has to become the government's No. 1 priority, which it is not at the moment,' says T N Ninan.
Cong leaders speak in two voices but final stand may be decided at a meeting headed by Rahul Gandhi next week
The Centre is against giving any shock in the first year of the rollout by bringing in new services.
Industry chambers also sought conducive policies for completion of large infrastructure projects in time.
'As the 1991 experience showed, the solution to a large trade deficit may be to open up the economy, not putting up protective walls,' points out T N Ninan.
The prime minister was speaking at an event to mark golden jubilee of the Aditya Birla Group's presence in Thailand.
The Centre on Monday made a strong plea to states for reduction in entertainment tax rates and collective fight against the piracy menace.
FM proposed rationalisation of various tax exemptions.
'Instead of wailing about the absence of tax benefits, the private sector should press for an early implementation of the package of measures,' advises A K Bhattacharya.
The change in the peak rate will not alter the 4-slab rate structure of 5, 12, 18 and 28 per cent agreed upon last year, but is only a provision being built into the model law to take care of contingencies in future, two officials in the know told PTI.
Collection will have to rise by 30 per cent in the remaining period of the financial year to achieve the Budget estimate.
The cess collected on cars as also tobacco and coal will be used to compensate the revenue loss of states by implementing GST.
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