Finance Minister Arun Jaitley accused Congress of setting a wrong precedence for future opposition parties by continuously disrupting Parliament.
They were participating in a debate on the bill for giving effect to various compliance relief measures for taxpayers, including extending time limits for filing returns, in the wake of the coronavirus crisis and tax benefits for donations to PM CARES Fund.
If you are making any drastic changes, make sure there is adequate documentation
'We have not issued notices randomly.' 'We have done the risk profiling of individuals, and sent to those whose profile has not matched with their declared income.'
Lok Sabha passes Finance Bill; Will introduce a white paper on black money in current session: FM
Finance Minister Nirmala Sitharaman on Monday said the government is planning to extend the suspension of fresh insolvency proceedings for another three months, a move which will provide major relief to corporate borrowers hit by the coronavirus pandemic. Addressing the Bangalore Chamber Of Industry And Commerce (BCIC), she said the government has taken several measures, including deferment of tax payment date, to help businesses and people.
Index heavyweights ITC was the top gainer along with RIL and HDFC
The disclosures will enjoy immunity from wealth tax, civil and other taxation laws but there will be no immunity from FEMA, PMLA, narcotics and black money laws.
Business subsidies may attract tax
Options include raising both excise and service tax rates in FY16
Over the next four years corporate tax will come down by 5 per cent and lot of exemptions will get phased out.
The finance minister is likely to announce the government's vision for a tax-friendly regime by raising the I-T exemption limit from the current Rs 250,000 per annum.
Not declaring the black money under the scheme now, but showing it as income in the tax return form would lead to a total levy of 77.25 per cent in taxes and penalty. In case the disclosure is not made either using the scheme or in return, a further 10 per cent penalty on tax will be levied followed by prosecution.
Reform ideas do not occur overnight and evolve over the years.
Congress is opposing the GST bill in the current form.
'GST will bring in much needed transparency and higher investments in the coming years and we hope that a few percentage points to India's GDP.'
Years of wait before DTC, GST are rolled out
Continued lack of consensus at next meeting could cast shadow on GST rollout by April 1.
The challenges before the government, he said, is to put public sector banks back on track and continue to operationalise stalled infrastructure projects
FM indicates adherence to fiscal road map, benign tax rates, correction in inverted duty structure
For any proposal to be cleared, it has to get 75% of the vote.
GST is a landmark reform considering the sweeping changes it brings about in the indirect tax regime in India.
The bills were passed by voice vote.
The I-T officer can go back up to six years to scrutinise the books of accounts of the assessees.
The minister, while replying to the debate on Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020, was responding to various issues raised by the Congress and other Opposition parties about the PM CARES Fund.
In a most perverse example of tax bullying, someone I know has got by three such notices reopening his assessment minutes before the midnight deadline of June 30, reveals Debashis Basu.
The ruckus began during the procedure for the introduction of the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020.
Demonetisation should be judged to have delivered some immediate gain if at least around Rs 2 trillion gets immobilised.
There was no law that prevented the government from presenting a sixth full Budget, or something similar to it.
Decoding four important provisions in the Finance Bill 2018.
'But can it afford to present a scenario within the existing legal framework of fiscal consolidation?', asks A K Bhattacharya.
The FM has been making efforts to make the taxation laws simpler.
Let there be a rule that if the Budget is not passed and funds cannot be drawn from the Consolidated Fund of India, there will be a government shutdown as it happens in the United States, says A K Bhattacharya.
'The promises of netas and babus and new laws, however well-meaning, mean little.' 'What matters is implementation on the ground.' 'Every law is finally implemented by a vast army of offici
'The economy has to become the government's No. 1 priority, which it is not at the moment,' says T N Ninan.
The indirect tax reform Goods and Services Tax is stuck in the Rajya Sabha.
The scheme offers waiver of interest, penalty, and prosecution for settling tax disputes.
'The economy needed 3 or 4 major fixes. The major one was, of course, the direct tax structure, but we ended up complicating the existing convoluted tax structure,' says M R Venkatesh, chartered accountant and lawyer.
In the first of a three-part series Paranjoy Guha Thakurta details the salient features of the Undisclosed Foreign Income and Assets (Imposition of Tax) Act, 2015.
The transition to a single, nationwide tax on goods and services will streamline business and boost the economy by tearing down barriers between 31 states and union territories.
