Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Top Headlines »
Open DEMAT Account in 24 hrs
 March 31 deadline is getting near. How to save income tax with tax loss harvesting?
 45-day MSME payment rule: Impact and details of Section 43B(h) explained
 Small savings schemes that offer tax benefits of up to Rs 1.5 lakh under section 80C
 RE-OPENING OF CORRECTION WINDOW FOR MAY 2024 CA EXAMINATIONS
 Powerful Upgrades, Tally 12+1 months renewal Plan and Connected Services for your growing Business - March 2024
 How innovative solutions can help fix the Sec 43B conundrum for MSMEs
 Income Tax dept asks many individuals to explain high value transactions of FY20-21 as Updated ITR deadline nears
 Release Notes for TallyPrime and TallyPrime Edit Log Release 4.1 | What s New!
 Deadline to file updated ITR FY20-21 ends on March 31: Details on additional tax
 4 tax-planning mistakes to avoid this season
 ITR 2024: Here are 8 ways by which senior citizens can save on taxes this year

PM for import tariff cut, re-look at tax exemptions
January, 08th 2007

Ahead of the budget, Prime Minister Manmohan Singh today laid down his government's economic priorities that include a re-look at tax exemptions, policy for rehabilitation of displaced farmers, focus on power sector and further cut in import tariff.

Concerned over the "irrational exuberance" at the stock exchanges, he indicated that the government's priority was to ensure stability of the booming capital markets.

He hinted at steps to control inflation and maintain fiscal discipline, while ensuring that the rate of investment is sustained for maintaining growth rates.

"Our tax regime should be liberal but equitable... In the long run our tax regime should not have too many... Exemptions which make tax administration an unnecessarily complex exercise vulnerable to misuse," Singh said at the annual general meeting of FICCI.

He said the country would now move toward a common general sales tax (GST) and better harmonisation of value added tax (VAT).

The government would finalise a new rehabilitation policy in three months to deal with issues arising out of land acquisition for industrial use, Singh said.

"There was no reason why spread of industrialisation should be a contentious process... Issues such as land acquisition and displacement of people and their rehabilitation should be transparently addressed," he said, adding the proposed policy would be more progressive, humane and conducive to the long-term welfare of all stakeholders.

As India gradually integrates into the global financial system, the government would move into a less restrictive foreign exchange regime. "The recommendations of Tarapore Committee are a step in this direction, mixing caution with optimism," Singh said.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting