News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
« News Headlines »
 Here are all the changes in ITR form for FY 2019-20 Income Tax return filing
 How to fill salary details in ITR-1 for FY 2018-19
 Step-by-step process to file income tax return online ITR filing FY19
  Order under section 119 of the Income-tax Act, 1961
  Things to keep in mind while filing ITR
 Here's how the new Form 16 will change income tax return filing this year
 Things you must keep in mind while filing income tax returns this year
 Five tax saving investments with tax-free income Double income tax benefits in 2019
 Companies (Incorporation) Fifth Amendment Rules, 2019
 Filing Income Tax Return? Here is list of important documents
 Who should and should not file ITR form 4 Income Tax Return (ITR) filing

Simplify tax structure: Mahratta Chamber
January, 24th 2007
Simplification and rationalisation of procedural aspect of taxation are among the salient demands made by the Mahratta Chamber of Commerce, Industry and Agriculture (MCCIA) in its pre-budget memorandum submitted to the finance minister. 
 
The memorandum, prepared by Chandrashekgar Chitale, head of chambers taxation sub-committee, seeks abolition of bank cash transaction tax, restoration of standard deduction, removal of harsh provisions of the TDS norms and a complete withdrawl of the fringe benefit tax. 
 
Pointing out that the rationale behind the bank cash transaction tax was to create a tax-trail on black money transactions through the banking channel, the memorandum said information can always be collected without imposing a tax. 
 
The memorandum has demanded that to maintain the principle of deducting expenses from corresponding heads of income, standard deduction should be restored. Besides, the limit for deduction should be Rs 50,000. 
 
The memorandum also sought removal of the provision that disallows deduction of expenditure of fees paid for professional services from an assessees income, unless tax is deducted from the fees paid. 
 
The person deducting the tax at source and paying the amount is, in fact, doing a service to the government. 
 
Thus to penalise him by refusing the deduction of the expenditure even for a small default is not justified, it stated. 
 
Delay of even one day in filing of return of loss deprives benefit of carry forward of loss. This, according to the chamber, is a confiscatory provision, adding salt to the injury. 
 
The memorandum has demanded that a total bar on carry forward be removed. The chamber has recommended increase in the value of asset that qualifies for 100 per cent deduction from Rs 5000 now to Rs 20,000.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Integrated Software Solutions Integrated Software Development Integrated Software Services Integrated Software Solutions India Integrated Softw

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions