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
Latest Expert Exchange
Budget Extravaganza »
 How to reduce your income tax outgo with Budget 2019 provisions
 How your taxes and investments could be affected by the budget
 Here is what you got to pay Interim Budget 2019 Tax Calculator
 Income tax changes introduced by the BJP govt in the past 5 budgets
 Will your salary structure change once again? Budget 2019
 Budget 2019: Big relief to middle class likely, tax exemption might go up to this limit
 Will Budget 2019 be startup friendly? Know what major reforms can take place; from tax structure to reducing MAT
 Will interim Budget 2019 reduce your tax?
 IT exemption threshold may go up in interim Budget
 Ficci for cut in corporate tax rate in Budget
 Can You Expect Income Tax Changes In Budget? Here's What Experts Say

FM should focus non-adversarial tax regime in Budget: FICCI
January, 10th 2015

Jyotsna Suri, President of FICCI today has urged the Finance Minister, Shri Arun Jaitley, to make earnest efforts to move away from the aggressive revenue approach and provide a genuine on-adversarial and conducive tax environment for industry and the economy to flourish.

For creation of such an environment, Dr. Suri suggested few steps as given below:

• Revenue estimates and targets should be arrived at realistically in accordance with the state of the economy;

• Parameters for evaluating and reporting the performance of tax officers annually need to be revised. Revenue realized should not be a factor for appraising the performance of an assessing officer. Performance of the tax officers should be judged on the basis of the quantum and quality of different items of work rendered in all areas including assessment of traits like judiciousness and facilitation.

In the pre-Budget consultation with the Finance Minister, the FICCI President said, “The overwhelming focus of the Government machinery on revenue ‘Targets’ puts too much pressure on the tax officers to maximise revenue collections leading to arbitrary assessments, denial / delay in sanction of refunds, disputes and unwarranted litigation. Revenue generation is primarily dependent on the economic activity in the country; revenues cannot be enhanced by prescribing artificially high targets for the tax officers.”

Dr. Suri re-emphasised the need for bringing down t he high cost of capital which has emerged as a major hurdle in Indian industry’s competitiveness. “Reduction in interest rates will give a boost to demand (for housing and consumer durables) as well as investments (especially for MSMEs and entrepreneurship), which will have aspiralling effect on overall investment and growth cycle,” she said. With inflat ion under control, it is hoped RBI will now consider easing the monetary policy stance and bring down the interest rates.

FICCI also appreciates government’s efforts towards fiscal consolidation. It is expected that the report of Expenditure Management Commission will lay out a roadmap for rationalization of subsidies and curtailing non-productive expenditure. This will enhance the scope for more productive capital expenditure, especially for infrastructure, which will have a positive effect on economic growth and development.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Desktop Application Development Outsourcing Desktop Application Development Offshore Desk

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