DEAR MEMBERS
HAPPY NEW YEAR
WE ARE PREPARING A MEMORANDOM TO BE GIVEN TO THE FINANCE MINISTRY TO AVOID SUCH TYPE OF HARSH ,ABSURD ABIGUISE PROVISIONS OF TAXATION LAWS. OUR LIST IS:-
1. Section 50C of the Income tax Act, 1961 by which capital gain is calculated on registration value instead of original sale value.
2.Fringe benefit tax
3. Banking cash transaction Tax (FM has proposed to remove it from this Budget year)
4. Payment of service Tax of IV qtr. on the same day.
5. Collection of service tax at the verge of threshold Exemption Limit.
6. Too harsh provision of penalty for late payment of service tax.
7.Introduce a New and common service tax law for all the services specifying the exempted service instead of making the list of taxable services too long.
8. Giving the adjustment procedure for service tax paid on services used for export instead of compling them to get the refund of the same.
Have you any other sugessions to be added in the List. You can also submit your views on the matters mentioned above .
-With Goods wishes
(CA SUDHIR HALAKHANDI)
CAclubindia
