FM on tax compliance !
Last updated: 24 July 2007
The Finance Minister, Mr. P. Chidambaram, said that tax rates have been moderate in the country and that more people are complying with taxation laws.
“I take legitimate pride in being part of the team that moderated taxes since 1991. More people are paying taxes and there is better compliance.
I think if we agree that taxes are prices we pay for civilization, then we should not fear taxes,” Mr. Chidambaram said after releasing Dr V. Gaurishankar’s book titled ‘Escaping the Minotaur’s Labyrinth: The Principles of Taxation’ here on Monday.
Dr Gaurishankar was a principal author of the Income Tax Act 1961. This book has been published by CCH (a Wolters Kluwers business) and marks its entry in the Indian market.
Rate moderation
Mr. Chidambaram said that the balance between Parliament and the judiciary has kept citizens reasonably free from the tyranny of taxes. “If there are any tyranny of taxes, then that tyranny is not because of the taxman or judge. It is because of the peculiar economic philosophy we had adopted.
Once we broke away from that economic philosophy and accepted that creation of wealth is part of legitimate human activity, you find more income has been generated and more taxes are paid and tax rates have moderated,” he said.
Comments
Recent News :
- ICAI Proposes Mandatory Qualifications for Forensic Audit Professionals
- GST Collections from Healthcare and Life Insurance Raised Over Rs 16000 Crore in FY24
- Ministry of Finance Notifies Amendments to GST Appellate Tribunal Jurisdiction
- CBDT Releases FAQs On PAN 2.0 Project
- GSTN Issues Advisory for Reporting TDS Deducted by Scrap Dealers in October 2024
- NFRA Approves 40 Auditing Standards and Quality Management Rules for LLPs
- CBDT Recognizes SKAN Research Trust as Research Association for Tax Deductions
- GST Council to Review GoM Report on Health Insurance, Says Finance Ministry
- ICAI Unveils Groundbreaking CA GPT Platform Featuring Annual Reports of 5000 Listed Companies
- Cabinet approves the PAN 2.0 Project
Popular News
- CBIC Extends GSTR-3B Filing Deadline for Oct 2024 to Nov 21 for Maharashtra and Jharkhand
- Cabinet approves the PAN 2.0 Project
- GST Collections See Sharp Decline Across Major States in H1 FY25
- GSTN: Resolution Underway for Duplicate Invoices in GSTR-2B for September and October 2024
- ICAI Urges MCA to Reconsider NFRA's Audit Standard Amendments
CAclubindia
