TIOL-DDT 499 · the untouched capture
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<html> <head> <meta http-equiv=Content-Type content="text/html; charset=windows-1252"> <title>Taxindiaonline's DDT 402</title> </head> <body> <p align="justify"><b><font color="#663399" size="3" face="Verdana, Arial, Helvetica, sans-serif">TIOL-DDT 499</font></b><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><br> 27 11 2006<br> Monday</b></font></p> <p align=center><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Every risk is an opportunity for innovation and change</b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">“Every risk is an opportunity for innovation and change,” said the FM, P. Chidambaram, addressing the opening plenary of the World Economic Forum’s 22nd India Economic Summit. “Risk gives the impetus to bring about technological change. Therefore, I would regard these risks not merely as risks but as opportunities to move ahead at a swifter pace.” The FM was concerned about abuse of water when hew said, “Water poses the greatest challenge to India. We waste an enormous amount of water. That has to stop.” The FM said that India>cannot accept demands of the West to curb its energy use in order to reduce global environmental damage. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The World Economic Forum is an independent international organization committed to improving the state of the world by engaging leaders in partnerships to shape global, regional and industry agendas. Incorporated as a foundation in 1971, and based in GenevaSwitzerland, the World Economic Forum is impartial and not-for-profit; it is tied to no political, partisan, or national interests. The India Economic Summit is being held in New Delhi from November 26 t0 28.</font></p> <p align=center><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Hike in Service Tax rate?</strong></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The 12% Service Tax is a big burden and a nightmare to many traders, especially small operators like Security agencies. But hold your breath, it may go up. “For bringing about a GST regime, the government will also have to increase service tax rates and harmonise it with the excise duty structure”, revenue secretary KM Chandrasekhar is reported to have remarked at the India Economic Summit. But the good news is that the Revenue Secretary also said that, “Indirect taxes need to be lowered over a period of time so that they are spread more evenly and in turn give a boost to the country’s trade and commerce.”</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The revenue department has asked the Indian Centre for research and International Economic Relations to do a cost benefit analysis of the impact of tax exemptions on indirect taxes. The RS was not very happy with the tax to GDP ratio though it has increased from 8.12% in 2001-02 to 10.24% 2005-06 and is likely to grow over 11% this fiscal as it is still less than what it is in developing economies like Brazil and South Africa.</font></p> <p align=center><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Huge response for Tax preparers Scheme – date extended</strong></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">While the Chartered Accountants are not happy with the Income Tax department’s<strong> </strong>Tax Return Preparer Scheme (TRPS) and have gone to court against it, the department is flooded with applications and they have extended the last date from 24 November 2006 to 30 November 2006.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><font color="#FF6666">Until tomorrow with DDT 500 </font></font></p> <p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Have a nice day. </font></p> <p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Mail your comments to <a href="mailto:vijaywrite@taxindiaonline.com">vijaywrite@taxindiaonline.com</a></span></font></p> </body> </html>