TIOL-DDT 530 · 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 530</font></b><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><br> 11.01.2007<br> Thursday</b></font></p> <p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#006600">Revenue collections soar – Income Tax up by 42%</font></b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">India is shining and the tax collections are brighter. Excise, customs, Service Tax, Income Tax, you name it, it is going up. Even the innocuous Banking Cash Transaction Tax has brought in Rs.357crore – this is almost double the amount collected last year. The net direct tax collections till December 2006 stood at Rs.1,44,286crore, up by 41.8%. Of this corporate tax accounted for Rs.1,12,369crore, indication that India Inc is fine. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Finance Minister targeted a 27.5% growth rate in tax collection and as of now the rate is 41.8%. FM can smile broadly.</font></p> <p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#006600">Tax agriculture – CAs tell government</font></b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Institute of Chartered Accountants of India has suggested to the government to tax the agriculture sector, especially the corporate giants entering the agricultural sector. The institute also wants educational/medical institutes to be taxed. The Kerala High Court had some time ago observed, “Taxing education is a regressive step”</font></p> <p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#006600">Physical control – Chennai Chief Commissioner issues press release</font></b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">It was only yesterday that DDT reported about the Board circular wanting to discipline the truant assessees by a complicated bureaucratic un judicial process. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Para 6 of the Board instructions required the Chief Commissioners to </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1. Give Wide publicity to the new legal provisions.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2. Hold meetings with Industry and Trade representatives within the next fifteen days to explain these provisions and to clarify doubts, if any.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">3. give Press release in the local newspapers</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Chennai Chief Commissioner has complied with all the instructions. In a press release from the Additional Commissioner in the Chief Commissioner’s office, it is informed that the Chief Commissioner held a meeting yesterday with representatives of the Trade and Industry, elaborately explained the scheme and answered to the queries raised.</font></p> <p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#006600">Koran in Kochi customs along with arms</font></b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">A routine inspection, of imported furniture, by Kochi Customs resulted in a huge haul of air guns of the internationally reputed foreign brand names 'Diana Airking' and 'Diana Magnum' and a copy of the Holy Koran. The air guns as such are not dangerous weapons, but why have they been smuggled? Is there a terrorist angle? </font></p> <p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#006600">What is e governance?</font></b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">There was a minister in Andhra Pradesh who would write on proposals put up to him, “not approved”. The parties get the message and when the proper bribe is paid, he would add an “e” to “not” - “<b>not</b> approved will become <b>note</b> approved” </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Tenders are decided on a case by case basis – that is suit case by suit case.</font></p> <p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Until tomorrow with more DDT </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</font> <font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="mailto:vijaywrite@taxindiaonline.com">vijaywrite@taxindiaonline.com</a></span></font></p> </body> </html>