Bring corporate tax down to 25%: BJP

BJP slams Direct Tax Code, says it will put additional burden

GN Bureau | February 3, 2010

The BJP has strongly objected to the Direct Tax Code (DTC) the government is planning to replace the present tax regime with, saying that it is against the interest of the "aam admi" as it would burden him with more taxes.

It has, instead, asked the government to continue with the present tax regime but bring down the highest tax rate for all individuals, firms and companies from 30 percent to 25 percent.

Senior party leaders, Sushma Swaraj and Arun Jaitley led a delgation of party members to Finance Minister Pranab Mukherjee to submit a memorandum to this effect on Tuesday.

The memorandum said the "aam admi" would be adversely affected by the withdrawl of tax incentives on saving schemes and fringe benefit tax.
Talking about the small and medium entrepreneurs, the party said the presumptive tax of 8 per cent on turnover on businesses having turnover up to Rs 1 crore was excessive and needed to be brought down. Though DTC exempts such entrepreneurs from maintaining regular books of accounts, in actual practice they would be forced to do so to justify that their turnover was below the limit.

The memorandum also wanted the provision declaring any receipt or payment of loan or deposit exceeding Rs 20,000 as income unless paid by draft or account payee cheque revised to Rs 50,000 and described the proposed procedure to compute business income as cumbersome and harrowing for small businesses.

It wonders how small traders would be able to comply with the code requiring them to maintain vouchers and receipts of items of over Rs 50. They are supposed to keep carbon copies or counterfoils of serial numbers of receipt containing name and address of the buyer purchasing any edible or non-edible items costing more than Rs 50 a kilo like pakoras, dosas, idli, vegetables and dals.

Please see a detailed report in Policy section.




Other News

HPCL, Tata Steel among National CSR Award 2020 winners

Hindustan Petroleum Corporation, HDFC, Tata Steel and Tech Mahindra are among the winners and the recipients of honourable mentions in the National CSR Awards 2020 announced by the ministry of corporate affairs (MCA) on Thursday. The MCA instituted the annual National Corporate Social Respon

India’s tree lovers get together for a nation-wide tree festival

A good monsoon has left the trees all washed and spruced up. It’s right time to take a good look at them, and also to tell the young generation about their diversity. So, tree lovers across the country have joined hands to celebrate a festival of trees this month. The August Tree Fest

How did a policeman move unarmed and fearlessly for 37 long years in Bihar?

Unbounded: My Experiments with Law, Physics, Policing and Super 30 By Abhayanand Rupa Publications, 344 pages, Rs 595   Abhayanand has

India@75: A timely study of the state of the nation

India after 1947: Reflections & Recollections By Rajmohan Gandhi Aleph, 118 pages, Rs 399 Rajmohan Gandhi was about 11 when India won independence. As the nation celebrates 75 years of freedom, how would he – and others like him – feel?

BMC denies protocol breach in ‘Har Ghar Tiranga’

The BrihanMumbai municipal corporation (BMC) has rebutted a Shiv Sena leader’s allegation of breach of protocol in the implementation of the ‘Har Ghar Tiranga’ campaign. On Friday Rahul Shewale, group leader of Shiv Sena in Lok Sabha, had accused BMC commissioner IS Chahal

Mumbai`s stalled building projects: Is self-redevelopment the real solution?

Land in Mumbai city, which is surrounded by water on three sides, is scarce and has a premium. Property prices in certain areas of financial capital of the country are as much as Rs 1 lakh per sq ft. Yet, 5,800 buildings have been lying in a stalled condition for the last 18 years. Meanwhile

Visionary Talk: Amitabh Gupta, Pune Police Commissioner with Kailashnath Adhikari, MD, Governance Now


Current Issue


Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter