The budget 2016 proposes steps to rationalise TDS provisions for income tax and to improve cash flow position of small tax payers
GN Bureau | February 29, 2016
While presenting the general Budget 2016-17 in Lok Sabha, finance minister Arun Jaitley said that the government has already accepted many recommendations of the Tax Administration Reform Committee. He further proposed to accept a number of recommendations of Justice Easwar Committee in Budget 2016-17.
Highlighting that taxation is a major tool available to government for removing poverty and inequality, Jaitley said that it has to be exercised cautiously. In a major initiative aimed at small tax payers, the finance minister proposed to reduce multiplicity of taxes and associated cascading. He also proposed reduction in cost of tax collection and abolition 13 cesses levied by various ministries in which revenue collection is less than Rs 50 crore in a year.
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