FinMin fixes Budget for early July, work starts now
Mon, 18 May 2009 ( The Indian Express)
Prime Minister Manmohan Singh may not have announced his next finance minister, but work on the regular 2009-10 Budget begins from tomorrow. Revenue secretary P V Bhide meets the Confederation of Indian Industry (CII) which will present its tax recommendations. Top on the agenda: the fringe benefit tax, one of the biggest complaints of India Inc, which, sources said, is likely to be done away with.
The finance ministry has fixed the first week of July for the Budget's presentation and officials are working to meet that deadline. According to a senior finance ministry official, who did not wish to be quoted, it usually takes about 55 days to prepare the regular Budget. 'This has been the past experience when a new government takes charge post elections,' he said. The UPA's victory ensures continuity of policies and that makes the process that much more smooth, he added.
The ministry has lined up meetings over the coming weeks with several stakeholders including industry chambers.
The finance ministry official said that the priorities of the Congress-led government are quite clear in the manifesto released ahead of the general elections. 'Financial sector reforms are high on the agenda but expectations need to be grounded in reality in the aftermath of the global financial crisis,' he said. The pension Bill will, however, be pushed through in the ensuing session of Parliament, he added.
The ministry had already sent a detailed note to the Cabinet Secretariat earlier this week on the unfinished agenda. The biggest and long-term reform in indirect taxes is the ushering in of the Goods and Services Tax Act by April 1, 2010. The government will reaffirm in the Budget its intention to implement the GSTA, which will put an end to all Central and state-level indirect taxes such as value added tax, excise duty, service tax, entertainment tax and luxury tax.Warm Regards,
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Myself Amar Gupta,Im working as a lecturer in an M.B.A. Institute in Pune since last 18 months. From the next semester of M.B.A that will start from August 2009,im going to take Direct Taxation Paper.As im new to this subject and i hv read this only at my M.B.A time 3 yrs back.I therefore want ur help in this matter ,as ur a CA and i feel that u can help me in solving my queries.will u plzz help me in the following:-
1: Different forms of Allowances,perks.
2:Permissible deductions from sal income.
3:Tax tratment of provident fund & approved superannuation fund.
4:Special tax treatment of salary income of non-resident technicians.
Thanx in Advance,
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