Concessions for Mutual Fund Industry and Income Tax Payers: Announced By Finance Minister.
While create more resources to undertake social welfare activities and comiting low tax regime to promote industrial activity to generates jobs, the government today announced some concessions for mutual fund industry and income tax payers. High tax rate of 20 per cent on debt mutual fund applied from July 10 not from April 1,
2014 as proposed earlier. The minister also said that he made this decision by accept suggestion from a congress leader Jyotiraditya Scindia and some other members.
The finance Minister said that CBDT will be empowered to exercise discretion about to provide some relief to the tax payers filing returns late and paying penalty on daily basis. Fm Arun Jaitley also reject one from his own party Nishikant Dubey for saying that ” We will not be able to bring back black money from Switzerland our
The government wants to receive the investor sentiment which has been disturbed and mop up additional resources to fund social welfare activities for having low tax regime ans smooth tax system. Fm said low tax goverbment make India good, cited and competitive, a good example for this is China.
Mr.Jaitley said in order to reduce mounting tax litigation, he proposeto provide more benches of advance ruling to deal with transfer pricing disputes. Seeking to the wind energy sector, as demnded by members he announced extension of the accelerated depreciation benefit to the sector .Finance Minister also said that the tax
forgone is permitted by and eventually it benefits consumers and make domestic products price competitive.
Jaitley said China knows the art of low cost productivity, if load every product with high taxes, the products will become less competitive.