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Business Advisor - February 10, 2013 - Preview

Business Advisor - February 10, 2013 - Preview

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Published by D. Murali
Tax the rich and super-rich more-T. N. Pandey; Resignation of directors-Dr S. Chandrasekaran; Goods and services tax-Dr Sanjiv Agarwal; Inclusive growth, and missing goals-Dr B. Yerram Raju; Case laws update-V. K. Subramani. Budget expectations of business heads.
Tax the rich and super-rich more-T. N. Pandey; Resignation of directors-Dr S. Chandrasekaran; Goods and services tax-Dr Sanjiv Agarwal; Inclusive growth, and missing goals-Dr B. Yerram Raju; Case laws update-V. K. Subramani. Budget expectations of business heads.

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Published by: D. Murali on Mar 20, 2013
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10/08/2014

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Volume II Part 3 February 10, 2013 1
Business Advisor
 
Business Advisor
(Fortnightly inputs for professionals and executives) 
Volume II Part 3 February 10, 2013
 
 
Volume II Part 3 February 10, 2013 2
Business Advisor
 
Budget 2013-14: Time to tax the rich and super-rich more
 T. N. Pandey -
“A realistic approach will be adopted to generate
revenue by placing more burden of tax on the super-
rich.”
 
Resignation of directors: A new clause complicates
Dr S. Chandrasekaran -
“A director who has resigned shall be
liable even after his resignation for offences that occurred during
his tenure.”
 
Goods and services tax: Agreement but no consensus yet
Dr Sanjiv Agarwal -
“Ensure that GST is not twisted so much
that it becomes han
dicapped before it starts to crawl.”
 
Inclusive growth, and missing goals
Dr B. Yerram Raju -
“There are high
-priced doctors in privateclinics where even income-tax officers would not dare ask forreceipt or insist on tax liability to be recorded scrupulou
sly.”
 
Case laws update
V. K. Subramani -
“Any compensation paid under statute wouldnecessarily be treated as allowable expenditure.”
Budget expectations of business heads
(Cover: Animal spirits by Bimbadhar Mishra) 
Disclaimer
: "Management and editors do not necessarily agree with theviews of the authors in their articles and of the readers in their letters,and of the query editors in their replies. The editors, authors and / orpublishers shall not be responsible for any kind of result generated outof any action taken on the basis of suggestions, etc., made in any of thewrite ups, interviews contained in any part of the magazine or for anyerror, omission, commission to any person, whether subscriber orotherwise. The copyright of all the materials printed herein includingarticles, queries and replies etc., rests with the publishers".
 
 
Volume II Part 3 February 10, 2013 3
Business Advisor
 
Budget 2013-14: It is time to tax the richand super-rich more
T. N. Pandey 
 
 The budget time being around, demands have startedsurfacing for income-tax concessions, including fromthose, who are in sufficiently comfortable financialposition, compared to large number of persons, nearly30% of population living below the poverty line.According to the FM, 14.6 lakh people are havingincomes exceeding Rs 10 lakh and they themselves andtheir trade, commerce and business associationschampion their cases fortax benefits. The FinanceMinistry gets flooded withsuch requests. This isquite contrary to theposition in other countriesof the world like the US,Germany, and France,where the well-to-do haveurged the respectiveGovernments to tax themmore because they canspare more. Responding tosuch sentiments, theObama Government in theUS, by 257-167 votes, the Republican majority in the House of Representatives, approved a Bill that will hike taxes on approximately 2% of the wealthiest Americans in the country with incomes over $400,000($4,50,000 for couples). The Democrats actually wanted hike on earningsover $2,50,000 a year with no reversal of a payroll tax, increase to financesocial security, but this was not approved by the Republicans. About 77% of the US households will pay a larger share of income to Government as perapproved proposals.
Indian panorama
 The situation in India is quite opposite. Here, despite the maximum tax
 
(For the full issue, subscribe at  http://bit.ly/ShriMagz  
 
Here, despite the maximum taxrate being 30.90% for individuals,non-corporate assesses, andcorporates, the average rate of taxon such entities, because of numerous exemptions andconcessions, gets reduced bynearly 25% or so.
 

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