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MONDAY, NOVEMBER 23, 2009
  • Posted: Thu, Nov 5 2009. 3:06 PM IST

Govt reviewing tax rules on savings, capital gains

The government is also considering scraping exemptions on saving schemes and taxing them at the time of withdrawal

Reuters

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New Delhi: The government is debating the need for changes in its tax laws including that on saving schemes, capital gains of non-residents and tax agreements with various nations, the finance ministry said in a statement on Thursday.

The tax authorities are also considering changes in rules on the Minimum Alternate Tax (MAT) based on gross assets, taxation of foreign companies operating in India, charitable firms and house property, it said.

The government is also considering scraping exemptions on saving schemes and taxing them at the time of withdrawal.

Union finance minister Pranab Mukherjee briefed a newly set-up law-maker’s panel on Wednesday on a Direct Tax Code that was put up for public debate in August.

The code proposed sweeping changes in tax laws and rates.

“On the basis of interactions with the stakeholders, government has identified nine critical areas for further detailed examination,” said the statement quoting the minister.

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Harvinder Said:


By treating long term capital gains tax on shares as business income, the government is sending a clear signal that it does not want a country of Investors, but that of PUNTERS. Warren Buffett is urging managements, regulators and institutional investors to adopt a long term outlook instead of the current focus on short term returns. As per CNBC, Warren Buffett has signed a statement that calls for an end to value-destructive short term focus of the financial markets. Our government can pick up a lot of wisdom from Buffett. Further, by adopting the EET scheme, the goverment intends to penalise the "aam aadmi" for taking care of himself in his old age. I think the government should give more thought to productive expenditure than just on raising resources by any means what so ever. For example, a government officer living opposite my house goes to her office only ten days in a month, but is paid full month's salary....

Posted On 11/5/2009 6:14:46 PM
Anand Said:


Rightly said Harvinder. The "AAM AADMI" theme ends with elections. With no social secutiry cover or unemployment benifits for the working class, it is highly unfair to tax people who care and save for their retirement and other needs. Instead the govt should concentrate on getting the price of food commodities down. Dal @ 100+ a kilo!!! Whatever happened to the common man trying to have dal chawal. That seems to be becoming a luxury.

Posted On 11/6/2009 1:55:36 PM
Sudesh Said:


The goverments slogan of CONGRESS KA HAATH AAM AADMI KE SAATH is very clear from the facts and the sweeping inflation that thas engulfed the whole country by way of essential commodities are getting out of the reach of AAM AAdmi. This goverment has got only hollow slogans to better the prospects of the lower strata people whereas all the schemes which are being framed by the government and the ministers in particulars are either self interest motivated or are the result of the pre election underhand bargain with the capitalist business community. One such example is the Sugar while other is the Wheat. The policies of the government are totally falure in this context. AAM AAdMI will remain a propeganda or political stunt only

Posted On 11/6/2009 10:41:46 PM
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