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Advance Tax Collection of India’s Largest Corporates Up

Mary Swire, Tax-News.com, Hong Kong

21 December 2010


S S N Moorthy, Chairman of the Central Board of Direct Tax (CBDT), talking at the ASSOCHAM National Conference on ‘Recent Developments in Taxation’, in New Delhi on December 16 said that on a quarter to quarter basis there had been a 20% hike in tax collection from the top 100 Indian companies, and that income is growing at 18% annually.

Mr Moorthy talked about the predicaments being faced with GST and pointed out that a Bill cannot be implemented in letter and spirit unless there is a robust IT mechanism to support it. He also said that the Direct Tax Code (DTC) is now before the Parliamentary committee and that the Chamber will be giving its recommendations shortly. 
”We have to protect the standards of the Indian tax regime and we have to move with international best practices, but every country has its own socio-economic factors and every country has its own geographical features and income patterns”, he noted.

The major issues which have been addressed by the DTC relate to minimum alternate tax (MAT) on gross assets; tax treatment of savings - exempt exempt tax (EET) vis-a-vis exempt exempt exempt (EEE) basis; double tax avoidance agreements and their status vis-a-vis the domestic law; the administration of the general anti-avoidance rule (GAAR); taxation of income from house property on a presumptive basis; and tax treatment of capital gains and tax treatment of non-profit organizations, etc.

TAGS: tax | India | tax avoidance | law | agreements | standards

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