2019-06-29_Corporate_Professional_Today

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June 29 To July 5, 2019 u Taxmann’s Corporate Professionals Today u Vol. 45 u 24

Government under the conditions of lack of

time and full-fledged Budget by the incoming

Government.

Conclusion

7. It is widely expected that the new Finance
   Minister will announce a number of tax
   proposals under both Direct Taxes and Indirect
   Taxes. With respect to Indirect Tax proposals,
   the only Customs regime requires budgetary
   attention or announcements. Since GST is under
   the aegis of the all-powerful GST Council
   it, is taking the due calls as and when it is
   required. Expectations as far as Direct Taxes
   or Income Tax are concerned there is big wish
   list is there. All four Industrial Bodies, i.e.,
   CII, ASSOCHAM, PHD and FICCI and three
   Professional Institutes, i.e., ICAI, ICAI - CMA
   and ICSI have submitted or are under process
   of submitting their Pre-Budget Memorandum
   to the Finance Ministry for perusal.
   Industrial Bodies and their pre-Budget Rec-
   ommendations
   
   
   1. Rationalization of Individual Tax Rates
   
   
   2. Reduction in corporate tax rate
   
   
   3. Rationalization of Dividend Distribution
      Tax.
   
   
   4. Removal of Long-term capital gain tax
      on equity shares.
   
   
   
   


8. Elimination or reduction in Minimum
   Alternate Tax.


9. Extension of weighted deduction for R&D
   for further period of 10 years.
   7. Withdrawal of Income Computation and
   Standard Disclosures (ICDS) or to align
   with Ind-AS


10. Re-look on the validity of the Equalisation
    levy.
    9. Provisions to deduct ESOP Expenditure.
    0. 1 Tax treatment of Corporate Social
    Responsibility (CSR) Expenditure among
    others.
    Even though as an Ordinary Indian, there no
    dearth of curiosity and expectations such as -
    
    
    1. What will be stored in that ‘Brown
       Briefcase’?! (The tradition started by Sri.
       William Ewart Gladstone, the Chancellor
       of the Exchequer of Great Britain)
    
    
    
    

2. Whether the ‘Brown Briefcase’ will reinstate

the ‘Vision’ of the re-elected Government,

say, vision for next five years?

3. Whether the ‘Brown Briefcase’ has stim-
   ulating measures to reignite the key
   sectors such as Agriculture, Industry -
   Heavy, Small and Medium Enterprises,
   manufacturing, ever growing Service
   Sector, attractive proposals widen foreign
   direct investment?


4. Whether the ‘Brown Briefcase’ has any
   ‘Tax Reliefs’ and hints on proposed
   Direct Tax Overhaul? The Task Force
   on Direct Tax Code headed by Sri.
   Akhilesh Ranjan (CBDT - Member) has
   been asked to submit its ‘Draft’ by 31st
   July, 2019


5. Whether the ‘Brown Briefcase’ has a
   measures and road map to create more
   Jobs, overhauled Indian Economy?
   Kindly wait till 5th July, 2019 at 11.00 a.m..!!
   lll

INDIA - KNOW YOUR BUDGET..!!