‘Taxpayers’ charter should ensure stability of rates’
Frequent tinkering with rates upsets people: auditors
The proposed taxpayers’ charter in the Income Tax Act should include assurances that the government would live up to its commitment and does not suddenly tweak a proposed tax structure or go back on its promise, V. Ranganathan, chartered accountant, said on Sunday at a post-Budget session in Chennai.
“A foreign company has so many options to invest outside India. What they look for is tax stability. Frequent changes and tinkering with tax rates upsets people,” he said.
The programme was organised by Hindustan Chamber of Commerce in association with Rajaji Centre for Public Affairs and Rasika Ranjani Sabha.
Similarly, Mr. Ranganathan said there were several doubts in the minds of tax payers such as whether the new rates announced in the Budget will continue for three years or so.
“There is no restriction on Parliament to change anything. With the new tax rates coming with restrictions, the proposed tax payers’ charter should assure them that the rates will continue for a considerable period of time,” Mr. Ranganathan added.
Mr. Ranganathan welcomed the abolition of dividend distribution tax at both the company and mutual fund levels and said it would now be taxed at the hands of investors.
He termed the call for abolition of dividend distribution tax in some quarters as an utopian idea and said it was a theoretical expectation.
Shekar Kupperi, ANova Corporate Services, said that the Budget looked liked a vision statement and the key was in the blueprint and its implementation.
B. Ganesh Prabhu, chartered accountant, highlighted the announcements relating to indirect taxes, including increase in Custom duties and amendments to GST rules.
Source- The Hindu.
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