| Anbu:Should the Government not think about the bringing the Tax Evaders under tax bracket, especially traders/buinessmen who earn many many times more than a salaried middle class. |
| Aseem Chawla: Government should take measures to widen the tax base |
| Ajay:Dont you think we need all tax law to be rewised as per todays condition. Most of the laws all are outdated like medial expemses 15000 is very old limit where as the cost of medication gone up so many times |
| Aseem Chawla: I agree that the tax laws needs revision so that they are in tune with the present environment |
| Ajay:Dont you think goverment should reduce tax for better compliance |
| Aseem Chawla: Government can reduce tax rates and thereby ensure higher tax collection |
| anil:Can you please give brief on upcoming budget? I mean what can be expected from PC. |
| Aseem Chawla: The budget is expected to be a populist budget |
| Ajay:Dont you think goverment start giving incentive to people who are paying tax like if you pay tax then u get priority in getting gas connection or you will get Rs25 off on each gas cylinder u purchase so that people start paying tax and they dont say what we are getting from goverment even if we pay tax |
| Aseem Chawla: As a social welfare measure, payment of taxes should not be the basis of making discrimination when it comes to basic amenities |
| anil:Is there any possibilities to increase bar under section 80 C? |
| Aseem Chawla: Quite possible |
| Ajay:What goverment is going to do with Mediacl limit of 15,000/- LTA rule which is more than 20 year old, House rent law which is more than 10 year old and 1 lakh limit which is insufficient for salary class |
| Aseem Chawla: one lakh limit can be a subject matter of review |
| pakumar:there is a talk of removing surcharge on the corporate tax. is this going to be applied to the personal income tax also? |
| Aseem Chawla: Partial removal seems unlikely |
| aarooshi:Will Female tax payers get some more rebate |
| Aseem Chawla: The existing positive discrimination should continue |
| Biranchi Narayan Acharya:I always think that the tax system is complicated. Can it not be made simple practically? |
| Aseem Chawla: One can look at measures making it more simpler and taxpayer friendly |
| Mahip Singh:Due to global downturn do you think the current budget will benefit the salaried people |
| Aseem Chawla: Some relief is expected but nothing substantial |
| Jai Abichandani:Will personal income tax rates go down? Also will the home loan interest component be expemt upto Rs 3 lacs - this is the speculation going around.Pls let me know |
| Aseem Chawla: It is not very likely that the personal tax rates would go down. The speculation on interest component is not unfounded considering the trickle down positive effect which it may have on the real estate sector |
| raj:will there be any major tax reliefs for the salaried individuals? |
| Aseem Chawla: Some relief can be expected and not something which can be termed as substantial |
| Deepak:Do you think the legacy of introducing more taxes and surcharges will continue or will the government start thinking of getting more people pay tax by reducing the burden of various taxes, duties etc. I feel that the tax structure enables people to avoid tax |
| Aseem Chawla: It is not advisable to continue with the legacy of introducing new taxes. certainly, the government should take focussed measures to improve the tax base |
| amit:can you throw some light on GST? what is the rationale behind different slabs for various states? |
| Aseem Chawla: GST subsumes indirect taxes such as excise, sales tax (VAT) and service tax. The rationale behind different slabs is the proposed dual implementation at the central and state level |
| sharnam:don't you think VAT shopuld be done away with? |
| Aseem Chawla: VAT should be replaced by the proposed uniform GST |
Chat Master
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Aseem Chawla Head , Tax Practice, Amarchand Mangaldas Aseem Chawla is a member of Bar Council of India and a fellow member of the ICAI. Aseem has extensive experience in advising large Indian and MNCs on a variety of tax matters including international tax, inbound & outbound investment structuring, cross-border tax issues, and has been representing clients in tax litigation matters before various appellate forums. He is a regular contributor to a variety of tax journals. |
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