Finance Ministry Proposes Setting Up Two More Centralized Processing Centre This Year (02-Mar-2010)
The Finance Minister Pranab Mukherjee today presented the Union Budget 2010-11.
Regarding the tax proposals, the Finance Minister said that the Centralized Processing Centre at Bengaluru is now fully functional and is processing around 20,000 returns daily.
He said that this initiative will be taken forward by setting up two more Centres during the year.
Meanwhile, he said that the Income Tax department has introduced "Sevottam", a pilot project at Pune, Kochi and Chandigarh through Aayakar Seva Kendras.
It provides a single window system for registration of all applications including those for redressal of grievances as well as paper returns.
The scheme will be extended to four more cities in the year.
Moreover, he said that Automation of Central Excise & Service Tax has already been rolled out throughout India this year.
Similarly, a Mission Mode Project for computerization of Commercial Taxes in States has been approved recently.
Meanwhile, he added that with an outlay of Rs. 1133 crore of which the Centre''s share is Rs. 800 crore, the project will lay the foundation for the launch of GST.
He also said that the income tax department will notify SARAL-II form for individual salaried taxpayers for the coming assessment year.
On the other hand, he said that the scope of cases which may be admitted by the Settlement Commission will be expanded.
This will be done in order to include proceedings related to search and seizure cases pending for assessment.
The Scope of Settlement Commission will also be expanded in respect of Central Excise and Customs.
This will be in order to include certain categories of cases that hitherto fell outside its jurisdiction.
Moreover, the Bi-lateral discussions will be commenced in order to enhance the exchange of bank related and other information.
This is to effectively track tax evasion and identify undisclosed assets of resident Indians lying abroad.
Top News Today
 Maruti Suzuki, the country's largest auto-maker is likely to set up its stockyard facility in Nagpur, to reduce the transit time and increase delivery of vehicles. The company is producing 8,000 units
 Bharti Airtel, a leading global telecommunications company with operations in 19 countries across Asia and Africa, launched new name tunes service called 'Your Name Your Tune'. With the help of this service,
 Bajaj Auto, country's second largest two wheeler maker has unveiled its all new motorcycle -- Pulsar 200NS -- in Mumbai. Price of 2012 Pulsar will be revealed during its launch in April 2012 and it is
|
International Stock News
 The US markets made a mix closing on Thursday, as a drop in jobless claims fueled optimism about the economy and investors looked to the next day's employment report as the next indicator of the economic
 The US markets made a mixed closing on Tuesday, with the indices mostly slipping after US economic data failed to live up to expectation. The reports showed that American consumer confidence trailed estimates
 The US markets closed lower on Monday, as leaders in Europe gather to discuss the debt crisis for the seventeenth time in two years and tensions remained high with Portugal’s soaring borrowing costs. On
|
|
Recent Corporate-World News
|
|