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04-Jul2016

Tax rates to be reasonable and the tax base has to be much larger : Arun Jaitley

Close on the heels of Prime Minister Narendra Modi's call to double the tax base, Finance Minister Arun Jaitley has said that the government's aim is to keep the taxation rate moderate and efforts will be made to enhance the tax base. He said that “the tax rate would be reasonable while the tax base has to be much larger and the tax department has to start trusting the assessee and the taxpayer'. He said that the investors and taxpayers are going to be taxed on the basis of residence-based principles.

Emphasizing on a need to start trusting the assesses, Jaitley said that in the last few months, procedures have been simplified and the ' assesses have never seen such an easy and friendly approach of the taxation department. He also said that all grey areas are being made clearer when it comes to taxation and the tax department and ease of communicating with tax department is going to continue.  Listing out various measures aimed at simplifying the procedures, Jaitley said dispute resolution mechanism has been put in place at the appeals stage with respect to tax matters.

Commenting on Income Declaration Scheme 2016 - which can be availed till September 30 - Jaitley said it provides a good opportunity for anyone to disclose domestic income for which filing has not been made before. Recently Prime Minister Narendra Modi in a meeting with tax authorities raised the issue to double the tax base to 10 crore people from the existing little over 5 crore. Currently, India has three slabs corresponding rates of incomes tax - 10% on income exceeding Rs 2,50,000, 20% on income exceeding Rs 5,00,000, and 30% on income exceeding Rs 10,00,000. 



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