Highlights of Budget for 2014-15 -------------------------------------- * To hike FDI in defence to 49% * NDA policy to encourage FDI in selective sectors * Domestic defence mfg sector at nascent stage * FDI in selected sectors to help larger interest of country * Plan to enlarge scope of income tax settlement commission * To provide certainty in tax laws * Propose changes in transfer pricing rules * Propose to strengthen authority for advance ruling in tax * High level panel to interact with industry on indirect tax * Clarification on tax issues to be given * Plan law, administrative changes to reduce tax disputes * Resident tax payer to get facility of advance tax ruling * Propose changes to resolve ongoing direct tax disputes * Aim stable, predictable investor-friendly tax regime * Tax demands worth 4 trln rupee currently under litigation * GST to result in higher tax mop-up for Centre, states * Committed to stable, practical tax regime * All cases of retrospective tax to be studied
Posted on: Thu, 10 Jul 2014 10:13:43 +0000