Tax Rationalisation News

Section 54 EC of Income Tax Act, 1961 provides an option to save tax on capital gain arising from transfer of long-term capital asset subject to certain conditions.

The government needs to continue with economic reforms, rationalise taxes and lower cost of funds to boost investments and lay the foundation for double-digit economic growth, FICCI's new president Jyotsna Suri said.

Government on Saturday said the Budget 2014-15 has brought about clarity in tax policies and it will walk the difficult path to bring growth impulses back into the economy amidst fiscal constraints.

DTH operators feel the double taxation -- service tax by the central government and entertainment tax by various states -- is unjustified.