Announcement from ICAI ::

September 3, 2007

Dear Sir/s

Sub: Suggestions to be included in the Pre-Budget Memorandum 2008

As you are kindly aware, every year the ICAI submits its Pre-Budget Memorandum to the Government. These suggestions are based on the valuable inputs received from members all over the country. Following are certain broad areas, which have been identified for inclusion in the Memorandum. We request you to give your valuable comments/ suggestions in the following format under each broad area indicated latest by 20th September 2007 to enable us to consolidate and forward the Pre-Budget Memorandum 2008 to the Government.

1.                       MACRO ECONOMIC ISSUES

§         Economic Policy vis-à-vis financial sector

§         Future direction of economic reforms

§         Other macro economic suggestions.

2.                       DIRECT TAXES

A.                      Suggestions relating to direct tax policies.

B.                      Suggestions for widening the tax base

C.                      Suggestions to check tax avoidance.

D.                     Suggestions for rationalization of the provisions of Direct-tax laws.

§         Personal Taxation

§         Taxation of Firms

§         Limited Liabilty partnership firms

§         Corporate Taxation

§         Issues Pertaining to SEZ Sector

§         Fringe Benefit Tax

§         Banking Cash Transaction Tax

§         Tax Deduction & Collection at Source

§         Appeals and revision

§         Penalties

§         Any other suggestion

3.                       INDIRECT TAXES

 .  Suggestions relating to Indirect tax policies.

A.                      Suggestions for widening the indirect taxes base

a.                       Central Excise

b.                       Customs

c.                        Service tax

B.                      Suggestions to check tax avoidance.

C.                      Suggestions for rationalization of the provisions of Indirect-tax laws.

I. Central Excise

D.                     Duty Rate Structure

E.                       Transaction Value

F.                       MRP Based Valuation

G.                     CENVAT Scheme

H.                     Any other suggestion

II. Service Tax

I.  Issues relating to specific services

J. Valuation

K.                      Credit for Input Taxes

L.                        Any other suggestion

(b) Customs

M.                    Duty Rate Structure

N.                     Measures to protect Indian Industry

O.                     Any other suggestion

Your suggestions should reach flc@icai.org/graudit@gmail.com on or before 20th September 2007.

Regards

CAG.Ramaswamy
Chairman
Fiscal Laws Committee