Financial Daily from THE HINDU group of publications
Friday, Apr 16, 2004
Financial Daily from THE HINDU group of publications Friday, Apr 16, 2004 |
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Industry & Economy
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Industry Associations Assocham proposes long-term fiscal policy Our Bureau
New Delhi , April 15 THE Associated Chambers of Commerce and Industry of India (Assocham) has proposed a long-term fiscal policy for a minimum period of five years to provide stability in the fiscal system. In a note submitted to the Government, the chamber has said: "The indexation of tax laws may be introduced considering rise in living costs and inflation so that the threshold exemption limit be automatically revised upwards." The chamber has further suggested that the taxation be gradually shifted to be levied on book profits and the income-tax provisions be made compliant with the accounting standards provided by the ICAI. Regarding the transfer pricing regulations with respect to Section 92C(2), the chamber has said that Indian regulations should also recognise the use of median to determine the arm's length price for the international transaction entered into with associated enterprises. Referring the arm's length range, the chamber said the range should be widened to 15 per cent. In light of the rise in information technology and information technology enabled services (ITES/BPO) across India, the Assocham said that there is a need for extending the time limit for the incentives for five more years in order to successfully implement the various projects in different stages of completion.
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