13 cesses abolished

Stressing on simplification and rationalization of taxation the Finance Minister said that 13 cesses, levied by various Ministries in which revenue collection is less than Rs.50 Crore, will be abolished.

For non residents providing alternative documents to PAN Card will be allowed and TDS provisions for Income Tax will be rationalized.

Facility for revision of return will also be extended to Central Excise Assesses. With respect to non-taxable services for reversal of input tax credits, additional options to banking companies and financial institutions, including NBFCs will be provided.

Source : Equity Bulls

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