'Sugam' to be introduced for small tax Payers

The Union Budget 2011-12 has laid a special emphasis on reducing the compliance burden of small tax payers by introducing simplified return form called 'Sugam'. The Finance Minister Shri Pranab Mukherjee while presenting the Budget said that the small tax payers who fall within the scope of presumptive taxation can utilize the new simplified form Sugam.

To fast track the disposal of cases related to taxes by the settlement commission three more Benches of the Commission are being set up.

The Minister said that steps are being initiated to reduce litigation and focus attention on high revenue cases. He said that instructions have been issued raising limit of tax effects below which, tax disputes will not be pursued by Government in higher Courts of Appeal.

Source : Equity Bulls

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