SKP's Direct Tax Wish List

Tax rates

• The Corporate Tax Rate should be considerably reduced and brought in the range of 27% to 28%.
• The rate of Minimum Alternate Tax (MAT) should be also reduced to 10%.
• The basic exemption limit should be enhanced from INR 250,000 to INR 400,000. The tax slabs should be suitably revised upwards.
• The rate of Dividend Distribution Tax (DDT) should be reduced to 10%. 

Ease of doing business

• Income Computation and Disclosure Standards (ICDS) should be scrapped.
• Taxpayer should be provided with an option to avail credit for TDS deducted either as per Form 26AS or according to the income being offered to tax.  Since the claim of TDS credit is mostly a case a timing difference, this option will significantly reduce the compliance burden on the taxpayer.