67th Independence Day of India

67th Independence Day of India

 

The celebration of the 67th Independence Day of India marks the commemoration of 66 years of India as an independent nation. Independence Day evokes the feeling of patriotism in the heart of every Indian. 15th August is a day when we rejoice in our freedom and pay homage to those who laid down their lives for us.
Hon'ble President Shri Pranab Mukherjee will Address to the Nation' on the eve of Independence Day on August 14, 2013 at 7:00 PM (IST). . On 15th August, 2013, Hon'ble Prime Minister of India, Dr. Manmohan Singh will unfurl the tricolor from the Red Fort in Delhi. This will be followed by the PM's address and a colourful Parade by the Defence & Paramilitary forces and school children. You can also watch the live webcast of the 67th Independence Day celebrations hosted at the Red Fort.

Jai Hind...
 

Setting up of Tax Administration Reform Commission

The Union Cabinet today approved the proposal for setting up of the Tax Administration Reform Commission (TARC).

The Commission will consist of a Chairman, two full time members and four part-time members, of which at least two part-time members will be from the private sector. The Chairman will be an eminent person having wide experience of tax administration and policy making. Full-time members of the Commission will be one member each with a background in revenue service pertaining to Income Tax and Central Excise and Customs respectively. The term of the Commission will be 18 months.

The Commission will review the application of tax policies and tax laws in India in the context of global best practices and recommend measures to strengthen the capacity of the tax system in India that would reflect best global practices. The Commission will help in removing ambiguity in application of tax policy and tax laws, thereby establishing a stable tax regime and a non-adversarial tax administration. The Commission will facilitate an efficient tax administrative system that would enhance the tax base as well as tax payer base.

Background :

In his Budget Speech 2013-14 in Parliament on 28.02.2013, the Finance Minister had announced :-

“An emerging economy must have a tax system that reflects best global practices. I propose to set up a Tax Administration Reform Commission to review the application of tax policies and tax laws and submit periodic reports that can be implemented to strengthen the capacity of our tax system.”