|Chennai||Rs. 24470.00 (1.37%)|
|Mumbai||Rs. 24900.00 (0.97%)|
|Delhi||Rs. 24200.00 (1.26%)|
|Kolkata||Rs. 24160.00 (0%)|
|Kerala||Rs. 24000.00 (0.63%)|
|Bangalore||Rs. 23800.00 (0%)|
|Hyderabad||Rs. 24140.00 (1.17%)|
The retrospective tax amendments for the Vodafone case and the General Anti Avoidance Rules (GAAR), pushed by the Income-Tax Department in the Budget to tackle tax avoidance and perk revenue collections, are, in fact, doing just the opposite, an internal assessment of the department has shown.
A discussion paper on exploring new areas in revenue mobilisation, prepared for the two-day annual conference of chief commissioners and directors general of income tax held on June 11 and 12, says: "Retrospective tax changes due to the apex court decision on Vodafone, and GAAR provisions, are dampening the sentiments of non-resident Indians (NRIs) and foreign residents. That will affect liquidity in the market and rupee may fall further."
A senior official of the department said the papers were prepared after serious deliberations, and the I-T department's admission on these measures at this juncture could be significant pointers to achieving the direct tax collection target for 2012-13.