Central Board of Direct Taxes (CBDT) Chief Sushil Chandra today asked the industry to refrain from misusing provisions of the law to evade taxes, saying the effective tax rate for big companies is already 26% on account of various exemptions.
He said the industry should act more responsibly than the salaried class in paying taxes and help build a tax compliant society.
“I want to drive home that point very clearly before the industry that you should be more tax compliant, automatically rates will come down. We are ready to move with you for making the society tax compliant. Industry has got much more responsibility than
a salaried person,” Chandra said while addressing the CII post-Budget meet. - www.business-standard.com [06-02-2018]