Starting cases of tax defaulters
Dues pile up over a decade

Electronic Payment of Tax compulsory for big tax payers
Tax payers have to file only one challan instead of four copies

Tax defaulters warned
Department to conduct street to street survey

Visakhapatnam, March 6, 2005

Decreased in depreciation rates from 25 to 15 percent

Leading Chartered Accountant in the city VSN Murty has said that the Union Finance Minister P.Chidambaram would take more than what he gave. Taking part in a discussion on Union Budget 2005 conducted on Saturday by the city chapter of cost accountants on ‘Are they in the right direction’, he said the finance Minister’s efforts to rationalize the rebates on savings by bringing in the best international practices would have desired effect of simplifying the procedures.

While welcoming reduction in corporate tax from 35 to 30 percent, he said decreased in depreciation rates from 25 to 15 percent in general plant and machinery and five percent on some other items was not in the interests of business community. The Superintendent of Central Excise, FA Cooper brief about the changes brought out in the Central Excise, Service Tax and Customs Act in the budget proposals.

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