Advertisement

Help
You are here: Rediff Home » India » Business » Business Headline » Report
Search:  Rediff.com The Web
Advertisement
  Discuss this Article   |      Email this Article   |      Print this Article

Free tax preparers for small traders
Monica Gupta in New Delhi
 
 · My Portfolio  · Live market report  · MF Selector  · Broker tips
Get Business updates:What's this?
Advertisement
May 31, 2006 17:40 IST
Self employed and small businessmen with a total income of less than Rs 3 lakh per annum will be able to use the services of "Tax Return Preparers" free of cost for three years.

As per the outline of the scheme being finalised by the Finance Ministry, tax prepares will be allowed to retain 3 per cent, 2 per cent and 1 per cent of the tax collected from the taxpayer, respectively, during the first three years of the scheme.

While no date has been finalised so far for operationalisation of the scheme, the eligibility for tax preparers would be restricted only to law and commerce graduates.

The ministry is hoping to employ 10,000 graduates as tax preparers in the first year of the scheme when it would be run as a pilot project. The graduates will have to qualify an entrance test before being given training for the job.

The ministry is in the process of setting up a "resource centre" in Delhi, which will be a separate directorate, headed by a commissioner.

Powered by

 Email this Article      Print this Article

© 2008 Rediff.com India Limited. All Rights Reserved. Disclaimer | Feedback