Professionals in Himachal Pradesh are objecting to the imposition of a profession tax barely hours after the enactment of the relevant law.
According to the law passed by the state assembly late Friday - the last day of the budget session - 26 categories of professionals earning over Rs.4,000 a month will be taxed.
They include government employees, lawyers, doctors, engineers, journalists, contractors, hotel owners, brokers, estate and insurance agents, company directors and chartered accountants.
Lawyers in the hill state have already sounded their opposition to the law.
"We pay other taxes to the government but get no facilities in return. Why should we pay this professional tax? The government should immediately roll back this tax," demanded Shravan Dogra, president of the Himachal Pradesh High Court Bar Association.
Himachal Pradesh will be the fourth state after Maharashtra, West Bengal and Andhra Pradesh to impose the profession tax. Most professionals will be taxed Rs.200, helping the state raise Rs.450 million a year.
But there was also some support for the law. "The government has rightly taxed successful professionals who should have no problems paying this nominal amount," said a resident.
Some see the tax - levied on some 175,000 state government employees and professionals - as a desperate effort by the government to raise resources.
The state government is reeling under severe debt, which currently stands at Rs.170 billion. This year's budget has substantial taxes after over a decade of tax-free budgets in the state.
Indo-Australia committed to resolve agri-trade issues
Publish Date : 3/3/2007 7:21:00 AM
The agri-trade has become a very contentious issue in the World Trade Organisation (WTO), but India and Australia have agreed to resolve issues coming in the way of trade in agricultural goods by setting up a mechanism.
RBI to absorb more liquidity to contain inflation
Publish Date : 3/3/2007 7:11:00 AM
In a bid to further contain inflation, Reserve Bank of India today announced a modified market stabilisation scheme (MSS) and liquidity adjustment facility (LAF) to suck out Rs 11,500 crore from the system.
Gold and Silver prices turn distinctly weak
Publish Date : 3/3/2007 7:03:00 AM
Both the precious metals today turned distinctly weak on the bullion market as silver plunged by Rs 570 and gold by Rs 155 on heavy stockists offerings tiggered by sharp fall in the global markets.
Further fall in gold and silver prices
Publish Date : 3/2/2007 7:06:00 AM
Both the precious metals continued to decline on the bullion market here today on sustained offering from stockists in view of fall in the international markets.
Rupee ends marginally up at 44.26/27 a dollar
Publish Date : 3/2/2007 7:03:00 AM
The rupee today ended marginally higher at Rs 44.26/27 a dollar, supported by a smart recovery on equity markets coupled with fresh exporters' dollar sales.
Hyundai domestic sales up 74 pc in Feb
Publish Date : 3/2/2007 7:01:00 AM
Hyundai Motor India today reported a 74 per cent increase in its domestic vehicle sales during February at 15,459 units compared to the same month last year.
Hutchison Telecom files caveat fearing legal move by Essar
Publish Date : 3/2/2007 6:59:00 AM
Hong Kong-based Hutchison Telecom has filed a caveat before the Bombay High Court to ensure that its plea is heard in case Essar moves the court, challenging the the foreign partner's decision to sell stake to Vodafone.
Skoda slashes car prices up to Rs 24,000
Publish Date : 3/2/2007 6:56:00 AM
As car makers Maruti and Hyundai announced a hike in prices, luxury car maker Skoda Auto today slashed prices across all models by up to Rs 24,000 citing reduction in customs duty on imported car parts in the Budget.
Bond prices continue to decline
Publish Date : 3/1/2007 8:30:00 AM
Government bond prices continued to decline on persistent selling while call rates eased in view of ample liqudity in the system.
India should be more conscious of global developments: RBI
Publish Date : 3/1/2007 8:19:00 AM
The Reserve Bank of India today said the steep fall in Indian stock markets was a contagious effect of plunge in overseas bourses and the country should have strong market and regulatory mechanism to avoid disruption in markets.
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