Shorthand Dictation 80 Words per minute with outline, 5 Minute Test 44

I would appeal to you to give me a little more time because there are many important clauses in the ²⁰ Bill which require consideration and it is the last opportunity which we got because after that the Finance Bill will be passed.

I will point out that for the first time interest tax has been introduced although it was done ⁶⁰ away with much earlier. Interest tax means the banker has to charge a higher rate of interest now for paying ⁸⁰ this tax. Interest tax rate is at 3 per cent and financial institutions are to pay this interest tax. The ¹⁰⁰ result will be, the rate of borrowing will be much higher. I would appeal to the Finance Minister to consider ¹²⁰ it to see whether it will be advisable at this stage when the country requires generation of capital to increase ¹⁴⁰ and introduce for the first time the interest tax particularly for the banking and other financial institutions.

The Finance Minister has ¹⁶⁰ suggested and has introduced measures for better tax compliance. Power has been given to the Commissioner to waive penalty or ¹⁸⁰ interest under section 273A. When we are considering that the discretionary powers should be reduced as far as ²⁰⁰ possible, it is the industrial policy of our present Government that we are in unshackle the economy from the cobwebs ²²⁰ of bureaucratic discretion and the Finance Minister himself in his budget speech pointed out that to much bureaucratization has been ²⁴⁰ one of the major defects in the fiscal administration. We are to consider whether such wide diversion is desirable. The ²⁶⁰ Hon’ble Finance Minister has suggested that in the case of interest of mutual funds received by off-shore funds, that ²⁸⁰ will be taxed at the rate of 10 per cent instead of 25 per cent. But under Section 115A ³⁰⁰ the rate of tax has been retained qt 25 per cent. This is nothing but a bureaucratic oversight. If you ³²⁰ have introduced a lower rate of 10 per cent it in section 115 (ab), then you should delete ³⁴⁰ that 15 per cent tax under Section 115A. Otherwise which rate of tax will be applicable?

It ³⁶⁰ has been the policy of the Government and welcome the policy that at the time when the tax is ³⁸⁰ deducted at source it will be either at the prevailing rate under the Finance Act or in any other law. ⁴⁰⁰ Under many double taxation agreements, tax rate has been reduced, but when the tax is deducted at source, this is ⁴²⁰ not taken account of.