Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ACCOUNTING STANDARD :: form 3cd :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: list of goods taxed at 4% :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: articles on VAT and GST in India :: empanelment :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: Central Excise rule to resale the machines to a new company
 
 
« Direct Tax »
 Businesses need not deduct GST on advances received for goods supply: CBEC
 Redress taxpayers' grievances on priority: CBDT to I-T department
 No tax relief on EPF interest if not employed: ITAT
  CBDT signs 7 more unilateral APAs with taxpayers
 Income tax returns (ITR) filing: Get capital gains tax exemption on new property; here is how
 Reach out to non-filers of GST returns: CBEC to fields offices
 CBDT may shelve plan to seek corporate tax estimates in advance
 IT expertise at banks' board level a must, says RBI ED
 Clarification on Indirect Transfer provisions in case of redemption of share or interest outside India under the Income-tax Act, 1961
 To avoid double-taxation CBDT says no tax at upstream foreign fund if local fund paid already
 CBDT extends due date for filing Income Tax Returns and Tax Audit Reports

Direct Taxes Code will come next year: Finmin
October, 20th 2011

The government on Wednesday expressed optimism that the Direct Taxes Code (DTC) would come into force from the next financial year.

Finance minister Pranab Mukherjee said he was confident of the DTC being recommended by the standing committee in the coming (winter) Parliament session. I hope that I will get the legislation by the Budget session, he told an economic editors conference here, answering a question.
 
Mukherjee said he had a good discussion with the pertinent standing committees chairman (Yashwant Sinha) on whether it was possible to pass certain legislations with his help. But that is at the committee level and the chairmans level. What would happen on the floor of the House would be decided by others, he added. The Direct Taxes Code will come. The DTC Bill introduced in Parliament on August 30 last year, proposes to replace the 50-year old Income Tax Act.

The Act was initially proposed to come into force at the start of the ongoing financial year. The deadline was then extended to April next year, as the draft Bill has been referred to the Parliamentary Standing Committee.

Revenue department officials doubt if they will get sufficient time to get the legislative work completed in the time left for implementation of DTC from 2012-13.

This even if the standing committee gave its report in the winter session of Parliament.

The Act needs to be passed by March 31 for implementation of DTC from the next day, which marks the start of the 2012-13 fiscal.

If the standing committee report comes in this winter session, the final Bill at best can be tabled in Parliament in the budget session. If the Act is not passed, it will be difficult to avoid in the next budget an announcement about the DTCs implementation from next financial year. Things may now change, as the finance minister has expressed the hope that the DTC would be implemented from next year.

The new direct tax law, which is proposed to simplify and streamline the income tax regime in the country, has already missed the April 2011 deadline. Central Board of Direct Taxes (CBDT) officials say the delay in the implementation of the DTC by one more year was not going to create any problem, as the government had already started the process of movement towards DTC under the existing income tax provisions in the last two years.

One Parliament passes the Act, both the income tax department and industry should ideally get at least nine months to understand and prepare themselves to handle the new DTC framework, they added.

CBDT, on its part, is currently working on the systems requirement to handle DTC and the implementation of the code. The annual I-T exemption limit is proposed at Rs 2 lakh in the DTC Bill, compared to Rs 1.8 lakh at present.

Under the Bill, the government proposes to widen tax slabs to levy 10 per cent tax on income between Rs 2 lakh and Rs 5 lakh, 20 per cent on Rs 5-10 lakh and 30 per cent above Rs 10 lakh.

Currently, income up to Rs 1.8 lakh per annum is exempt from tax for individuals. For women and senior citizens, the limit is Rs 1.9 lakh and Rs 2.5 lakh, respectively. The tax is levied at a 10 per cent rate on income between Rs 1.8 lakh and Rs 5 lakh, 20 per cent on Rs 5-8 lakh and 30 per cent above Rs 8 lakh.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Experience

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions