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
Latest Expert Exchange
« Direct Tax »
 Direct tax collection exceeds target in FY18
 Taking the 1st five steps to saving taxes Income Tax
 TDS on interest income: Want to avoid? Here’s how you can do this
 CBDT to modify advance ruling forms for transparency in cross-border deals
 New ITR forms for 2018-19 notified by CBDT
 Income Tax Return form: There are many changes you need to know
 Procedure For Registration And Submission Of Statement Of Financial Transactions (Sft) As Per Section 285ba Of Income-Tax Act, 1961 Read With Rule 114e Of Income-Tax Rules, 1962
 Income tax return forms for FY 2017-18 released
 10 benefits of filing ITR even if you are below taxable bracket
 How to file Income Tax Returns online in five simple steps
 Income tax returns (ITR) deadline over; how belated returns filing will impact you

Govt taking steps to revisit direct taxes code, says Shome
October, 12th 2012

The Government has initiated a process of taking the direct taxes code (DTC) back to the drawing board again. Parthasarathi Shome, economist and expert on the issue of taxation, said here on Thursday that a detailed consultation process had begun recently.

At an interactive session at the MCC Chamber of Commerce and Industry, Shome said: The world has changed since the DTC was first mooted. I have suggested to the Finance Minister that we need to go back to the drawing board. The changed dynamics had made it obligatory for the Government to re-consider the whole range of tax and related issues.

The consultations with lawyers, industry and academia have begun. It would require effort, manpower and time, he said without going into the specifics. In August, Union Finance Minister P. Chidambaram had indicated that the DTC required a fresh look.

Chidambaram first proposed the idea of the DTC when he was the Finance Minister in the UPA-I Government at the Centre. The proposal envisaged eventual replacement of the Income Tax Act, 1961. The DTC Bill is still to be enacted

Shome felt that taxation imposed by certain States on inter-State movement of goods was a retrograde step in the context of the expected national GST rollout. He also admitted that it was a potential conflict point between States and the Centre.

In his submission to the Finance Committee of Parliament, Shome said he had suggested that in the absence of trust among States and the Centre on tax revenues, efforts must be made to build infrastructure for an information chain on the inter-state movement of goods and taxation by different States on them.

We need to build a clearing house which will monitor such trades and tax credits. Banks could play that role since all the transactions are now routed through them and they have the necessary software installed for online tax payments, he said. The West Bengal Government has reintroduced an entry tax this fiscal.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
E-catalogue online catalogue E-brochure online brochure online product catalogue online product catalogue e-catalogue Indi

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