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: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: Central Excise rule to resale the machines to a new company :: VAT Audit :: VAT RATES :: list of goods taxed at 4% :: cpt :: articles on VAT and GST in India :: form 3cd
 
 
Direct Tax »
 CBDT asks I-T dept to take urgent steps
 I-T department asks taxpayers to update their information on e-filing portal
 Companies may have to submit income estimates by 15 November
 CBDT proposal on advance estimates of tax liability irks industry
 Advance tax calculation: Firms may have to furnish Apr-Sept income estimates
 Companies may have to furnish Apr-Sept income estimates to I-T dept
 CBDT working on a draft rule that makes it compulsory for companies to provide income estimates by Nov 15
 Companies, HNIs may soon have to specify reason for paying less advance tax than previous year
 TDS Applicability On Government Contracts Under Gst (Under Section 51 Of The Cgst Act, 2017)
 CBEC tells field officers to take GST disputes to Supreme Court
 Jurisdiction-free income-tax assessment on the cards

Finmin make presentation on DTC Bill tomorrow
November, 18th 2010

The Finance Ministry will make a presentation before a parliamentary panel tomorrow on the bill on Direct Taxes Code (DTC), which is scheduled to replace archaic income tax act from April 1, 2012.

"It''s a preliminary introductory meeting for the first time...the (Parliamentary Standing) committee must have had something to look at it.

They wanted us to explain--what are the structure, what are the elements--more of introductory presentation," Revenue Secretary Sunil Mitra told reporters on the sidelines of an event orgnaised by management school IMI.

The DTC Bill was tabled in Parliament in the last session and therafter referred to the Parliamentary Standing Committee.

After criticism of some of the proposals of original draft, the Bill dropped a suggestion to tax retirement funds to at time withdrawal and levying tax on Minimum Alternate Tax (MAT) on the basis gross assets.

As per the DTC Bill, the income-tax exemption limit has been raised to Rs 2 lakh from Rs 1.6 lakh earlier. For senior citizens and women the tax exemption limit has been hiked to Rs 2.5 lakh.

The new Direct Tax Code proposes to tax incomes between Rs 2 lakh and Rs 5 lakh at 10 per cent, between Rs 5 lakh and Rs 10 lakh at 20 per cent and beyond Rs 10 lakh at 30 per cent.

Currently, income between Rs 1.6?5 lakh attracts 10 per cent income tax; between Rs 5?8 lakh, 20 per cent income-tax and beyond Rs 8 lakh, 30 per cent income tax.

For corporates, there will be no surcharge or cess.

The corporate tax rate is proposed to be capped at 30 per cent as against 33 per cent at present. The rate of tax on corporate incomes was proposed to be capped at 25 per cent earlier.

Also, the government proposes to raise the MAT on book profits to 20 per cent from current 18 per cent.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

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