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: VAT RATES :: TDS :: VAT Audit :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: empanelment :: list of goods taxed at 4% :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: form 3cd
 
 
« Direct Tax »
 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
 CBDT asks I-T department to take urgent steps
 TDS on interest on deposits made under the Capital Gains Accounts Scheme, 1988 where the depositor has deceased
 Tax evaders set to face action: CBDT chairman Sushil Chandra
 Income-tax department calls big corporate entities to pay advance taxes
 Tax consultants protest against glitches in GST
 Eateries may soon have to pay tax on service charge
 Why new tax proposal could spoil Indian companies' appetite for buybacks
 CBDT has substituted Form 29B vide Notification No.80/2017

DTC Bill unlikely in winter session
November, 14th 2011

After it became clear that the Goods and Services Tax (GST) could not be rolled out by the beginning of the next financial year, hopes were being pinned on the implementation of the Direct Taxes Code (DTC) from April 1, 2012. However, with a Parliamentary panel clearly saying it cannot table its report on DTC in the upcoming winter session, even these expectations look set to be dashed.

There is no possibility of submitting a report on DTC in the winter session because it has been unanimously decided that we need to consult various ministries and state governments before a final report can be prepared, a member of the standing committee on finance told Business Standard.

He said, when DTC was proposed, tax situation in the country was encouraging, but the economic situation was very weak now. The basic question that needs to be answered is whether DTC is competent for such a situation, the member said.

During the recent meeting of the Parliamentary committee, S S Ahluwalia of Bharatiya Janata Party, Gurudas Dasgupta of Communist Party of India and Bhartruhari Mahtab of Biju Janata Dal asked chairman Yashwant Sinha to tell the Parliament secretariat not to prepare the report till all the members were convinced and agreed to the conclusions.

More questions have come up. Those need to be answered by ministries before we can conclude the report, the member added.

Members of the parliamentary committee have asked the secretariat to prepare a detailed comparative report, including the situation in the country in 1961 (when the Income Tax Act took effect), proposals on DTC made in 2009, the contents of the draft Bill prepared by the Union government and changes being contemplated by the standing committee on finance. In the context of high inflation and depreciation of the rupee against the dollar, the standing committee wanted more discussion on the issue.

The DTC Bill was tabled in Parliament in 2010 with an aim to reduce tax rates, but expand the tax base, by minimising exemptions. The finance ministry had in 2009 come out with a draft on the DTC Bill, some provisions of which drew strong criticism from industry as well as public.

To address those issues, the ministry brought out the revised draft, dropping earlier proposals of taxing provident funds on withdrawals, and levying Minimum Alternate Tax on companies on the basis of their assets.

However, personal income tax slabs proposed in the Bill were narrower than what was proposed in the first draft, but were wider than the existing ones.

The new Direct Tax Code Bill proposed to tax incomes over Rs 2 lakh and up to Rs 5 lakh in a year at 10 per cent , more than Rs 5 lakh and up to Rs 10 lakh at 20 per cent and beyond Rs 10 lakh at 30 per cent.

Currently, income over Rs 1.80 lakh up to Rs 5 lakh attracts 10 per cent income tax, over Rs 5 lakh and up to Rs 8 lakh 20 per cent and beyond Rs 8 lakh 30 per cent income tax.

The proposed tax slabs are much lower than originally suggested in the first draft DTC Bill 10 per cent for over Rs 1.6 lakh and up to Rs 10 lakh, 20 per cent for over Rs 10 lakh and up to 25 lakh and 30 per cent for income above Rs 30 lakh.

When enacted, DTC will replace Income Tax Act, 1961 which has become archaic and unwieldy in the context of modern post-liberal Indian economy.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Development Software Programming Software Engineering Custom Software Development Requirement Based Software Development Software Solutions Software Serv

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