Latest Expert Exchange Queries

Make 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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: cpt :: ACCOUNTING STANDARD :: VAT RATES :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: form 3cd
 
 
« Direct Tax »
 CBDT gameplan to enhance TDS collection
 Don't curry political favours for transfers, CBDT tells taxmen
 CBDT: GST not to be added for TDS computation
 Five interest incomes you are likely to forget to include in your tax return
 GST not to be added for TDS computation
 GST not to be added for TDS computation
 Income Tax Return (ITR) Filing: Common Mistakes That Could Get You A Tax Notice
 Income Tax department asks tax practitioners to register entities separately
 Last Date To File Income Tax Return. Here Are The Details
 New tax regime will deliver a mixed bag with some items turning costly
 New members at CBEC, CBDT

House panel seeks progress on direct tax provisions
November, 25th 2011

The Parliamentary Standing Committee on Finance has sought the finance ministrys response on the suggestions of both stakeholders and the panel in a tabular format on the Direct Taxes Code (DTC) Bill provisions before it finalises its report.

A member of the panel said the ministry was expected to report back by this month-end. If the response was convincing, the standing committee might look at the possibility of giving its report by the end of the winter session of Parliament, he told Business Standard.

The ministry had been asked to provide at one place a comparison of the points raised on the DTC proposals with the existing provisions in the Income Tax Act, and their response to the suggestions.
The standing committee members hae raised certain areas of concern. They include the proposed hiking of exemption limit to Rs 2 lakh in 2012-13 and a no-special treatment for women in the DTC Bill.

The senior-senior citizen category had also been created, but there was no specific benefit to this segment also in DTC, said the member. Various benefits available to the salaried class had also been taken away.

A number of questions still remain unanswered and in some cases. Whats more, the income tax departments answers has led to more queries. The law may have become simple, but it has also become more cumbersome.

The member further said that the present Income Tax Act gave area-specific concessions, but DTC had removed it. Now, incentives had been linked to investment in DTC. This will lead to widening of disparity. Weaker states would suffer and rich states would benefit, he added.

Further, the definitions associated with transfer pricing and also NRIs and foreign subsidiaries of Indian companies were not very clear, said the member.

Though it looked difficult that the Standing Committee report would be ready to present in the winter session, the outcome would depend on the finance ministrys response, he added.

Finance minister Pranab Mukherjee has indicated that the government would try to stick to the deadline for implementation of DTC from April 2012 with the expectation that the standing committee would give its report in the winter session.

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.
Content Management System developers CMS developers Content Management Solutions CMS Solutions CMS India Content Management System India CMS development India Website CMS Website Content Management India Portal CMS India CMS Outsourcing CMS Vendor Complete CMS Custom CMS Services

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