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: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: VAT RATES :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: list of goods taxed at 4% :: empanelment :: cpt :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: due date for vat payment
 
 
Direct Tax »
 CBDT clarification on Ind-AS makes tax calculation harder for companies
 I-T department to share companies' tax info with corporate ministry
 CBDT comes out with clarification on MAT for Ind AS companies
 No penalty for late ITR this year but here are 4 important reasons to file it in time
 12% growth in income tax collection
 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

India Inc seeks more clarity on DTC Bill before House test
November, 23rd 2013

Even as the Centre pushes for a Cabinet nod to introduce the Direct Tax Code Bill in Parliament, India Inc on Wednesday sought more clarity on some of the clauses and refinement in the Bill.

The DTC Bill, which has undergone several revisions from its first version, would be placed before the Cabinet shortly so that the revised version could be taken up in the winter session starting December 5.

"We are working on the DTC Bill and want to bring it (to Parliament) as soon as possible," revenue secretary Sumit Bose told reporters on the sidelines of a CII summit here.

While speculations are rife that the revised Bill may erase the 35% tax on super-rich and propose a lower corporate tax rate of 25% as compared to the earlier plan of 30% and do away with some of the exemptions, industry experts feel the DTC Bill should clarify on how the profits of a subsidiary unit of a multinational firm should be taxed.

The finance ministry also allayed fears that general anti-avoidance rule (GAAR), which will be part of DTC but effective from 2015, will hurt investor sentiments now that the government has put in place adequate safeguards to prevent its misuse. "GAAR is inevitable. But we should not be afraid of that as invoking GAAR is outside the tax administration and it would be overseen by a panel headed by a judge," said Sunil Gupta, a joint secretary at the Central Board of Direct Taxes.

Still, industry experts said the government should lay down illustrations in the DTC of cases where GAAR will apply and where it won't as it was done by the Shome committee in its report to the government. Also, going by the protracted litigation between the government and Vodafone, some experts feel the government should amend tax laws to give dispute resolution panels (DRPs) powers to negotiate and settle tax cases.

Though the concerns of foreign investors over GAAR has been largely addressed, industry experts point to other clauses in DTC such as those pertaining to place of effective management (POEM) and controlled foreign corporation (CFC) that need clarity

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Organic SEO Outsourcing Organic Search Engine Optimization Outsourcing Organic Website SEO Organic SEO India Website SEO India Organic Search Engine Optimization India Organic Internet SEO India Organic Web

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