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: ACCOUNTING STANDARDS :: cpt :: list of goods taxed at 4% :: form 3cd :: VAT Audit :: Central Excise rule to resale the machines to a new company :: TDS :: ACCOUNTING STANDARD :: empanelment :: articles on VAT and GST in India :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment
 
 
Direct Tax »
 New direct tax law coming
 Government sets up a panel to draft new direct tax law
 High court judges, experts brainstorm on likely GST litigations
 Businesses need not deduct GST on advances received for goods supply: CBEC
 Redress taxpayers' grievances on priority: CBDT to I-T department
 No tax relief on EPF interest if not employed: ITAT
  CBDT signs 7 more unilateral APAs with taxpayers
 Income tax returns (ITR) filing: Get capital gains tax exemption on new property; here is how
 Reach out to non-filers of GST returns: CBEC to fields offices
 CBDT may shelve plan to seek corporate tax estimates in advance
 IT expertise at banks' board level a must, says RBI ED

FinMin to move supplementary note to earlier DTC Bill
November, 19th 2013

The Finance ministry will soon move a supplementary note to propose changes in the Direct Taxes Code (DTC) Bill, which was sent to the Cabinet in August.

The Bill was deferred by the Cabinet last time.

“Last time the Bill was taken to the Cabinet in a hurried manner. Inter-ministerial consultation was not over due to lack of time. Now they have sent their comments and we have included that in the supplementary note,” said a Finance ministry official, adding there won’t be many changes in the Bill.

There will be about half a dozen changes in the supplementary note. The Finance ministry is aligning it with the new Companies Act. Changes will also be made in the areas pertaining to petroleum, mineral oil, financial services, urban development and Planning Commission.

The draft Bill, however, does not seek to provide any breather to taxpayers in the form of higher exemption limit.

The Finance ministry had not incorporated the Standing Committee on proposal to widen tax slabs. The Parliamentary panel had suggested raising the exemption limit to Rs 3 lakh from Rs 2 lakh at present.

The Finance ministry’s worry was that raising this limit will not only lead to loss of revenue, but also take many people out of its scrutiny and erode the tax base, which is already low at 34 million. If the slab is increased to Rs 3 lakh, 87% of the taxpayers will escape tax net.

Taxpayers may continue to enjoy exemption on maturity of their investments and industry could pay Minimum Alternative Tax on book profits, instead of gross assets.

Once cleared by the Cabinet, the amendments are likely to be tabled in the Winter session of Parliament. However, if the Bill is not passed even in the Budget session, it will lapse with the dissolution of this Lok Sabha due to elections.

Some of the provisions of the DTC Bill, such as the General Anti-Avoidance Rules and Advance Pricing Agreements, have already been incorporated in the Income Tax Act.
DTC, if enacted, will replace archaic Income Tax Act, 1961.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Article Management Solutions System Article Management Software S

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