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
Latest Expert Exchange
« Direct Tax »
 Direct tax collection exceeds target in FY18
 Taking the 1st five steps to saving taxes Income Tax
 TDS on interest income: Want to avoid? Here’s how you can do this
 CBDT to modify advance ruling forms for transparency in cross-border deals
 New ITR forms for 2018-19 notified by CBDT
 Income Tax Return form: There are many changes you need to know
 Procedure For Registration And Submission Of Statement Of Financial Transactions (Sft) As Per Section 285ba Of Income-Tax Act, 1961 Read With Rule 114e Of Income-Tax Rules, 1962
 Income tax return forms for FY 2017-18 released
 10 benefits of filing ITR even if you are below taxable bracket
 How to file Income Tax Returns online in five simple steps
 Income tax returns (ITR) deadline over; how belated returns filing will impact you

Direct taxes code to provide environment conducive
December, 16th 2009

The government will take inputs from various stake holders before giving final shape to Direct Taxes Code, said the Finance Minister Shri Pranab Mukherjee while addressing the second meeting of the parliamentary consultative committee attached to the Ministry of Finance, here today. This was the second meeting on the issue of Direct Taxes Code. Thanking the Members for giving their valuable suggestions during the first meeting of the Consultative Committee held on 4th November, 2009, Shri Mukherjee said since the subject of direct tax touches directly or indirectly the lives of millions of individuals in the society, the suggestions and concerns raised by the esteemed members of the committee, who are direct representative of people, is of great importance in finally shaping out a policy relating to taxation regime in India, which can meet aspiration and expectation of our younger generation and also of our globalised corporate sector.

The Finance Minister stated that the important issues which have been raised during interaction with other stakeholders Trade and Industry representative bodies and Civil Society Organizations and also by members during the first meeting of the Committee include

(i) Minimum Alternate Tax (MAT) on gross assets

(ii) Provisions relating to taxation of foreign companies, residential status of foreign companies their control and management etc.

(iii) General Anti-Avoidance Rule (GAAR).

(iv) Taxation of charitable organizations.

(v) Shift from EEE to EET method of taxation of savings.

(vi) Capital gains taxation.

(vii) Taxation in the case of salaried class employees.

(viii) Taxation of income from house property.

(ix) Deduction of interest on housing loan etc.

The Finance Minister assured the members that the above identified issues are under deliberation and a considered view would be taken on these issues.

Shri Mukherjee said that the Code is aimed at giving a competitive edge to the country while dealing with international taxation issues. In the Code there is a provision for Advance Pricing Agreement (APA). This mechanism has been proposed to bring certainty and stability in the taxation of cross border transactions. The Dispute Resolution Panel (DRP) already introduced with effect from 1st October, 2009 for Disputes relating to Transfer Pricing along with APA would provide a fiscal environment conducive for foreign investments in India. The Trade and Industry has been demanding the Alternate Dispute Resolution for transfer pricing related issues for quite some time. I am sure these new initiatives already taken and proposed in DTC will check avoidable litigations with resident as well as non-resident tax payers, added the Minister.

The Finance Minister emphasized that the Code should not be compared with the Income-tax Act, 1961 as the attempt is to move forward on the basis of a broad tax base, moderate tax rates, effective implementation strategy and better delivery of services to the tax payers.

The meeting was attended by S/Shri Shantaram Naik, Rahul Bajaj, Rajeev Chandrasekhar, Sabir Ali, Mukut Mithi, N.K. Singh, and Dr. E. M. Sudarsana Natchiappan - members of Rajya Sabha and S/Shri Partap Singh bajwa, Mukesh B. Gadhvi, Suresh C. Angadi, T.R. Baalu, M. S. Reddy, Neeraj Shekhar and Smt. Rajkumari Ratna Singh - members of Lok Sabha. Minister of State for Finance Shri Namo Narain Meena, Finance Secretary, Revenue Secretary, Expenditure Secretary, Disinvestment secretary and other senior officers of the ministry attended the meeting.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 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