Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Direct Tax »
Open DEMAT Account in 24 hrs
 Income tax exemption: 4 financial instruments you can still invest into before March 31
 CBDT drops small tax demands but not TCS, TDS claims
 ITR Refund: Awaiting money from Income Tax? Here's why you have not yet received your amount
 Income Tax Notice: What to do if you receive a Section 143 (1) notice from taxman?
 Average tax return processing time cut to 10 days: CBDT
 7 types of Income Tax Notice ITR filers may receive for AY 2023-24
 ITR filing: Do these advance preparations before filing your income tax return
 What are the strategies to maximize tax refunds after submitting an income tax return (ITR)?
 ITR filing: Tax rules on income from house property that your should know
 CBDT likely to issue rules on angel tax next week
 Pension Taxation: Everything you need to know for ITR filing

New direct tax will check avoidable litigations: Pranab
December, 17th 2009

Finance Minister Pranab Mukherjee Wednesday said the initiatives taken and proposed in the new direct tax code (DTC) will check avoidable litigations with resident as well as non-resident tax payers.

Addressing the Parliamentary Consultative Committee of the finance ministry here, Mukherjee said the subject of direct tax touches directly or indirectly the lives of millions of individuals in the society.

"So the suggestions and concerns raised by the committee, who are also the representatives of the people is of great importance in finally shaping out a policy relating to taxation regime in India," he told the members.

Mukherjee was addressing the second meeting of the Parliamentary Consultative Committee on the DTC. The committee had earlier met Nov 4. The DTC is expected to come into force only by 2011.

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

He said efforts are being made to ensure that the DTC would provide an environment conducive for foreign investments besides making it to the aspiration and expectation of the younger generation and also of the globalized corporate sector.

He said the government will take inputs from various stakeholders before giving final shape to DTC.

The finance minister stated that the important issues which have been raised during interaction with other stakeholders include minimum alternate tax (MAT) on gross assets, provisions relating to taxation of foreign companies, residential status of foreign companies - their control and management and other issues concerning General Anti-Avoidance Rule (GAAR) and taxation of charitable organisations.

Others issues include capital gains taxation, taxation in the case of salaried class employees, taxation of income from house property and deduction of interest on housing loan.

Tax experts fear that the tax burden on assesses in the category of income from Rs.3 lakh to Rs.10 lakh annually may actually increase. The direct tax code ostensibly places the consumers in the income of Rs.1.6 lakh to Rs.10 lakh in the 10 percent bracket.

Allowances such as HRA (house rent allowance), EPF (employees provident fund), deductions, medical, LTC (leave travel concession), leave encashment are entitled to a certain category of exemptions. Now all will get added to the income and hence become taxable, a representative of the opposition party Bharatiya Janata Party (BJP) said addressing a seminar organised by the Confederation of All India Traders last month.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting