Latest Expert Exchange Queries
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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: VAT Audit :: TDS :: empanelment :: form 3cd :: ACCOUNTING STANDARDS
 
 
Direct Tax »
 Companies must drop retro tax cases to avail settlement scheme: CBDT
 FinMin may review tax regime on long-term capital gains
 Income tax return: TDS refund on capital gains invested needs to be instant
 CBDT holds circular on indirect tax provisions
 CBDT puts on hold circular on taxation of indirect transfer of shares
 CBDT prods officials to meet tax collection targets
 Budget 2017: Direct tax reforms to be gradual than radical, says KPMG
  FM Arun Jaitley may drop tough tax accounting rules
 FM Arun Jaitley may drop tough tax accounting rules
 How to view your TDS through form 26AS?
 Deduction of tax at source Income-tax deduction from salaries under section 192 of the Income-tax Act, 1961

Direct tax code to come into force from April 2012: Pranab
December, 08th 2011

The long-awaited Direct Tax Code (DTC) that seeks to simplify tax laws by lowering the tax rates and bringing more people and firms within the tax net is slated to come into force from the next financial year, beginning Apr 1, 2012, finance minister Pranab Mukherjee said in New Delhi on

Wednesday.

"The proposed Direct Tax Code brings together the policy initiatives on the direct taxes and is slated to come into force from the next financial year," Mukherjee said.

Addressing the 4th International Tax Dialogue Global Conference, Mukherjee said the proposed reforms were targeted at simplification of tax system and its administration, rationalisation of tax rates and broadening of its base.

He said taxation reforms was at the heart of India's economic reforms and liberalisation that started in early 1990s.

"Tax reforms though gradual have been systemic in scope, particularly when we consider the proposals currently awaiting implementation. The reforms have covered both the direct taxes as well as the indirect taxes," he said.

To reform the direct tax system, the government proposes to replace the archaic Income Tax Act, 1961, with a new legislation called Direct Tax Code.

In a bid to reform the indirect tax system, the government proposes to introduce Goods and Services Tax (GST) that will bring uniformity in tax structure across the country.

Commenting on the current progressive personal income tax system, Mukherjee said it was aimed to reduce inequalities in the society. He said the direct tax revenue has increased ten-fold in the last 14 years. Revenues from direct tax increased from $8.62 billion in 1996-97 to $87 billion in 2010-11.

"More importantly, the composition of our tax revenues has altered significantly in favour of direct taxes which now account for nearly 60 percent of our total tax revenues. We have tried to address the issue of gender inequality and old age vulnerabilities by providing some tax relief to women and old people," he said.

Referring to the menace of tax evasion and black money, Mukherjee said tax evasion undermined the intended benefits of a progressive tax policy. He said the problem was compounded by illicit outflow of money from emerging economies and developing countries.

"Global financial integrity has estimated such annual illicit outflows averaging between $725-810 billion from these countries," he said, adding the Indian government has adopted a five-pronged strategy to deal with these issues.

The strategy include joining the global crusade against black money, creating an appropriate legislation framework, setting up institution for dealing with illicit money, developing systems for implementations, and imparting skill to the manpower for effective action, the finance minister said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
E-catalogue online catalogue E-brochure online brochure online product catalogue online product catalogue e-catalogue Indi

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