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 »
 Three reasons to file income tax returns on time
  New direct tax code may have to wait until 2019
 Direct tax collection grows fastest in 7 years in FY18, courtesy GST; here’s how indirect tax reform helps
 Income Tax: Deadline for filing belated ITR of Assessment Year 17-18 is over
 Income Tax department cautions TDS deductors, says file statements by May 31 or pay penalty
 ITR-4 launched on e-filing portal; total 3 ITRs available now
 CBDT directs income tax department to hold grievance redressal fortnight for taxpayers in June
 Income tax return form-2 in Java format released for e-filing for FY2017-18
 3 ITRs available now ITR-4 launched on e-filing portal
 Businesses, small taxpayers to gain from new direct tax code
 New direct tax code to benefit corporates, income tax payers

Govt hopeful of House panel report on DTC in winter session
December, 02nd 2011

Dec 1 (PTI) The Government expects that the Parliamentary standing committee report on the Direct Tax Code (DTC) will be presented during the ongoing winter session to enable implementing tax reforms by April next, a senior Finance Ministry official said today. "Right now, the Bill is before the standing committee of Parliament. They had raised certain questions and we have replied to all of them," Central Board of Direct Taxes Joint Secretary for tax policy and legislation Sunil Gupta told an international taxation conference here. He said once the panel report comes in, it will be easier for Government to meet its target of introducing the DTC from April. Gupta, however, declined to comment if he fears the
ongoing logjam in Parliament will hurt progress on the DTC. The draft DTC Bill was released in 2009 and sent to the committee after comments and suggestions. Presenting the DTC in FY12 Budget, Finance Minister Pranab Mukherjee had said once implemented, the DTC will replace the Income Tax Act. The DTC Bill, first introduced in Parliament in 2009, seeks to raise the I-T exemption limit to Rs 2 lakh from the present Rs 1.6 lakh besides widening the tax slabs to levy 10 per cent tax on income between Rs 2 and Rs 5 lakh, 20 per cent on Rs 5-10 lakh and 30 per cent above Rs 10 lakh. Work on the ambitious DTC has been on since 2005 when a proposal was mooted to streamline the existing tax laws. Meanwhile, Nishith Desai of the law firm Nishith Desai Associates said there are many concerns with the Bill and the Government should not hasten in implementing it. Sufficient inputs should be taken from legal experts to strengthen the drafting, he said.

Consulting firm KPMG Deputy Chief Executive and its taxation practices Chairman Dinesh Kanabar said the April 2012 deadline is "unrealistic" as the Government machinery will not be ready enough to adopt to the massive changes needed to implement DTC. PTI AA BEN RSY

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