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: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: ACCOUNTING STANDARD :: due date for vat payment :: cpt :: list of goods taxed at 4% :: articles on VAT and GST in India :: VAT RATES
 
 
« News Headlines »
 How to link your Aadhaar and PAN details to file income-tax returns
 How to calculate capital gains tax on property sold at less than stamp value?
 Return Filing - Under GST, this is how you will file tax returns from July 1
 Income tax filing FAQs part 1
 Filing Income Tax Returns? Things To Keep In Mind As Deadline Approaches
 Filing of online return for 4th quarter of 2016-17- extension of period thereof.
 New tax accounting standards may reduce leeway for infrastructure companies
 GST – CONCEPT & STATUS – As on 01st May, 2017
 Govt extends VAT deadline, relief for developers
 Income Tax Appellate Tribunal Rules, 2017
 Got your Form 16? You should file income tax returns early to enjoy benefits

Income Tax code ready: FM
January, 02nd 2008
The much-awaited draft of the Income Tax code, which is expected to simplify and replace the existing law, is ready and will be released along with a discussion paper, Finance Minister P Chidambaram said today, but did not put any time-frame for its release.
 
The Income Tax code is ready as of yesterday. But I am not in a position to release the code because I have decided that I will release it along with a discussion paper, said Chidambaram.
 
The discussion paper would explain the reasons for writing the code, what are the changes between the old law and the new law and the rationale of these changes, he said.
 
The draft of the discussion paper that was shown to me is 70-page long, I am trying to compress it to about 50-60 pages. I have cleared only 25 pages of that, he said.
 
Once the discussion paper is ready, the code would be floated along with it for wider consultations.
 
When will that happen I cannot say, depending on how much time I would find to clear the discussion paper. But the code will be released only with discussion paper, he said.
 
To a question, he explained that the code is only a draft, which will be discussed for one year in the country and will probably be introduced two years after.
 
He said the code is not an amendment to the Income Tax Act, but was based on different assumptions for an emerging economy.
 
I am not taking IT Act and amending it. I am writing a new code, based on very different assumptions, very different postulates, very different outlook to direct taxes, he said.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Privacy Policy

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