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: Central Excise rule to resale the machines to a new company :: cpt :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: VAT RATES :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
Direct Tax »
 How merging PF accounts helps avoid tax on withdrawals
 Income tax officers should not threaten taxpayers: CBDT
 Non-payment of TDS by mumbai companies: Showcause notices to over 300 firms
 In some instances, filing of income tax return may not be mandatory
 Best 5 Income Tax-Saving SIP plans in India: How To save taxes by Investing in SIPs under 80C
 Tax refund checks are finally in the mail
 Income Tax dues in advance can be paid at RBI or at authorised bank branches by March 2017
 Why you must be looking beyond tax planning
 I-T dept. to lauch app for paying tax
 CBDT to taxman: Step up TDS survey operations to boost collections
 Tax Officers Asked To File Self-Appraisal Report On E-Assessment

Direct Taxes Code Bill may be delayed further
February, 21st 2013

The critical reform Bill on Direct Taxes Code may get delayed further, as it has not been placed in the list of the Bills scheduled for consideration and passage during the Budget Session starting on Thursday.

Just last month the Finance Ministry had highlighted the ‘Direct Taxes Code’ as a policy reform, unveiled during road-shows in Singapore and Hong Kong. The road-shows were meant to attract foreign investment. The Bill was introduced in Lok Sabha on August 30, 2010 and was referred to a Standing Committee on September 9, 2010. After detailed examination and hearing views from various stakeholders, the Standing Committee on Finance, chaired by former External Affairs and Finance Minister Yashwant Sinha submitted its report to the Lok Sabha Speaker on March 6, 2012, which was subsequently presented to Lok Sabha and laid in the Rajya Sabha on March 13, 2012.

Apart from various recommendations, the Committee suggested raising the income-tax lower slab to Rs 3 lakh from Rs 2 lakh, which is also the current structure as well as proposed in DTC Bill. It did not recommend any change in the proposed rate of 30 per cent corporate tax for companies. It also made a suggestion to raise the minimum threshold for wealth tax to Rs 5 crore.

These recommendations are not binding on the Government and the Bill is free to move to Parliament for consideration and passage, with or without amendments. However, to garner wide support, the Government is considering some amendments and will obtain Cabinet approval.

It may be recalled that on January 31, Advisor to the Finance Minister Parthasarathi Shome had said that the Government would come up with a modified Direct Taxes Code (DTC) Bill after incorporating the suggestions of the Standing Committee.

Earlier, there was a thinking that the new tax system would come into effect from April 1, 2013. But, last year, Finance Minister P. Chidambaram indicated that the Government might not be able to keep this date.

On August 28, 2012, when he was asked about it, he had said, “I can’t say. DTC has gone through various versions.”

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Experience

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