Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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
 
 
 
 
Popular Search: TDS :: ACCOUNTING STANDARD :: cpt :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: Central Excise rule to resale the machines to a new company :: form 3cd :: VAT Audit :: list of goods taxed at 4% :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment
 
 
« News Headlines »
 Notification regarding extension of last date w.r.t submission of closing stock by dealer.
 Integrated Goods and Services Tax (IGST) Rules, 2017 (As on 15.11.2017)
 Central Goods and Services Tax (CGST) Rules,2017 (As on 15.11.2017)
  101st Constitution Amendment Act, 2016
 Pr. Commissioner Of Income Tax-6 Vs. Mccain Foods India Pvt. Ltd.
 Section 10 of the Income-tax Act, 1961
 Income tax returns filing: No tax on gift received from relatives in form of cash
 Income tax returns (ITR): Here is why you need to pay higher tax on other incomes
 GST Update On Issuance Of Debit Notes And Credit Notes
 How Mutual Fund Investments Can Help Save Income Tax
 Income tax returns (ITR) filing: Why small service providers need to get this benefit

I-T rates in direct tax code list
March, 21st 2007

The government is planning to place the income-tax rates in the new direct tax code schedule. The schedule is akin to an annexure to the Act. This will give the government flexibility to change them without disturbing the whole Act.

We are looking at substantive changes in the Act, giving a fresh look at various procedures, a revenue department official said, adding the main objective would be keep the main body of the Act simple and taxpayer-friendly.

Including the tax rate in the schedule would allow the government to change rates by just proposing an amendment to the schedule without amending the body of the Act.

In situations where the government is unable to specify income-tax rates in the Finance Bill, there is no provision in the law allowing tax authorities to impose a certain rate. In fact, the present Act clearly mentions the rate of taxation would be specified in the central Act.

It is expected that the new direct tax code will further simplify the income-tax law and be simpler to understand. Further, if the rates of taxation are provided in the schedules forming part of the Act itself, then it will avoid litigation in respect of the tax rates and additional levies such as surcharge, cess, etc, according to KPMG director Vikas Vasal.

Imposition of cess and surcharge has been challenged in various courts of law as these were brought in the Finance Act and there was no provision specifying the levies in the Act.

Further, to make the law simpler and taxpayer-friendly, the government is proposing to illustrate tax computation in the form of formulae. At present, the computation is explained in a lengthy and complicated manner. This would allow any taxpayer to calculate his tax liability easily without having to go through the maze of various provisions. 

 
 
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 Mission

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