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 »
 Top 3 post office schemes with income tax benefits for you
 CBDT issues draft notification for amending computation of interest income
 Claim home loan interest for tax deduction from rental income
  CBDT notifies new communication scheme
 CBDT proposes changes to three IT forms, seeks public suggestions
 CBDT proposes amendments to three IT forms, invites public suggestions
 Income tax returns filing: This is what taxpayers must mention
 CBDT dedicates fortnight for pending appeal effect
 CBDT marks Jun 1-15 for expeditious disposal of pending appeals
 CBDT marks Jun 1-15 for expeditious disposal of pending appeals
 Special provisions of the Income Tax law: Are all incomes created equal?

Revised direct tax code: Status quo on tax
March, 26th 2010

Finance Minister Pranab Mukherjee is trying to keep the common tax payer happy and in doing so it is the corporate world which might have to bear the tab.

NDTV Profit has learnt that in the run up to the revised version of the Direct Tax Code, the finance ministry is in favour of retaining the current tax rates at the 10 per cent, 20 per cent and 30 per cent rates.

Finance ministry says these rates are fairly reasonable. Instead, all corporate income tax exemptions need to be axed.

For instance, during 2008-09, the government estimated a revenue loss of close to Rs 69,000 crore from over 30 types of corporate tax exemptions alone.

While on the other hand, income tax slabs are likely to be widened considerably benefiting a large number of personal income tax payees.

There is also a possibility of some of the personal income tax exemptions continuing. The major revenue loss on personal income tax is on account of the 80C tax savings basket. The government forego over Rs 27,000 crore in 08-09.

This year's tax bracket relaxation has cost the government another Rs 26,000 crore in revenues. But despite these numbers, Pranab Mukherjee is in favour of promoting the small taxpayer.

The finance minister has indicated the discussion paper on the revised direct tax code should be ready before the monsoon session of the parliament. So, that by August, the indian parliament is able to begin its deliberations.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Portfolio

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