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: VAT RATES :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: list of goods taxed at 4% :: empanelment :: ACCOUNTING STANDARDS :: VAT Audit :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
Direct Tax »
 CBDT clears the air on rental incomes from industrial parks, SEZs
 CBDT signifies achievements towards eliminating domestic black money
 Seafarers get tax exemption from Ministry of Finance
 Financial institutions need to get accounts self-certified for FATCA by April 30
 Direct tax incentives to promote start-ups
 Employer didn't deposit the TDS it deducted on your salary. How to claim it?
 Central Board of Direct Taxes clarifies on cash curb, Aadhaar
 CBDT to issue PAN, TAN within a day to improve Ease of Doing Business
 Expats who stayed in India for 182 days or more must apply for Aadhaar card: CBDT
 CBDT accomplishes direct taxes collection target for FY 2016-17
  No relief to those who defaulted on 1st IDS installment: CBDT

Work on Direct Tax Code in progress, Bill in Budget session: Chidambaram
March, 01st 2013

Finance Minister P Chidambaram on said work on the Direct Tax Code (DTC) Bill, which seeks to overhaul income tax laws, is in progress and the amended Bill will be introduced in the ongoing Budget session. Presenting the Budget, he said that the DTC is not intended to be an amended version of Income Tax Act, 1961 but a new code based on the international practices that will be compatible with the needs of a fast developing economy.

He said the Standing Committee on Finance has submitted its report on the Bill and the government attaches great weight to its recommendations. "My team in the Ministry of Finance is examining the recommendations and I intend to work with the Standing Committee and its Chairman in order to finalise the official amendments. I shall endeavour to bring the Bill back to this House before the end of the Budget Session".

Among other things, the Standing Committee headed by senior BJP leader Yashwant Sinha, had suggested raising the tax exemption tax limit to Rs 3 lakh as against Rs 2 lakh proposed in the original DTC Bill. It has also suggested that subsequent tax slabs be adjusted accordingly to provide relief to people reeling under the impact of inflation.

Chidambaram said the DTC will be a new code based on the international practices that will be compatible with the needs of a fast developing economy.

Other recommendations of the panel include hiking the investment limit for tax savings schemes to Rs 3.20 lakh and pegging wealth tax limit at Rs 5 crore. It also recommended abolition of the Securities Transaction Tax (STT). As regards the corporate tax, it recommended that the rate be retained at 30 per cent.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Bath SEO Company Birmingham SEO Company Bradford SEO Company Brighton and Hove SEO Company Bristol SEO Company Cambridge SEO Company Canterbury SEO Company Carlisle SEO Company Chester SEO Company Chichester SEO Company Coventry SEO Compan

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