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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: list of goods taxed at 4% :: VAT RATES :: form 3cd :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: ACCOUNTING STANDARDS :: TDS :: VAT Audit
 
 
Direct Tax »
 Income Tax department rejects black money disclosures of over Rs 2 lakh crore
 CBDT urges people to protect bank accounts from 'unscrupulous elements'
 No change in gold seizure norms in proposed I-T Law amendments
 Direct tax collection will get a long-term boost, Franklin Templeton says
 I-T Act amendments upset calculations of cash hoarders
 Claim tax benefit on costs incurred to evict tenants
 The Integrated Goods And Services Tax Act, 2016
 Here’s what Income Tax Department did leading up to demonetisation
 I-T department asks IDS declarants to pay tax by November 30
 Cash trove tax drive dilemma
  CBDT halves Income Tax refunds issue timeline to 15 days for this fiscal

Direct Tax Code: What will change in the revised draft?
April, 26th 2010

The Direct Tax Code, which will replace the Income Tax Act and simplify procedures, is being re-worked by the Finance Ministry. Sources tell that the revised draft code will be released for public consultation in the next two to four weeks. Media tells what changes the second draft is likely to contain.

The first draft of the Direct Tax Code, made public last August, had raised several concerns. The opposition, industry, tax experts as well as the CBDT (Central Board of Direct Taxes) had sought several changes. In fact, the tone for the changes was set by Finance Minister Pranab Mukherjee himself, who defined nine areas of concern.

Experts say the second draft is likely to allow India's double taxation treaties with foreign countries to prevail. The first draft had provided for domestic law to override such treaties. The most contentious proposal, however, was to levy MAT (Minimum Alternative Tax) on gross assets.

Rahul Garg, ED, PriceWaterhouseCoopers says, "In relation to MAT being levied on the value of the asset, particular in infrastructure companies, I think that is an area where definitely there would be a bit of modification."

Tax experts say the benefits for SEZs (Special Economic Zones) are likely to continue and the distinction between long-term and short-term capital gains tax is likely to stay.

Tax slabs for personal income tax are also likely to be re-jigged and will not be as liberal as earlier suggested, at least in the first year of implementation.

Once the second draft is released, the code will be referred to a Parliamentary Standing Committee, which is expected to give its recommendations by December this year. With this timeline, the DTC may well be implemented from April 2011, in line with what the Finance Minister said in the Budget this year.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System development CMS development Content Management Solutions CMS Solutions Content Management Services CMS Services CMS Software

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