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 :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: empanelment :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: cpt :: due date for vat payment :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4%
 
 
« Direct Tax »
 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
 New Income Tax forms: What information is being asked for? All you want to know about the new rules

FinMin flooded with comments on tax code
May, 26th 2010

Redrafting the Direct Taxes Code (DTC) is proving to be an uphill task for the finance ministry, bombarded with comments from various stakeholders. The Central Board of Direct Taxes (CBDT) has received about 10,000 suggestions on the code, which seeks to replace the Income Tax Act of 1961.

We have got approximately 10,000 suggestions in the form of emails, letters and presentations. Out of these, only about one-fourth of the comments were sent online. Maximum queries are on Minimum Alternate Tax (MAT) and the exempt-exempt-tax (EET) regime. Our officials have to go through all the suggestions, said a ministry official on condition of anonymity.

The suggestions, most of which are repetitive, are being vetted by a seven-member task force on DTC. The task force was formed only two months ago and is left with just two weeks to go through the suggestions and take them into consideration while drafting the code.

Revenue Secretary Sunil Mitra has already said the revised draft of DTC would be released for public debate in the first week of June. The government plans to introduce the code in the monsoon session of Parliament, where it will first be taken up by the Standing Committee on Finance.

The official said comments were received from various quarters, including government departments, and most of these revolved around the nine areas finance minister promised to revisit such as capital gains tax, Double Taxation Avoidance Agreement, taxation of charitable organisations and foreign companies in India, retirement benefits and income from house property.

This is for the first time the finance ministry has received so many suggestions on a proposed legislation. Finance ministry officials say this is because before DTC, no other Bill was released for public discussion.

Another official said the code at this stage was witnessing frequent changes and once a final decision was taken with regard to the amendments, more officials of CBDT would join the task force to prepare the draft in the stipulated time. We will start the paperwork once things are finalised, he said.

The redrafted code would be open for public discussion for 15 days. Officials of the revenue department will have to take into account the comments received during this period while finalising the code.

The task force, which operates from an income-tax office at Saket in South Delhi, consists of officers in the grade of commissioner and joint commissioner of income-tax posted as officers on special duty.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

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