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 :: form 3cd :: empanelment :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: VAT RATES :: VAT Audit :: TDS :: cpt :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
« 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

New draft for tax code underway
May, 27th 2010

The new draft for the direct tax code (DTC) could be released by the June 7 or 8. The long awaited document could include a significant cut in tax rates but also seek to widen the tax base.

The new tax code is Indias biggest tax reform and the finance ministry has struggle to convince stakeholders to sign up for nearly a year now. Finance Minister Pranab Mukherjee is betting big on the direct tax code.

In an exclusive chat with NDTV Revenue Secretary Sunil Mitra indicated that the new direct tax code could incorporate a significant cut in tax rates, as the government wants to widen the tax base and encourage compliance.

However, tax rates will not form part of the new discussion paper on the revised direct tax code, but instead will be brought in later when the direct tax code legislation is readied.

As of now the finance ministry is hoping to put the new direct tax code out by June 7 or 8.

This will also mean cleaning up of exemptions especially for the corporate tax payers, for instance, the SEZs, which so far had been completely out of the tax net.

You cannot change the law retrospectively, but yes a prospective date could be set and from that date the exemptions will no longer exist. said Krishan Malhotra, executive director of KPMG.

Despite this, the revenue secretary has raised a concern on the possible loss of revenue from the lowering of tax rates under the DTC.

However, to plug this gap the finance ministry is aiming for a simultaneous roll out of the goods and service tax (GST) with the DTC.

Meanwhile, taxpayers will have to wait a while to know the new tax rates under the Direct Tax Code. Instead issues like minimum alternative tax (MAT) or taxing capital gains of non residents will be the immediate focus of the government.

 
 
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