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: due date for vat payment :: cpt :: VAT Audit :: VAT RATES :: empanelment :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4%
 
 
« Direct Tax »
 Income tax returns: How to calculate income from house property
 CBDT proposes new accounting standards for real estate firms
 1 lakh entities face I-T action as ‘clean money’ drive gains pace
 Here are 4 things to know about how CBDT improves ease of doing business by issuing PAN and TAN within 1 day
 Online platforms make tax filing easy, help fill details automatically
 Delhi HC refuses to stay tax case against Young Indian
 CBDT issues draft ICDS on real estate
 CBDT chairman Sushil Chandra gets one-year extensiona
 Income-tax (9th Amendment) Rules, 2017? - Amendment of Income-tax Rules, 1962 - Prescribing form & manner of exercise of option by the domestic company for the purposes of section 115BA of the Income-tax Act, 1961-reg
 CBDT issues draft rules for valuation of unquoted shares
 Central Board of Direct Taxes releases rules to compute fair market valuation of unlisted shares

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