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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
News Headlines »
 Here’s all you need to know New Income Tax return for salaried class available on IT portal
 What to do if you missed the (second) tax deadline
 Income-tax (5th Amendment) Rules, 2018 - Notification under section 9A (3) of the Income-tax Act, 1961 in respect of Fund Manager Regime
 Income Tax department warns salaried class again filing wrong ITRs
 ITR-1 form for AY 18-19 now available for e-filing
 New Income Tax Return Form for Salaried Class available in Portal
 Income Tax Return: ITR-1 ready for e-filing, says I-T department
 6 Tax changes you need to keep in mind while filing ITR for FY17-18 Income Tax Return efiling
 Income-tax (5th Amendment) Rules, 2018
 Last-minute tax tips for late filers
 What demonetisation did to tax collections

Revised tax code draft in month or two
May, 13th 2010

The revised draft of the Direct Tax Code (DTC), that will replace the Income Tax Act, will be available for comments soon before it is finalised and placed before Parliament for its approval, possibly in the winter session.

Stating this at a seminar on Wednesday, the Central Board of Direct Taxes (CBDT) chairman, SSN Moorthy, said the revised draft of the simplified direct tax code would be available for comments in a month or two.

The first draft of the DTC was made available in August last year. The industry had, however, protested certain proposed taxes in the DTC.

The draft suggested 2% Minimum Alternate Tax (MAT) on the gross asset value of a company, instead of the current levy of 15% on book profits.

Moorthy said the government is looking into the MAT issue. "All the issues raised by the industry and other representatives are under consideration and addressed in the revised draft," the CBDT chief said.

Besides MAT, the revised draft will also address other issues such as tax exemption for the housing sector and taxation of savings.

Moorthy said the department was hopeful of tax collection of Rs 3.80 lakh crore in 2009-10, short of Rs 7,000 crore as per the revised estimates.

"The final figure will be available in mid-May when all the transactions are compiled. As on date it is somewhere around Rs 3.78 lakh crore...it may be Rs 3.80 lakh crore," Moorthy said.

In the budget for 2009-10, the target was set at Rs 3.70 lakh crore. For the next year 2010-11, the budget estimate for direct tax collection is Rs 4.30 lakh crore.

Moorthy said that the TDS component in direct tax collection is quite substantial. It stood at Rs 1.53 lakh crore in the last fiscal, about 40% of the total direct tax collection.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Company Search Engine Optimization Company US SEO Local SEO Company Website SEO Company Alabama SEO Company Alaska SEO Company Arizona SEO Company Arkansas SEO Company California SEO Company Colorado SEO Company Connecticut SEO Company Delawa

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