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
Direct Tax »
 CBDT proposes amendments to three IT forms, invites public suggestions
 Income tax returns filing: This is what taxpayers must mention
 CBDT dedicates fortnight for pending appeal effect
 CBDT marks Jun 1-15 for expeditious disposal of pending appeals
 CBDT marks Jun 1-15 for expeditious disposal of pending appeals
 Special provisions of the Income Tax law: Are all incomes created equal?
 Top 5 reasons why you could be paying more tax
 Income Tax Alert! Top 5 reasons why you could be paying more tax
 7 Documents You Need To File Your Income Tax Return
 Income Tax Department launches ITR-2 Form for AY2018-19, issues instructions for filing of new ITR forms
 Direct tax panel may suggest single tax on capital market investments

New direct tax codes to be tabled soon: Revenue Secretary
June, 16th 2010

Replacing the half century old Income Tax Act, the Central Government presented a landmark draft for a revised Direct Tax Code.

The draft is expected to revolutionize the existing taxation system in India, by ushering in changes in the domains of personal and private tax structures.

Revealing details of the proposed draft, Revenue Secretary Sunil Mitra said on Tuesday that Minimum Alternate Tax (MAT) would now be computed with reference to book profit, instead of calculating it with reference to "value of gross assets", as had been proposed earlier.

The draft is in the form of a discussion paper, and has taken radical steps to improvise on the paper released in 2009 on the same issue.

"We have prepared a revised discussion paper that gives, a) the provisions of the initial Income Tax Act; b) what was proposed in the draft Direct Taxes Code; c) broadly the nature of observations and reactions that we have received, and d) the revised proposal," said Sunil Mitra, Indian Revenue Secretary.

"The draft, which has received more than 1,600 comments from shareholders till now, would be in public domain for discussion till June end," Mitra added.

Under the provisions of the revised DTC, the EET (exempt-exempt-tax) regime would be restricted to new savings instruments after the draft comes into effect, and the same would not apply to existing saving instruments.

"There will be a meeting with all the major shareholders, and we will have another round of discussions with them. Thereafter, as the Finance Minister has committed, we will try and get the draft legislation in the Parliament in the Monsoon Session," Mitra said.

The new DTC would also explore financial areas of concern like wealth tax, pensions, money from gratuity, Special Economic Zones (SEZs),transfer pricing rules and taxes on charitable organizations, among others.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Enterprise Resource Planning Solutions ERP Solutions Enterprise Resource Planning Software Solutions ERP Software Solutions Supply Chain Management Solutions SCM Solutions Supply Chain Management Software Solutions SCM Software Solutions Enterprise Resource Planning Solutions India ERP Solutions India Enterprise Resource Planning Software Solutions India ERP Software Solutions India Supply Chain Management Solutions India SCM Solutions India Supply Chain Management Software Solutions India SCM Software Solutions India

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