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 :: list of goods taxed at 4% :: form 3cd :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: VAT Audit :: ACCOUNTING STANDARD :: empanelment :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
л Direct Tax »
 In some instances, filing of income tax return may not be mandatory
 Best 5 Income Tax-Saving SIP plans in India: How To save taxes by Investing in SIPs under 80C
 Tax refund checks are finally in the mail
 Income Tax dues in advance can be paid at RBI or at authorised bank branches by March 2017
 Why you must be looking beyond tax planning
 I-T dept. to lauch app for paying tax
 CBDT to taxman: Step up TDS survey operations to boost collections
 Tax Officers Asked To File Self-Appraisal Report On E-Assessment
 CBDT to taxman: Step up TDS survey ops to boost collections
 Govt to issue exemption list on new tax for unlisted firms
 CBDT issues third round of certificates to tax payers

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 2017 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