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 »
 Three reasons to file income tax returns on time
  New direct tax code may have to wait until 2019
 Direct tax collection grows fastest in 7 years in FY18, courtesy GST; here’s how indirect tax reform helps
 Income Tax: Deadline for filing belated ITR of Assessment Year 17-18 is over
 Income Tax department cautions TDS deductors, says file statements by May 31 or pay penalty
 ITR-4 launched on e-filing portal; total 3 ITRs available now
 CBDT directs income tax department to hold grievance redressal fortnight for taxpayers in June
 Income tax return form-2 in Java format released for e-filing for FY2017-18
 3 ITRs available now ITR-4 launched on e-filing portal
 Businesses, small taxpayers to gain from new direct tax code
 New direct tax code to benefit corporates, income tax payers

Rates in fresh DTC draft indicative: FM
June, 24th 2010

The tax rates mentioned in the draft of Direct Taxes Code are only indicative and the real rates can be decided only by Parliament, finance minister Pranab Mukherjee has asserted on Wednesday.

If somebody assumes that the indicative rates in the Direct Taxes Code is the final rate, it is for them to come to the conclusion. That (tax rates in the draft) is far from reality. What rate of taxes will be there only Parliament can decide. Nobody else, Mukherjee said.

The minister addressing at the Indo-US CEOs Forum in Washigton pointed out that judging the draft code as progressive or regressive is not justified at this point. This is the draft. Therefore, you cannot presume that this is progressive or this is regressive, he said.

The stakeholders had expressed their concerns that have been addressed and the revised draft has been placed before the people, Mukherjee told a news agency rejecting the criticism.

The government has come out with a discussion paper on the Direct Taxes Code that has dropped some proposals in the first draft of the code. The first draft also indicated some rates and tax slabs, which the government has reiterated many a times.

Contrary to the proposal to tax retirement benefits like PF and pension at the time of withdrawal contained in the first draft, the revised document withdrew these taxation proposals. It also reversed the earlier move to levy minimum alternate tax from corporate based on gross assets.

It retained the exemption granted towards interest paid on housing loans, but did not mention the liberalised tax slabs contained in the first draft.

On the issue of tax slabs, revenue secretary Sunil Mitra said the rates in the first draft, which suggested 10% tax on income from Rs 1.60-10 lakh and 20% on income between Rs 10-25 lakh and 30% beyond that, were illustrative.

Mukherjee said the new draft addresses 11 grievances expressed by stakeholders to the proposals in the first discussion paper. The minister had promised in his Budget speech to implement the new direct tax laws from next fiscal.

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