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 :: form 3cd :: empanelment :: ACCOUNTING STANDARD :: cpt :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: TDS :: VAT Audit :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: ACCOUNTING STANDARDS
 
 
« Direct Tax »
 Can we measure demonetisation’s impact on income tax collections?
 CBDT signs 2 more advance pricing pacts
 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

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 2017 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