Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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
 
 
 
 
Popular Search: VAT RATES :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: list of goods taxed at 4% :: articles on VAT and GST in India :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: TDS :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: empanelment
 
 
« Direct Tax »
 Businesses need not deduct GST on advances received for goods supply: CBEC
 Redress taxpayers' grievances on priority: CBDT to I-T department
 No tax relief on EPF interest if not employed: ITAT
  CBDT signs 7 more unilateral APAs with taxpayers
 Income tax returns (ITR) filing: Get capital gains tax exemption on new property; here is how
 Reach out to non-filers of GST returns: CBEC to fields offices
 CBDT may shelve plan to seek corporate tax estimates in advance
 IT expertise at banks' board level a must, says RBI ED
 Clarification on Indirect Transfer provisions in case of redemption of share or interest outside India under the Income-tax Act, 1961
 To avoid double-taxation CBDT says no tax at upstream foreign fund if local fund paid already
 CBDT extends due date for filing Income Tax Returns and Tax Audit Reports

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