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 :: VAT Audit :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: ACCOUNTING STANDARD :: form 3cd :: empanelment :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company
 
 
« Direct Tax »
 CBDT prods officials to meet tax collection targets
 Budget 2017: Direct tax reforms to be gradual than radical, says KPMG
  FM Arun Jaitley may drop tough tax accounting rules
 FM Arun Jaitley may drop tough tax accounting rules
 How to view your TDS through form 26AS?
 Deduction of tax at source Income-tax deduction from salaries under section 192 of the Income-tax Act, 1961
 Banks must furnish information on accounts that have seen deposits over 2.5 lakh: CBDT
 Govt expects direct and indirect tax targets to exceed budget estimates this fiscal
 Tax recovery from Swedish majors in payment dispute put on hold
 CBDT signs three more advance pricing pacts
 Central Board of Direct Taxes signs three more ‘Advance Pricing Agreements’, reaches 120 in total

Direct tax code helps taxpayers: expert
July, 12th 2010

The proposed direct tax code announced recently by the finance minister, which will be effective from April 2011, aims at a comprehensive reform in the sphere of personal and corporate taxation, according to G Ramaswamy, vice-president of Institute of Chartered Accountants of India (ICAI).

Speaking to reporters here on Saturday, he said: "There is a great difference between code and the act. The government is trying to replace direct tax code with the present system of Tax Under Finance Act."

The code would be a permanent affair like CrPC or IPC. Once the tax act is converted into a code, it would generally not be necessary to introduce changes every year along with budget. This is a reform which the government wants to bring in for the good of the people, he said.

The code has proposed no change in the exemption limit of personal tax. It remains Rs 1,60,000 for men Rs 1,90,000 for women, and Rs 2,40,000 for senior citizens.

To a query, Ramaswamy said the direct tax code is the simplified version of paying various kinds of income taxes.

Referring to the Foreign Exchange Management Act (FEMA), he said the main objective behind FEMA is to consolidate and amend the law relating to foreign exchange. "FEMA is applicable to all parts of India. It is also applicable to all branches, offices and agencies outside India owned or controlled by a person who is a resident of India," he added.

There are nearly 1.65 lakh chartered accountants (CAs) in India and nearly 6.5 lakh students have enrolled for the CA course, he said.

Referring to the activities taken up by the Hubli unit of ICAI, Ramaswamy said a centre has been opened for CA coaching. After the completion of the three-year course, campus interview will be conducted to provide employment for the candidates.

 
 
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