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 :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: cpt :: VAT Audit :: due date for vat payment :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: Central Excise rule to resale the machines to a new company :: form 3cd :: ACCOUNTING STANDARD
 
 
Direct Tax »
 CBDT asks I-T dept to take urgent steps
 I-T department asks taxpayers to update their information on e-filing portal
 Companies may have to submit income estimates by 15 November
 CBDT proposal on advance estimates of tax liability irks industry
 Advance tax calculation: Firms may have to furnish Apr-Sept income estimates
 Companies may have to furnish Apr-Sept income estimates to I-T dept
 CBDT working on a draft rule that makes it compulsory for companies to provide income estimates by Nov 15
 Companies, HNIs may soon have to specify reason for paying less advance tax than previous year
 TDS Applicability On Government Contracts Under Gst (Under Section 51 Of The Cgst Act, 2017)
 CBEC tells field officers to take GST disputes to Supreme Court
 Jurisdiction-free income-tax assessment on the cards

Government to Review Direct Taxes Code Bill in its Present Form, Says Jaitley
July, 30th 2014

Finance Minister Arun Jaitley on Thursday said the government will review the ambitious Direct Taxes Code (DTC), which proposed overhaul of the six-decade old Income Tax Act, in its present shape and take a view on the whole matter.

"On Direct Tax Code (DTC), the Government will consider the comments received from stakeholders. It will review the DTC in its present shape and take a view in the whole matter," he said while presenting the Union Budget for 2014-15.

The Standing Committee on Finance, headed by Senior BJP leader Yashwant Sinha, had submitted its report on 'The Direct Taxes Code Bill, 2010' in March 2012. The Bill was introduced in the Lok Sabha in 2010.

Among other things, the committee had suggested raising the income tax exemption limit to Rs. 3 lakh as against Rs. 2 lakh proposed in the DTC Bill, 2010.

The Income Tax Act was enacted in 1961. The first draft prepared by P Chidambaram in 2009 had proposed an income tax slab from Rs. 1.6-10 lakh, Rs. 10-25 lakh, Rs. 25 lakh, and above. Besides, the corporate tax was proposed at 25 per cent.

This was followed by the draft DTC Bill prepared by the then finance minister Pranab Mukherjee in 2010 which proposed the slabs at Rs. 2-5 lakh (10 per cent) , Rs. 5-10 lakh (20 per cent) and Rs. 10 lakh and above (30 per cent). The corporate tax was proposed at 30 per cent.

The standing committee in its recommendation suggested the slabs in the brackets of Rs. 3-10 lakh, Rs. 10-20 lakh and Rs. 20 lakh and above. On corporate tax, it recommended that the rate be retained at 30 per cent.

The current rates for income tax would continue at 10, 20 and 30 per cent respectively.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Mission

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