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: list of goods taxed at 4% :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: cpt :: VAT RATES :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: empanelment :: VAT Audit :: TDS :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
Direct Tax »
 CBDT signifies achievements towards eliminating domestic black money
 Seafarers get tax exemption from Ministry of Finance
 Financial institutions need to get accounts self-certified for FATCA by April 30
 Direct tax incentives to promote start-ups
 Employer didn't deposit the TDS it deducted on your salary. How to claim it?
 Central Board of Direct Taxes clarifies on cash curb, Aadhaar
 CBDT to issue PAN, TAN within a day to improve Ease of Doing Business
 Expats who stayed in India for 182 days or more must apply for Aadhaar card: CBDT
 CBDT accomplishes direct taxes collection target for FY 2016-17
  No relief to those who defaulted on 1st IDS installment: CBDT
 New Income Tax forms: What information is being asked for? All you want to know about the new rules

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