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: ACCOUNTING STANDARDS :: due date for vat payment :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: VAT RATES :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: empanelment :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: VAT Audit
 
 
« News Headlines »
 Looking for last-minute tax planning with Section 80C investments? Here's help
 Aadhaar mandatory for filing income tax return
 Will Aadhaar linkage solve India's income tax woes?
 GST roll out from July 1 will make goods cheaper: Jaitley
 Aadhaar To Be Mandatory For Filing Income Tax Return, PAN Application
 7 best tax-saving solutions which can help you save money
  No proposal to replace Income Tax with Banking Cash Transaction Tax
 How to Make Tax Saving Investments Less Taxing with an SIP in ELSS
 NRIs having only investment income may not file tax returns
 With income tax returns filing deadline near, here are 3 major things to do before March 31
 When public becomes tax gatherer

Govt to simplify tax rules
August, 10th 2009

Calculating and paying taxes might soon become a jargon-free and less cumbersome exercise, with the UPA government planning to introduce a new income tax code.

The government is giving final touches to a discussion paper on the code, which would be released for public debate on August 20, after which a Direct Taxes Code Bill will be introduced in Parliament in the Winter Session.

The new direct tax code will be released along with the discussion paper by August 20, minister of state for finance SS Palanimanickam told Lok Sabha in a written reply last week.

The code envisions easing the tax rules for taxpayers and professionals to understand and compute effective taxes.

Once introduced, the new code will replace nearly five-decade-old Income Tax Act, 1961. A few other legislations, including the Wealth Tax Act, will be subsumed under it.

Interpreting the voluminous Income Tax Act, 1961 that has gone through several amendments has never been easy for the common taxpayer, who is often forced to take the help of chartered accountants.

The new code will simplify matters, with emphasis on making the rules short, light and easy to understand, and removing redundant provisions and complex terminology.

It will be equipped with tax calculators and simple formulae for calculating taxes, doing away with the need to refer to voluminous explanations for every clause and sub-clause for computing effective taxes.

While presenting the Union Budget for 2009-10, finance minister Pranab Mukherjee had said that the government would bring the new DTC within 45 days. August 20 is the last date, by that statement.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Customer relationship management software CRM software Operational CRM Collaborative CRM

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