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
Latest Expert Exchange
Finance BillBudget (Interim)Budget-2006
« Finance Bills »
 Finance & Commerce Ministry to discuss draft BIPA model tomorrow
 Union Finance Minister Shri Arun Jaitley said that the revenue targets fixed for Direct Taxes for the current Financial Year 2014-15 would not only be achieved but would also be surpassed
 Finance ministry may pitch for higher tax exemption on health insurance
 Finance minister reviews annual performance of public sector banks and financial institutions for 2013-14; calls for tougher action against wilful defaulters; highest ever more than 10,000 new branches opened during 2013-14
 India Infrastructure Finance Company to raise Rs 7,000 crore through tax-free bonds
 Finance Ministry hopes RBI focusses on promoting growth in policy tomorrow
 Wary of chit fund scam, finance ministry to fast-track Prize Chit Banning Act amendments
 Finance Ministry appoints auditors without consulting RBI, step aimed at avoiding conflict of interest
 Parliament heads for gridlock as consent on financial reform bills unlikely
  NBA players take high-stakes fight to court
 Bill to benefit tax payers in Cabinet
 GST, DTC Bills likely next week
 36 bills to be introduced
 GST, code may lessen Finance Bill's fame

Bill to benefit tax payers in Cabinet
August, 26th 2010

The Union Cabinet is expected to the take up the Direct Tax Code (DTC) Bill on Thursday amid indications that it would be introduced in the Parliament early next week. DTC Bill, once legislated, will replace the archaic Income Tax Act by rationalising tax slabs for both corporations and individual I-T payers.

The first draft of the code, which was put up for public discussion in August last year, had proposed a sweeping rejig of the existing tax slabs that would benefit each one of Indias 3.15-odd crore tax payers.

Under the proposed norms in the first draft income tax would be charged at 10 per cent tax for income between R1.6 lakh and R10 lakh, 20 per cent between R10 lakh and R25 lakh and 30 per cent beyond R25 lakh.

Besides, the draft had proposed to increase the ceiling on tax savings investments to R3 lakh annually from R1 lakh now.

The draft code had also proposed to bring down the corporate income tax rate to 25 per cent to 34 per cent at present The government had released a second draft of the code
in June this year but steered clear from proposing any new tax rates or slabs and
stated that it would be made known only in the proposed Act.

Sources, who did not wish to be identified, said the Bill will most likely be introduced in Parliament on August 30, a day before the Monsoon session ends.

We do expect DTC to be introduced in Parliament in this session, revenue secretary Sunil Mitra had said at a Confederation of Indian Industry (CII) event on Tuesday.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Web Application Development Web based Software Solution Web Application Deployment Web Application Solutions Web Application Software Development Web Application Deployment Web Application Programming Web Application Design and Development

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