Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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 INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: due date for vat payment :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: ACCOUNTING STANDARD :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: VAT Audit :: empanelment :: Central Excise rule to resale the machines to a new company
Direct Tax »
 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
 CBDT asks I-T department to take urgent steps
 TDS on interest on deposits made under the Capital Gains Accounts Scheme, 1988 where the depositor has deceased
 Tax evaders set to face action: CBDT chairman Sushil Chandra
 Income-tax department calls big corporate entities to pay advance taxes

Direct Tax Bill: Relief lowered from proposal
August, 31st 2010

Union Finance Minister Pranab Mukherjee on Monday tabled the Direct Taxes Code Bill 2010 in the Lok Sabha that seeks to replace the archaic tax regime, widen the tax net, provide incentives to investors and increase revenues to boost economic growth of the third fast growing economy in Asia.

The DTC Bill has been referred to the Select Committee of Parliament for scrutiny.

The Bill has proposed to raise the income tax exemption limit from the current Rs 1.6 lakh to Rs 2 lakh and widened tax slabs to levy 10 percent rate on income between Rs 2 lakh and Rs 5 lakh, 20 percent on Rs 5-10 lakh and 30 percent above Rs 10 lakh.

The proposed tax slabs are much lower than originally suggested in the draft DTC bill 10 percent for Rs 1.6 lakh to Rs 10 lakh, 20 percent from Rs 10-25 lakh and 30 percent for income above Rs 30 lakh.

The changes, when they take effect, will help save up to Rs 41,040 for people earning more than Rs 10 lakh a year vis-a-vis the current tax rates under the IT Act.

For senior citizens, tax exemption is sought to be raised to Rs 2.5 lakh from Rs 2.40 lakh.

However, the women tax players who enjoy higher exemption limit at Rs 1.9 lakh per annum as compared to Rs 1.6 lakh, will loose their special category. Instead their incomes will be taxed at the applicable rate for general tax players.

Significant tax incentives include upto Rs 1 lakh on long term savings like provident fund, superannuation fund, gratuity fund, pension fund, upto Rs 50,000 for expenditure on tuition fees of children, pure life premia, and health insurance payments, upto Rs 1,50,000 for interest paid on construction or acquisition of a self occupied house property.

Of the 3.25 crore tax payers about 96 percent of Indias taxpayers are in the earning bracket of Rs 1 lakh to Rs 5 lakh.

They pay around 30 percent of our total taxes. The slab of Rs 8 lakh and above accounts for 2.2 percent of our taxpayers, but they pay 60 percent of the taxes, that leaves 10 percent which is in the Rs 5 lakh to Rs 8 lakh, Union Revenue Secretary Sunil Mitra told reporter here.

The legislation also proposes to increase fix corporate tax at a flat rate of 30 percent, minimum alternate tax from 18 percent to 20 percent of the book profit of a company. It also seeks to levy dividend distribution tax at 15 percent.

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 Experience

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