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 Audit :: cpt :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: empanelment :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: VAT RATES :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: Central Excise rule to resale the machines to a new company
« Direct Tax »
 Filing your return may not mean the end of tax issues
 Filing tax return before March 31? Here is what you should do and what not
 CBDT invites suggestions to draft new Direct Tax Law
 Deadline For Income Tax Returns Filing Only 12 Days Away. 10 Points
 Income Tax: E-assessment ensures greater efficiency in the taxation system
 10 Points Deadline For Income Tax Returns Filing Only 2 Weeks Away.
 Income tax returns (ITR) filing: A step by step guide to check your ITR status online and offline
 How to save tax; amazing tips to make your money stay in your wallet Income tax returns (ITR) filing
 Want to save tax? Here are the best options
 Suggestion For Option To Assessee For Higher And Lower TDS/TCS For Optimization Of Tax Collection And Refunds
 CBDT to conduct nationwide review of tax collection for FY18 today

Direct taxes code may moderate tax rates, hints CBDT
August, 21st 2010

Taxpayers can look forward to a substantial reduction in their tax liability when the direct taxes code, which will replace the 50-year-old Income Tax Act, comes into effect from the next fiscal. We are in the process of reducing the rate of tax and the Direct Taxes Code (DTC) will be a good example in that direction, Central Board of Direct Taxes (CBDT) chairman S S N Moorthy said at an Assocham tax conference.

The first draft of the direct taxes code had proposed substantial widening of the income tax slabs, but they were only illustrative. The first draft had suggested a 10% tax on income of Rs 1.6 lakh-Rs 10 lakh, 20% on income of Rs 10 lakh-25 lakh and 30% beyond Rs 25 lakh in a year.

In fact, the finance ministry did not mention these slabs or suggest new ones in the revised draft as it did not want to give the impression of the suggested rates being a firm proposal. However, it said the rates proposed in the first draft could be calibrated. The CBDT has confirmed that the rate revision exercise is already in the works.

At present, annual income of Rs 1.6 lakh- Rs 5 lakh attracts 10 % income tax, Rs 5 lakh- Rs 8 lakh attracts 20% and over Rs 8 lakh faces 30% tax. Mr Moorthy said rates in India will be almost in line with international standards.

We are in the process whereby we have to be taxpayer friendly, we have to be in tune with international standards, Moorthy said, but added that the government would take measures so that the flight of revenue from India can be checked. The direct taxes code bill is likely to be introduced in the current session of Parliament to replace the archaic I-T Act from April 1, 2011.

Mr Moorthy further said that direct tax collections of Rs 4.3 lakh crore for the current fiscal are on track. The target for the current year is about Rs 4.30 lakh crore...We are growing at the rate of 15%, he added.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multi-level Marketing MLM India Affiliate Marketing Affiliate Marketing Software MLM Software MLM Solutions Multi level marketing solutions MLM Servi

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