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: Central Excise rule to resale the machines to a new company :: TDS :: VAT RATES :: cpt :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: form 3cd :: empanelment :: VAT Audit :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: ACCOUNTING STANDARDS
« Direct Tax »
 Mumbai zone direct tax collection flat in H1 FY17
 CBDT issues final rules for taxing share buy back by companies
 CBDT issues final rules for taxing share-buyback
 The direct tax collections up to September, 2016 are at Rs. 3.27 lakh crore which is 8.95% more than the net collections for the corresponding period last year.
 IDS is tremendous success: CBDT chief Rani Singh Nair
 Submit monthly data of appeals disposed of: CBDT to officers
 Direct tax mop-up jumps 9 per cent in H1, indirect tax up 26 per cent
 Income tax department slams notice on five Mumbai-based exporters over offshore accounts
 Redress TDS mismatch grievance of taxpayers: CBDT
 Tax department changes rule for accommodating deductions for deferred spectrum payment
 Tax dept renotifies income computation, disclosure standards

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 2016 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