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: cpt :: due date for vat payment :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: empanelment :: Central Excise rule to resale the machines to a new company :: TDS :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: VAT RATES :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
Direct Tax »
 GST is a transformational business process reform. All companies will have to change
 GST Council relaxes return filing rules for July-Aug
 Here's how self-employed individual can file tax return with ITR4
 CBDT mulling new system of jurisdiction-free I-T assessment to curb corruption
 CBDT draft notice on computing tax liability of foreign firms
 CBDT forms task force for jurisdiction-free income tax assessment system
 Aadhaar must for filing returns from July 1: CBDT
 Aadhaar mandatory for filing I-T returns and obtaining new PAN card from July 1: CBDT
 Central Board of Direct Taxes cuts profit margin for safe harbour rules
 What is TDS and how does it work?
 Income tax return: Do super senior citizens have to file returns?

Finance Minister hopeful of DTC roll out from April 1, 2012
August, 08th 2011

Finance Minister Pranab Mukherjee on Saturday expressed hope that the DTC would be cleared in the Winter Session of Parliament and there would be no problem in rolling out the new direct tax regime from April 1, 2012.

"I am hopeful that the Parliamentary Standing Committee will submit its report by Winter Session. And if we can get it through, in the winter session, which most probably would be possible, then there would be no difficulty to bring it into operation from April 1, 2012," he said at a CII event here.

The Direct Taxes Code (DTC) Bill, which was introduced in Parliament last year, proposes to replace the 50-year old Income Tax Act. Mukherjee said since the Bill is still with the Standing Committee, stakeholders have time to give their views.

On implementation of the new indirect tax regime, Goods and Service Tax (GST), he said, efforts are on to bring in convergence of views in Parliament. "We are working on it.. Divergence of views delay the process of getting it (GST Bill passed) as fast as we desire to. But there is no reason of despondency," he added.

He expressed hope that opposition parties would "extend their support in the final stage of getting it approved by both the Houses of Parliament."

Last month, senior BJP leader and Bihar Deputy Chief Minister Sushil Kumar Modi was elected as the chairman of the Empowered Committee of State Finance Ministers on GST.

Introduction of GST, which would subsume central and state taxes like excise, customs, service tax, sales tax and VAT has been pending for years in the absence of political consensus. A Constitution Amendment Bill has already been introduced in Lok Sabha for roll out of GST.

The Bill, however, is being opposed by the states, especially BJP-ruled ones, as well as BSP-ruled Uttar Pradesh, as they say its provisions would curtail their power to levy taxes.

Replying to another query regarding sops on infrastructure creation for gas transportation, the Minister said since Parliament was in session he would not make any comment, but added, "the matter is receiving our attention."

Regarding tax benefits to the manufacturing sector till the time DTC is introduced, Mukherjee said, any change in the existing policy will not be feasible.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
E-catalogue online catalogue E-brochure online brochure online product catalogue online product catalogue e-catalogue Indi

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