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: ACCOUNTING STANDARD :: due date for vat payment :: list of goods taxed at 4% :: form 3cd :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: VAT Audit :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: VAT RATES :: TDS :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
« Direct Tax »
 CBDT prods officials to meet tax collection targets
 Budget 2017: Direct tax reforms to be gradual than radical, says KPMG
  FM Arun Jaitley may drop tough tax accounting rules
 FM Arun Jaitley may drop tough tax accounting rules
 How to view your TDS through form 26AS?
 Deduction of tax at source Income-tax deduction from salaries under section 192 of the Income-tax Act, 1961
 Banks must furnish information on accounts that have seen deposits over 2.5 lakh: CBDT
 Govt expects direct and indirect tax targets to exceed budget estimates this fiscal
 Tax recovery from Swedish majors in payment dispute put on hold
 CBDT signs three more advance pricing pacts
 Central Board of Direct Taxes signs three more ‘Advance Pricing Agreements’, reaches 120 in total

Cabinet defers Direct Taxes Code bill, says timing not right
August, 23rd 2013

The union cabinet on Thursday deffered a decision on the direct taxes code (DTC) bill that proposes to tax super rich at higher rates following some concerns that timing was not right for such a measure.

The DTC Bill 2013, that proposes to re-write the over 50-year old income tax law, was expected to be moved for the consideration of the parliament in the ongoing monsoon session.

The bill proposes to tax incomes in excess of 10 crore at 35% rate against current rate of 30%. In the budget, finance minister P Chidambaram had imposed a surcharge of 10% on those with taxable income in excess of 1 crore, pegging the number of such taxpayers at 42,800.

The code also proposed to impose 10% tax on dividend income in excess of 1 crore, aimed at bringing under the tax net high earners whose primary income is dividends.

At present, dividends are tax free in the hands of investors but the entity distributing dividends has to pay a dividend distribution tax at the rate of 15%.

The prime minster's office (PMO) also had some reservations on the crucial proposals..

Some of the proposals talked of reintroducing some tax proposals that were removed by PM Singh as finance minister in 1993, said one senior government official explaining the objection the PMO has to the proposal.

There is a feeling that the timing is not right to tax the rich at higher rates in the current environment of downbeat sentiment and declining growth, the official said. The bill also proposes to tax wealth in excess of 50 crore at the rate of 0.25%.

Growth forecasts for the current year have fallen to around 5% now, same as the decade low of 5% recorded last financial year, though the government still maintains the GDP could grow at least 5.5% this year.

The DTC bill has been vetted by Parliament's standing committee on finance, which is headed by BJP leader and former finance minister Yashwant Sinha.

The government has accepted or partially accepted over 150 out of 190 suggestions made by the committee though it has not agreed with the recommendation to widen the income tax slab rates.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Portal Design Website Design Portal Designing Website Designing Web Design Professional Portal Design Professional Website Design Professional Web Design Portal Design India Website Design India Portal Designing India Website Designing India Web Design India Professional Portal Design India Professional Website Design India Chicago Professional Web Design New York Professional Web Design California Website Design Florida Website Design New Jersey Website Design Britain UK Website Design London Manchester Website Design

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