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: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: form 3cd :: empanelment :: list of goods taxed at 4% :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: ACCOUNTING STANDARDS :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
General »
 While filing tax in India, NRIs do not have to report overseas assets
  Clarification regarding applicability of Section 16 (1)(a) of the Companies Act. 2013 with reference to cases under corresponding provisions of Companies Act. 1956 -reg.
 SH. VISHWA NATH GUPTA Vs. PRINCIPAL COMMISSIONER OF INCOME TAX CENTRAL, KANPUR AND ANR.
 No tax scrutiny of big transaction if it matches income
 Clarification regarding applicability of Section 16 (1)(a) of the Companies Act. 2013 with reference to cases under corresponding provisions of Companies Act. 1956 -reg.
  Home loan tax reliefs often missed by taxpayers
 Income tax department launches online facility for linking Aadhaar and PAN
 Home loan tax reliefs often missed by taxpayers
 Tax headache in India is a bonanza for global accounting firms
 Activities To Be Treated As Supply Even If Made Without Consideration Under CGST ACT
  Haryana Goods and Services Tax Bill passed

No change in exemption limit in new tax code
August, 23rd 2013

The finance ministry has ruled out a change in tax slabs and said that income tax will continue to kick in at Rs 2 lakh, arguing that the modifications suggested by a parliamentary panel will leave a Rs 60,000 crore dent in the exchequer.

The parliamentary standing committee headed by former finance minister Yashwant Sinha had suggested that the 10% slab should begin at incomes above Rs 3 lakh. But the proposal has been rejected by the finance ministry in the Direct Taxes Code (DTC) Bill that is to be placed before Parliament during the current session.

The suggestion to link exemption limit to consumer price inflation has also been turned down by the finance ministry in the new DTC Bill.

The Bill that will rewrite the 50-year-old Income Tax Act was to be discussed by the Union cabinet on Thursday was not taken up, information and broadcasting minister Manish Tiwari said.

While it has proposed a higher levy on the super-rich, the finance ministry has also suggested norms that will make life tougher for individuals with undisclosed income. Sources said that two new sections have been introduced that make a distinction between "ordinary sources" of income and "special sources". Ordinary sources include income from employment, business, house property and capital gains. In contrast, special sources will include unaccounted deposits, unaccounted investments, unaccounted expenditure and goes on to explicitly mention income from sources such as hundis. In these cases the proposed law will not allow any deductions, making it tough for tax evaders to get away.

The latest Bill has also said that the securities transaction tax should continue and incorporated the changes in the general anti-avoidance rules (GAAR), whose implementation was deferred to placate foreign investors.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

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