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: due date for vat payment :: VAT RATES :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: cpt :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: VAT Audit
 
 
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?

Tax code to render CBDT toothless
September, 29th 2009

Critical of the draft Direct Taxes Code (DTC), a section of senior revenue service officers has said it is an attempt to make the Central Board of Direct Taxes (CBDT) toothless.

The officers, mostly from the Income Tax Department in Mumbai, said DTC had recommended removing powers of CBDT to issue notifications or circulars or even bring in amendments.

The officers, who did not want to be named, alleged those who drafted the code had some ulterior motives in diluting the powers of the board.

CBDT has received several suggestions from stakeholders at different times and the board would not be able to implement them if powers to bring in amendments, notifications and circulars are taken away, the officers, who included Chief Commissioners and Commissioners, said.

They also regretted that the board, which was responsible for mopping direct tax revenue, had been kept away from the process of preparing the code.

The proposed code, which is to be implemented from April 1, 2011, claims that one of its purposes is to remove economic inefficiency, but it, in fact, introduces many contradictions, making it difficult to administer.

Citing some of the contradictions, they said Section 3 (1) (a) of the code included income of a resident accrued to a resident outside India.

But item 29 (a) (i) of the Sixth Schedule excludes income accruals to individuals outside India from the total income, thereby leaving out income of both residents and non-residents accrued outside India.

Similarly, Section 3 (1) (d) of the code includes income of a resident received by him outside India, whereas item 29 (a) (ii) of Sixth Schedule of the code excludes income of an individual received outside India.

These indicate that there is a serious conflict in provisions.

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

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