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 INPUT TAX CREDIT IN VAT :: VAT RATES :: TDS :: VAT Audit :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: empanelment :: list of goods taxed at 4% :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: due date for vat payment
 
 
Direct Tax »
 Senior IRS officer Rajendra Kumar appointed new CBDT member
 Income tax raids continue on premises of three Chennai businessmen
 Hopeful of meeting direct tax collection target for this financial year: CBDT
 Bengaluru tops in income tax probes after demonetisation
 Income Tax department rejects black money disclosures of over Rs 2 lakh crore
 CBDT urges people to protect bank accounts from 'unscrupulous elements'
 No change in gold seizure norms in proposed I-T Law amendments
 Direct tax collection will get a long-term boost, Franklin Templeton says
 I-T Act amendments upset calculations of cash hoarders
 Claim tax benefit on costs incurred to evict tenants
 The Integrated Goods And Services Tax Act, 2016

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 2016 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