Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: cpt :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: VAT RATES :: form 3cd :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: TDS
Direct Tax »
 Filing tax return before March 31? Here is what you should do and what not
 CBDT invites suggestions to draft new Direct Tax Law
 Deadline For Income Tax Returns Filing Only 12 Days Away. 10 Points
 Income Tax: E-assessment ensures greater efficiency in the taxation system
 10 Points Deadline For Income Tax Returns Filing Only 2 Weeks Away.
 Income tax returns (ITR) filing: A step by step guide to check your ITR status online and offline
 How to save tax; amazing tips to make your money stay in your wallet Income tax returns (ITR) filing
 Want to save tax? Here are the best options
 Suggestion For Option To Assessee For Higher And Lower TDS/TCS For Optimization Of Tax Collection And Refunds
 CBDT to conduct nationwide review of tax collection for FY18 today
 Here are a few last-minute tax saving ideas Not planned taxes yet?

Direct tax bill diluted to please industry
September, 01st 2010

The Direct Tax Code (DTC) Bill, which was tabled in Parliament on Monday, was a diluted version of the original draft, since the government took into account over 1,600 comments on the proposed law, revenue secretary Sunil Mitra said on Tuesday. These comments were nothing but complaints, and some aspects of the original act had left the industry complaining, while some public sector undertakings (PSUs) would have been unduly taxed, Mitra told Media.

He was in the city to attend the inaugural function of a foundation batch of civil service probationers held at the National Academy of Direct Taxes ( NADT).

However, Mitra also admitted that things would have been much different had the Goods and Services Tax (GST) got the go-ahead too. GST would have compensated for the loss of direct taxes, as it would have led to better compliance on the indirect tax front, he said.

"The GST regime would have prompted higher compliance by traders in order to avail the input credit available at every stage, thus increasing the tax pool in totality.

Unfortunately, there was no consensus among the states for a constitutional amendment for the new tax regime. The government will be losing around 55,000 crore by way of direct tax revenue on account of the new tax code," said the secretary.

On the minimum alternative tax (MAT) being kept on book profits, the secretary said an asset-based MAT would have left industries complaining. Moreover, there are several PSUs which have a huge asset base, but are reeling under losses. An asset-based MAT would have taxed such entities, he said.

Mitra said the 2014 deadline for profit-based tax exemptions for units in the special economic zones ( SEZs) will be a major tax-saver for the government. In the previous budget, the government took a hit of 80,000 crore on account of such exemptions, of which 25,000 crore accounts for exemptions on advance depreciation. It is expected the DTC will gradually reduce the loss by 55,000 crore, as the advance deprecation concession will remain in the asset-based exemption, which will be there after deadline.

The profit-based tax exemption has led to tax dodging by several unscrupulous corporates, who show the profits of non-exempt entities in the books of exempt entities. Asset-based exemption will rather help in creating capital assets, he said.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Team

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