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 :: empanelment :: ACCOUNTING STANDARD :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: TDS :: form 3cd :: Central Excise rule to resale the machines to a new company :: due date for vat payment
 
 
« Direct Tax »
 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
 Here’s what Income Tax Department did leading up to demonetisation
 I-T department asks IDS declarants to pay tax by November 30

Tax compliance will be ensured by Direct tax: Mitra
September, 30th 2010

The direct tax code (DTC) may result in Rs.55,000 crore revenue loss in the first year of implementation, but tax collection will increase in the subsequent years because of greater compliance, Revenue Secretary Sunil Mitra said Wednesday.

During the first year, revenue will certainly be low. But we hope the better compliance will boost tax collection in the subsequent years, Mitra said at an event organised by Confederation of Indian Industry (CII).

He said total revenue loss in the first year of implementation is estimated to remain at around Rs.55,000 crore. The major loss is likely to happen in corporate income tax collection, estimated at around Rs.39,000 crore.

The new norm, which proposes to raise the exemption limit on individual income tax from the current Rs.1.6 lakh to Rs.2 lakh will be effective from April 1, 2012.

Corporate income tax will be reduced to 30 percent from the current 33 percent.

The revenue secretary said the key objective of the DTC was not to reduce tax rates, but to bring greater transparency, continuity, consistency and predictability in the tax system.

Mitra said the government would try to ensure congruence between direct tax code and international financial reporting standards (IFRS).

He said the new tax regime was consistent with global standards and would be beneficial for individuals as well as industries.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Reengineering Software Re-engineering Software Reverse Engineering Software Reverse Development Software Change Modulation Software Conversion Software Re-creation Software Re-development

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