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: ACCOUNTING STANDARDS :: VAT RATES :: cpt :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: form 3cd :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4%
 
 
« Direct Tax »
 Income tax return: TDS refund on capital gains invested needs to be instant
 CBDT holds circular on indirect tax provisions
 CBDT puts on hold circular on taxation of indirect transfer of shares
 CBDT prods officials to meet tax collection targets
 Budget 2017: Direct tax reforms to be gradual than radical, says KPMG
  FM Arun Jaitley may drop tough tax accounting rules
 FM Arun Jaitley may drop tough tax accounting rules
 How to view your TDS through form 26AS?
 Deduction of tax at source Income-tax deduction from salaries under section 192 of the Income-tax Act, 1961
 Banks must furnish information on accounts that have seen deposits over 2.5 lakh: CBDT
 Govt expects direct and indirect tax targets to exceed budget estimates this fiscal

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 2017 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