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
« Direct Tax »
 Have not filed ITR yet? Know last date, late filing fee and other details
 Filing Income Tax Returns? Avoid These Six Common Mistakes
 Form 15G -For Non deduction of TDS on Interest for Individuals & HUF
  Filing ITR-1 this year? You must know about these changes
 File your ITR in just 7 minutes – Here is how Income Tax Return filing
  Don't make these mistakes to avoid getting tax notice ITR filing
 Income Tax returns deadline of July 31 likely to be postponed
 Income Tax returns deadline of July 31 likely to be postponed
 8 Documents You Need to Make the Process Simple It’s Time to File Income Tax Returns
 In which ITR Form NRIs need to furnish income tax return?
 Task Force for drafting a New Direct Tax Legislation-Extension of term

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 2019 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