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 :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: empanelment :: form 3cd :: articles on VAT and GST in India :: VAT Audit :: TDS :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
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

Centre to clear the air on Direct Taxes Code in the next Budget
September, 25th 2014

Finance Minister Arun Jaitley is likely to announce the fate of the Direct Taxes Code in next year’s Budget. The code aims to replace the five-decade old Income Tax Act, 1961 and Wealth Tax Act, 1957 in a single legislation.

“There are two views, either scrap the proposed code and continue with the existing system or start afresh, writing a new structure,” a senior Finance Ministry official told BusinessLine, adding that next year’s Budget will clear the picture. The UPA Government had introduced a Bill for the code in 2010, which lapsed with the dissolution of the 15th Lok Sabha.

The official said some proposals in the DTC, such as those related to international taxation, have already been implemented with amendments in the existing Act, which raises the question of whether the new law is needed or not.On April 1, the previous UPA Government had placed a revised version of the code after considering recommendations of the Standing Committee on Finance and the views of stakeholders. Taking note of this, the Finance Minister, while presenting his Budget on July 10, said the Government shall consider the comments received from the stakeholders on the revised Code. The Government will also review the DTC in its present shape and take a view in the whole matter, he added.

The revised code proposed four tax slabs against the existing three. The fourth slab talks about new income tax rate of 35 per cent for individuals, Hindu Undivided Families (HUFs) and artificial juridical persons, if their annual income exceeds ?10 crore. Interestingly, the previous Government rejected the Standing Committee on Finance’s recommendation of nil tax for annual income up to ?3 lakh from ?2 lakh, but the present Government raised the exemption limit to ?2.5 for from ?2 lakh for individual taxpayers below the age of 60 years and to ?3 lakh from ?2.5 lakh for people between the age of 60 and 80.

One of the key arguments given for the introduction of the new direct tax law is the numerous amendments involved. Besides, the annual finance Acts over the years have not just totally revamped the original Act but also involve a complex explanation of tax provisions.

The Standing Committee on Finance, in its report presented in the Lok Sabha on March 13, 2012, had said that when the Income Tax Bill, 1961 was introduced on March 24, 1961 had 298 serially-listed sections and four Schedules, but the Act (till 2011-12) has around 656 sections and 14 Schedules. This does not include the Wealth Tax Act.

Now, the revised Direct Tax Code, 2013 has 21 chapters, 325 clauses and 23 schedules.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Outsourcing Test Solutions Software Testing Software Bug Testing Software Issues Tracking Software Issue Fix Software Code Optimization Database Design Optimization

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