Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: TDS :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: form 3cd :: VAT RATES :: empanelment :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS
 
 
Direct Tax »
 CBDT asks I-T dept to take urgent steps
 I-T department asks taxpayers to update their information on e-filing portal
 Companies may have to submit income estimates by 15 November
 CBDT proposal on advance estimates of tax liability irks industry
 Advance tax calculation: Firms may have to furnish Apr-Sept income estimates
 Companies may have to furnish Apr-Sept income estimates to I-T dept
 CBDT working on a draft rule that makes it compulsory for companies to provide income estimates by Nov 15
 Companies, HNIs may soon have to specify reason for paying less advance tax than previous year
 TDS Applicability On Government Contracts Under Gst (Under Section 51 Of The Cgst Act, 2017)
 CBEC tells field officers to take GST disputes to Supreme Court
 Jurisdiction-free income-tax assessment on the cards

Government moves to rework direct tax law after PM Narendra Modis nudge
September, 09th 2017

After indirect taxes, the government has now set its sights on overhauling the 56-year-old direct taxes law covering income and corporation tax as it seeks to make the Indian regime more contemporary and tailor it to current requirements.

Senior government officials told TOI that the finance ministry was in the process of setting up a task force to write the new tax law, an attempt which was last made in 2009 when Pranab Mukherjee released the Direct Taxes Code (DTC) prepared (DTC) prepared by P Chidambaram and his team, only to significantly dilute it a few years later.

The Bill was never legislated and the Narendra Modi government had dropped plans to rewrite the Income Tax Act as it got down to removing the clutter in indirect tax through goods and services tax (GST). But with the Prime Minister himself commenting on the outdated nature of the law during last week's Rajaswa Gyan Sangam, the annual retreat of tax officers, the finance ministry has started a review.

Sources said the plan is to have the draft legislation ready by the Budget before it is put out for public comments. With general elections due in 2019, the government is unlikely to move to the new regime at the start of 2019-20 financial year, but may want to complete the ground work. While it is still early days, DTC had originally proposed to do away with several tax exemptions, including those available on provident fund and public provident fund at the time of withdrawal.

Proposing an exemption of up to Rs 3 lakh, it had suggested that the peak rate of 30% tax apply to those with income above Rs 25 lakh, while those earning Rs 10-25 lakh were to face 20% levy. The idea was to simplify the regime and increase the threshold for taxation. For companies, too, several exemptions were to be withdrawn. While tax experts are in favour of a new law, the question is timing.

"The government should give a breather to India Inc since it is already dealing with several changes such as GST, the new Companies Act and the new accounting standards," said Sudhir Kapadia, national tax leader at Ernst & Young. Rahul Garg, who leads the direct tax practice at PricewaterhouseCoopers, said starting from a zero-based approach was essential to deal with the global alignment of tax systems as well as technological invasion.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Bath SEO Company Birmingham SEO Company Bradford SEO Company Brighton and Hove SEO Company Bristol SEO Company Cambridge SEO Company Canterbury SEO Company Carlisle SEO Company Chester SEO Company Chichester SEO Company Coventry SEO Compan

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